When did digital currency first come into use? Although the question is a clear cut and straightforward one, the answer to it is not as clear and crisp as the question itself. This is because although historical evolution and documentation of most things is usually precise, it gets a bit distorted when it comes to things that are digital in nature. Digital articles or ideas usually evolve simultaneously at multiple places, or rather we must call it over multiple networks. As such, it is difficult to trace down exactly as to who and when it was first used. Nevertheless, there can always be rough conclusions that can be drawn. And historians and crypto researchers have always been interested to know on when digital currency first came into use. Over here, we try to figure this out from two perspectives. One is historically, as to when it started. The second is the current scenario in this regard.
When Did Digital Currency First Come Into Use: Bitcoin
Bitcoin is the most popular and the most primitive of digital currencies that were used. In fact, the demand for this particular digital token is so high, that it is scarce even today. We still do not know who invented it, it is an anonymous group in the name of Satoshi Nakamoto. However, the invention dates back to the year 2008. In fact, Bitcoin was not developed to be a digital currency in the first place. The group was trying to develop a peer-to-peer electronic cash system and in the experimentation and endeavor, they ended up with Bitcoin tokens. There are a few studies that reveal there were a few more digital currencies even before Bitcoin.
When Did Digital Currency First Come Into Use for Buying
The use of digital currency as cash money, or as fiat to buy things and services, first became popular in around the year 2012. This cannot be pin-pointed to an exact date because people started using Bitcoin and other forms of digital currency locally in exchange for goods and services. It all began with very small unregulated markets and slowly took over for companies like Microsoft and Newegg.
The Take Away Points
It is important to note that irrespective of the fact that whenever it started, it is being used more and more routinely. And the value is also rising constantly, so the purchasing power of Bitcoin has seen a rapid rise in the past few years. It is now, from the year 2015 onwards, that experts have started saying that now is the time that Bitcoin is being used properly. And this is the time that they say that digital currency is now in use in a full-fledged way. Companies like executium.com, who are Bitcoin experts, have come up. Such companies not only provide top-notch trading advice to their clients, but they also guide them on how and where digital currency can be put to use. In fact, many are also using it to evade tax liabilities.