How long has cryptocurrency been around? All information about digital money
Cryptocurrencies are one of the greatest inventions of this century. But since when digital money has been around, it has been unclear to many people. We clarify where blockchain technology originated and how it has evolved over time.
The beginnings of cryptocurrency: Bitcoin, Litecoin and Coinbase
The success story of cryptocurrencies started ten years ago.
- In 2008 someone with the pseudonym Satoshi Nakamoto sent a first draft for Bitcoin to a private mailing list. To date it is not known who is behind the pseudonym. The design was actually based on ideas that were first discussed in 1998. On January 3, 2009, the 50 first Bitcoin and the first block in Bitcoins blockchain were created.
- Litecoin was born in 2011. The new cryptocurrency tried to improve Bitcoin's weaknesses, such as low transaction speeds or fees. From a technical point of view, this also worked quite well. The only problem was that Bitcoin was much better known, so Litecoin could not prevail against the older rival.
- In the same year, Coinbase was also founded. For the first time, the platform wanted to enable people to easily buy, sell and store cryptocurrency. Previously, this was often only possible using cumbersome web wallets or local wallets on buyers' computers. Coinbase is now the largest platform for buying and selling cryptocurrency.
Ethereum and the bull market
- Ethereum was launched in 2015. The new cryptocurrency not only wanted to be a means of payment, but also to serve as a base for entire platforms. With Ethereum, developers were able to build code on a decentralized and secure blockchain. In the crypto sector, this was absolutely groundbreaking and paved the way for many new projects. No wonder that most of the new currencies offer functions similar to those of Ethereum.
- At the end of 2017, the biggest success train so far came. Thanks to platforms such as Coinbase, Binance or Bittrex, an extremely large number of private individuals suddenly invested in cryptocurrency and ensured that prices continued to rise. As a result, a Bitcoin was worth nearly $ 20, 000 at the end of 2017 and Ethereum was briefly above $ 1, 000. However, this bull market only lasted briefly and cooled again in spring 2018.
- It is not yet possible to predict what the future will bring. But it is almost certain that cryptocurrency will be adopted more and more and blockchain technology will prevail. The new technology is an incentive for banks in particular to renew their outdated systems and thus make them faster and more secure.
