When did cryptocurrency get started and when did you first hear of it? Some questions are not all black and white; it is not a yes or no kind of issue. So, asking who discovered or created cryptocurrency is just like asking who the father of electricity is. Can we credit Michael Faraday? If so, what about Nikola Tesla and Thomas Edison? The bottom line is, all their contributions led to the electricity available today. Similarly, the contributions of successful cryptographers throughout history birthed different platforms and flawless transactions.
Technically cryptocurrency existed way before the Millennium age, people know of Bitcoin. You see, as the saying goes, there is nothing new under the sun. Before Satoshi Nakamoto impressed the universe with the creation of Bitcoin, the idea was developed on works of other great minds. Dating back to David Chaum in 1983, a man born ahead of his time, you could say.
The majority of the population gained knowledge of the cryptocurrency in the year 2007 when Bitcoin made headlines globally. So, when was the first cryptocurrency made? On record, Satoshi Nakamoto's idea of cryptocurrency was first recorded in his published paper. For this, he is greatly recognized as the father of cryptocurrency: Besides, he created the most successful cryptocurrency. This, plus also the mystery around his identity, has created a buzz over the coin for decades. The man is a ghost as there are no records to show whether he is a group of people or an individual genius and a coder.
For better understanding, a breakdown into the history, growth, and development of cryptocurrency will take you through the history, highlighting key landmarks of its growth. It was 1983, when David Chaum thought of a blinding algorithm that would enable secure currency transfer. This is how Digicash was born, the first-ever electronic currency. His idea was so new he had to conform with government regulations on centralizing the currency similar to the fiat currency and the banking system. It is worth noting that these steps lay the foundations for a new crop of scientists to develop electronic money transfers with their source code.
After Digicash, more research and studies were carried out, and Bit gold was created; though not successful, it was better designed and used a blockchain code that Bitcoin later borrowed. You won't be faulted for even noticing they borrowed the name. So, to answer the origin of cryptocurrency, there is a thin blurred line in internet currencies. What is the difference between normal online transactions and cryptocurrencies? The cryptocurrency must be free from third-party interference and a safe and secure means of transfer. More importantly, it should be accessible from any point and preferably cheap. Such factors have been the driving force behind the success seen today.
The growth of the cryptocurrency world has been one with hurdles and interference from different governments. Such as when it was unthinkable to have a successful online currency, Bitcoin happened. And the financial institutions were wowed! It then followed its popularity, sweeping the world and investors in awe. To control the volatility of the currency, some states banned cryptocurrency trading. With more investment and new cryptocurrencies each year, the market has balanced, and more avenues to use cryptos have opened, making the essentials in our day-to-day-life!
America is called the land of the free because of the successful democracy built over three centuries. The point is, longevity is key to the success of any enterprise. Coins today can trace their success to the foundations laid three decades ago. With larger corporations such as Facebook investing in cryptocurrency, the future can only get better.