Every aspect of this world is subjected to constant change. If that is true, then why leave currencies behind? Starting from paper bills to plastic money, we have come a long way. However, the present talk of the town is cryptocurrencies. The gap between the physical and digital domain is so lessened that the inclusion of a digital currency is also slowly settling in. And why won’t that be the case either? It has been more than a decade that Bitcoin – the first-ever cryptocurrency – is doing the market rounds. So we cannot call it a new form of currency.
They say that “we learn from history”. Studies show that a person who had invested $1000 in BTC in 2009, is a millionaire in 2021. That is a huge leap in such a short time, isn’t it? Similarly, it is also said that we surely are doomed if we neglect what we learned from history. So, let us dive into a short history of bitcoin already.
Throughout this period, there had been a few attempts at generating online currencies with a ledger system. Though Bitcoin was the first cryptocurrency to be fully developed, during the pre-BTC era, online currencies called B-Money or Bit Gold could never reach that stage.
During an online discussion on cryptography, a whitepaper was published having the name of Bitcoin – A Peer to Peer Electronic Cash System. Though it was posted by a person called Satoshi Nakamoto, the real identity of the person(s) involved is unknown till date.
The software was circulated and put up for public use for the first time in 2009. It began functioning on a peer-to-peer network called blockchain and the first block that was ready was named genesis block. Genesis was also the first block that was ever mined.
Before 2010, Bitcoin did not have a monetary value. This means BTC was only being mined and not traded. However, 2010 was that year when someone for the first time decided to trade his coins for two pizzas. In return, he had paid 10,000 BTC, which in today’s market would add up to more than $100 million.
A lot happened in all these 10-11 years. With the popularity that Bitcoin gained in no time, a lot of other cryptocurrencies began to emerge, all of them similarly based on different ledger networks. The very first ones to come up were called Namecoin and Litecoin. However, no one could beat Bitcoin both in terms of popularity and worth.
With numerous instances of ups and downs, Bitcoin and all other cryptocurrencies carry a volatile image. They are also infamous for being a lucrative option for scammers and thieves. However, in 2017, it reached the $10,000 mark, and in the bigger picture, is on a constant rise ever since. Presently, over 1000 cryptocurrencies are circulating in the financial market.
The digital currency scenario has completely changed after the inception of Bitcoin. Fiat currencies are slowly taking a back foot due to the advantages that Bitcoin has to offer. It has reduced the risk of counterfeit money and thus, reduced fraud. Money transfers are smooth and are conducted without any third party. Almost all e-commerce sites will get stronger with cryptocurrencies around the corner. Online trading software follow this link here which helps a certain number of people worldwide to fight income inequalities, providing a lot of people with fresh job opportunities.
Whatever the global opinion is, one thing that can be understood is that crypto is here to stay. Let’s face it, what can be a better decentralized hassle-free alternative to the same old fiat currency than Cryptocurrency?