Cryptocurrency is an idea that was conceived and released several decades ago; its history dates back to 1983. The number of cryptocurrencies keeps on growing, and there are no indicators that this trend will slow down. Here is a brief history of bitcoin and cryptocurrencies:-
1980’s – 2010
One man is responsible for these virtual coins: David Chaum. With the eCash transaction system, he managed to create the first digital money, and a few years later, he made another iteration of the same principle with DigiCash. These transactions were then transmitted over to a communal network. This was DigiCash’s key feature which remained in the cryptocurrencies that came to be afterward.
The early excursions of Chaum laid a good foundation for the future iterations of trading products and services. Satoshi Nakamoto, the so-called “Japanese entity, in 2008, Nakamoto produced a widely disseminated whitepaper on cryptocurrency’s possibilities and made the first trade with BitCoin. Following the economic downturn, Bitcoin came to be in 2019. Originally, Bitcoin was created as a peer-to-peer electronic cash system, but it has also captivated crypto-curious financiers as a store-of-value cryptocurrency equivalent to gold.
The blockchain database, which BitCoin and many other cryptocurrency platforms use to conduct commerce and store information about the participants, was created by Satoshi Nakamoto. After the first BitCoin and blockchain transactions, other hackers and developers had minded the blockchain in a period of fewer than two years. Their efforts raised Bitcoin’s value transactions resulting in the development of additional cryptocurrency platforms. As a result, these digital assets were spread even further.
Despite several hiccups in mid-year of 2010, BitCoin successfully became the world’s famous cryptocurrency, and its value increased, eventually surpassing $10,000 in November 2017. Facebook’s interest in BitCoin solidified its market position and contributed to the second large increase in its value.
2011-2018
Bitcoins in circulation had a market value of roughly $130 million. By September 2011, its value dropped to roughly $4.77. Litecoin first launched in October 2011. Namecoin and seven other cryptocurrencies trailed Litecoin in terms of market capitalization. Bitcoin values gradually increased in 2012, prompting the establishment of bitcoin mining, encouraging the currency’s development and adoption. Venture capitalists are funding Ripple, another new cryptocurrency.
The price of bitcoin fluctuated in 2013 due to governmental and other difficulties related to the software. Its price peaked at $755 on November 19 before plummeting to $378 on November 20. It then rose to $1,163 by November 30. This, however, marked the start of a continuous period of decline, with Bitcoin falling to $152 in January 2015. Between 2016 and 2018, precisely in January 2016, where the bitcoin value was at $434 increased substantially to $998 in January 2017.
After this, there was a software upgrade of Bitcoin In July 2017, which came to be approved to back up the Lightning Network and improve scalability. A week after this much-needed upgrade. By the end of December 17, 2017, Bitcoin was selling at over $2700; at this time, Bitcoin had just under $20,000, which was an all-time high.
2018 – Present
From 2018 until the present has been the bust and inevitable recovery period. Bitcoin is now the most famous and widely held cryptocurrency that has since been developed. Even with some ups and downs, its value and acceptability have risen steadily. In January 2018, bitcoin did not sustain its all-time high same with Ethereum, which had reached about $1,400, its all-time high.
The slump was fueled by financial regulations and security concerns stemming from ongoing exchange hacks. However, Bitcoin had plunged to roughly $3700 by the end of 2018. Since the end of 2018, the value of Bitcoin and other cryptocurrencies, including Ethereum, has been on the rise.
Bitcoin’s price surpassed $60,000 in April 2021, hitting a new high and coinciding with the public offering of cryptocurrency exchange Coin base. Following a spectacular rise in value in the early months of 2021, after reaching $20,000 for the first time in December 2020, this milestone followed a meteoric surge in value in the early months of 2021.
Before investing in technological possibilities, it is important to understand the history of cryptocurrencies, from Bitcoin to any other blockchain project you would be interested in.
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