Interestingly not many really remember where they first heard of cryptocurrency, it was more like a subject for the elite until people started making money, we all had to sit and listen. What is this thing everyone is buzzing about, who even came up with this idea? These were questions on mainstream media. It is already hard to understand how cryptocurrency works. You can't help but wonder who in their right mind took a look at the economy and thought to themselves, "this market could work in another way and thought on how to create another form of trading. More like batter trade, but this time with established units of exchanges so long as it's not material paper".
When did cryptocurrency get started, 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. Do 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 contribution of successful cryptographers throughout history birthed the 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? In record, the first idea of cryptocurrency was first recorded by Satoshi Nakamoto 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 memory lanes highlighting key landmarks of its growth. The year 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 new crop scientists to develop electronic money transfer with his source code.
After Digicash, more research and studies were carried, and Bit gold was created; though not successful, it was better designed and used a blockchain code that Bitcoin latter borrowed. You won't be faulted for noticing they borrowed even 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? A cryptocurrency must be free from third-party interference, 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! 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 avenue 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 its success to the foundations laid three decades ago. With larger corporations such as Facebook investing in cryptocurrency, the future can only get better.