Crypto

The Origin of Cryptocurrency

The crypto market has been facing selling pressure since we entered the year 2022. Bitcoin price dropped to nearly $36,000 after hitting a new all-time high price a few months back.

But did you know when and how did the cryptocurrency originate?

The concept of digital currency has been around since the 1980s and 1990s. It was a novel concept at the time. The individuals who came up with this concept even created a group known as the ‘cypherpunks.’ They gathered once a month to grow their subscriber base and talk about new ideas and improvements.

This was more of a personal matter. Around the same time, in the Netherlands, an American cryptographer named David Chaum created the first-ever internet-based currency called DigiCash. It even drew the attention of Microsoft, which wanted to purchase the money for use in its PCs. However, the agreement fell through, and the money was forgotten.

Wei Dai, a computer engineer, began thinking about building a new cryptographic payment method in 1998 and released a proposal for B-Money. Despite his techniques being effective and practical, the currency never reached its full potential.

Then, the global financial crisis of 2007-08 impacted nearly everyone. New virtual money, which we now know as Bitcoin, arose against this backdrop.

The cryptocurrency was designed as a solution for people to take control of their money without having to rely on companies, banks, or governments for fees and controls.

whitepaper titled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ was delivered to the cypherpunks by a person going by the pseudonym Satoshi Nakamoto. On the 3rd of January 2009, he mined the first block of Bitcoin, and his true identity is still unknown.

He genuinely gave individuals a system that they could use. A man named Hal Finney received ten bitcoins on January 12, 2009.

Did you know that Satoshi Nakamoto, the founder of Bitcoin, mined as many as 1.1 million Bitcoin in the first seven months of its existence? They are now worth more than $30 billion, and the full inheritance is still unclaimed.

When Nakamoto handed over the network alert key and ownership of the code repository to Gavin Anderesen in 2010, he picked him as his successor. In 2012, Andresen was promoted to the chief developer at the Bitcoin Foundation, the closest thing to a central authority in the Bitcoin world.

The first real-world Bitcoin transaction took place in 2010 when someone traded 10,000 bitcoins for two pizzas. (It’s now worth over $630 million)

The online marketplace named after the historic network of trade routes, Silk Road, was among the first to trade in Bitcoin. Federal authorities later shut the website down; however, it only accepted bitcoin as payment and transacted $9.9 million in bitcoins.

As Bitcoin grew increasingly popular, other new cryptocurrencies emerged, including Litecoin, Dash, Ripple, ZCash, and Monero.

When Ethereum went live in July 2015, it drew a lot of attention from both corporations and people.

In 2017, the world’s cryptocurrency wallets had between 2.9 million and 5.8 million active users.

As of February 2022, there were over 17,000 cryptocurrencies in circulation, with the number expected to continue to rise.


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