HISTORY OF CRYPTOCURRENCY

 HOW IT ALL STARTED IN CRYPTO?

In the beginning, everyone took it as a joke when they heard about crypto. Crypto is a digital currency which started its way to glory in 2010. If we go way back in time, the idea of cryptocurrency was first introduced in 1983 as David Chaum an American cryptographer published a specific conference paper introducing electric money. He gave a life to his idea in 1995 with the development of Digicash. Bitcoin’s predecessor Bit Gold was first introduced in 1998 and this required a computer system to solve the puzzle for acquiring gifts.

A decade later a unanimous person with a group created history by launching Bitcoin and giving life to cryptocurrency. Satoshi Nakamoto described the functionality of Bitcoin’s blockchain and its network. They began working on it permanently in 2008 and mined first Bitcoin in 2009. The first batch of 50 bitcoins refers to as Genesis Block. In the beginning the value of Bitcoin was as low as 14 cents and reached its highest t0 36 cents after a few months of launch. This proved the world that the digital currency has some potential and is valuable for the future.

Bitcoin kept rising its value year by year and after Forbes posted a story on Cryptocurrency, the value took off. Due to that the price of bitcoin tripled to $27. The market value reached almost $130m where as in September it dropped to $4.77 from $27. After bitcoin another currency marked its name as Litecoin and became the second biggest currency and furthermore currencies following that. Bitcoin prices raised steadily in 2012.

It was all well and good until the system started to crash due to the reason of crypto advancing every day. Due to the system collapsed the value of bitcoin went from $378 down to $150 in 2015. Lack of centralized system attracted criminals and gave rose to crime in the digital world. After a few updates in the system the bitcoin started to make the pace and its value began to reach higher numbers. At that time, it was trading at around couple thousand dollars and in 2017 bitcoin reached its highest value of $20,000.

During this time a number of block chain networks were developed and the major one was Ethereum. This development in the world of crypto due to such block change resulted in generating over two hundred thousand projects which is still rising in numbers. The rise of Ethereum opened door ways to several other platforms that lead to launch of new networks.
Bitcoin the major part of cryptocurrency faced many ups and downs till 2020 where an intelligence company related to business announced that it has bought bitcoin worth of $250m. in 2021 Tesla acquired bitcoin of worth $1.5 billion which resulted in the all-time high value of $69,000. This concludes the history of cryptocurrency till the recent years. There are hundreds of crypto currencies including cons and other kinds as well. The world has accepted this currency very well in the past few years and we are here to see what it has to offer in the future.