- For the first time, the Bitcoin software was available to the public, and also mining the processes through which new Bitcoins were created.
- The history of cryptocurrencies can be traced back to the 1980s when they were known as cyber currencies, but it was in 2008 with the introduction of Bitcoin that they started gaining popularity.
The Year 1980: Idea of Cryptocurrencies
As mentioned above, it was the year 1989 when cryptocurrency was first mentioned in history. Later, in 1980 an American cryptographer named Davis Chaum invented digital cash after a few years. The digital system he invented depended on cryptography so that security could be checked and transactions could be verified.
Later, in the 1990s, some protocols and software related to cryptography were developed and invented to make something possible for a decentralised digital currency, cryptocurrency. In 2008, Satoshi Nakamoto (a pseudonym) created a paper titled Bitcoin: An Electronic Cash System.
Now, the paper Nakamoto launched has been very effective, leading to a revolution in cryptocurrency. Bitcoin is a worldwide payment system, and we all know it is a cryptocurrency. So, in 2009, Satoshi Nakamoto again created the Bitcoin protocol, and in the same year, it was launched as open-source software.
Every day, Bitcoin becomes popular for those who want to send money worldwide. This began to happen without any interference from different banks or governments. Still, it is in a rising state, and it has increased in value, but at the same time, for some people, it is very difficult to know what they should eventually do with the Bitcoins they have.
Crypto Market Development: The Initial Stage
Bitcoin was the only cryptocurrency on the market in early 2010. So, new digital currencies started coming up over the next few years and capturing their place in the market, and suddenly, their prices started increasing rapidly.
After seeing the increasing graph of cryptocurrency, many people lost faith and stopped investing in it. But, it again started to grow in late 2017 and suddenly, the total market cap of all the cryptocurrencies reached $820 billion. This was the figure in January 2018.
The year of cryptocurrency was considered 2017, as at that time, the value of Bitcoin and many other digital assets suddenly saw a boost along with the number of investors.
The Evolution of Cryptocurrency
In the most important section of this guide, you will learn about the evolution of Cryptocurrency. So, cryptocurrency and Bitcoin, considered the most popular currency nowadays, have captured their value, and now Bitcoins have seen a boost of 14 million in the whole circulation.
After some years, the cryptocurrency market will eventually rise and develop at the pace the key participants set. Cryptocurrencies always offer very fast and cheaper payments for consumers. We all know that investments have been very much limited to all assets for decades, and cryptocurrency has always been an investment asset for over a few years and is rapidly growing in the market.
Conclusion
The evolution of cryptocurrency has been a fascinating journey, starting with the concept’s inception in the 1980s and gaining momentum with the introduction of Bitcoin in 2008. Despite initial doubts, cryptocurrencies have seen significant growth, becoming a popular investment asset, offering fast and cost-effective payment options for consumers worldwide. As the market continues to develop, the future of cryptocurrencies holds promising potential for further expansion and innovation.
