Purchasing Bitcoin or other forms of cryptocurrency is one of the best ways to invest your money. But cryptocurrency wasn’t always such a popular investment strategy.
How did cryptocurrency begin? How did it get to where it’s at now? To many people, it seems like cryptocurrency came out of nowhere and took over the world. While the history of cryptocurrency isn’t very long, it went through a lot to get to where it is today.
Check out this cryptocurrency history guide to discover how it all started.
Cryptocurrency Before Bitcoin
When most of us think of cryptocurrency, we think of Bitcoin. While Bitcoin is currently the most traded cryptocurrency, it’s just one form of cryptocurrency, and the history of cryptocurrency starts long before Bitcoin came around.
In the 1980s, several developers came up with the idea of creating money that could exist solely in the digital realm. While these developers didn’t get very far with their work, they did plant the seed for the future of cryptocurrency as we know it.
The early versions of cryptocurrency were supposed to be verified, anonymous payment systems over a widespread network. For whatever reason, the public didn’t catch onto the magic of cryptocurrency until Bitcoin came along.
The Invention of Bitcoin
In 2008, someone with the pseudonym Satoshi Nakamoto wrote a technical document entitled “Bitcoin: A Peer-to-Peer Electronic Cash System.” Around the same time, another person registered the domain Bitcoin.org.
Nakamoto (who may be one person or a group of people) then published the software for Bitcoin so it could be mined for the first time. Nakatom’s identity has always remained a secret. Either way, Nakamoto send some Bitcoin to a friend around 2009, therefore establishing the world’s first digital currency.
Because Bitcoin left banks and other financial institutions out of the equation, it soon began to attract the attention of online communities and investors. Bitcoin operates over a decentralized network, making it a truly peer-to-peer payment method.
Although Bitcoin has remained the most popular form of cryptocurrency since that first paper emerged, there have been many other cryptocurrencies to follow. These include Ethereum, Litecoin, IOTA, and NEO.
Investing in Cryptocurrency
Cryptocurrency was originally created as a way for people to gain financial independence and pay each other without the use of banks. However, people soon started to realize that it was a huge investment opportunity.
In 2017, prices for Bitcoin began to spike to never-before-seen levels. At one point, each Bitcoin was worth $20,000. The value of other coins also started to rise, and those who invested in Bitcoin early were making a fortune.
You can get availability quotes now for the cryptocurrency you’d like to invest in.
Cryptocurrency History: Are You Ready to Invest?
Now that you know a bit about the history of cryptocurrency, it’s time for you to decide if this is the right investment strategy for you. If the answer is yes, then your next move is to choose which cryptocurrency you’d like to invest in.
While Bitcoin is the most popular, there are other currencies worth exploring. Be sure to check back in with our blog for more crypto news.
2 thoughts on “A Brief Cryptocurrency History: How It Began”
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Interesting to see the history of cryptocurrencies. It’s very informative and easy to understand. Nice article.