Cryptocurrency is a medium of exchange done with the help of a computer network that is not connected to any central authorities like a bank or Government.
You can consider this a decentralized system of exchange where both the sender and receiver of the currency can do the exchanges without the requirement of any third-party intermediaries like the Bank.
If you are planning to trade Bitcoin, you may consider knowing about the Growth Prospects of Bitcoin Shortly.
The idea of Cryptocurrency:
The term cryptocurrency came into the market in the late 80s.
If it must be mentioned more specifically, the year will be 1989. In 1990 different cryptographic protocols and software were getting developed.
It advanced the chances of the commencement of a decentralized digital currency.
The history of cryptocurrency started with bitcoins which came into the market in 2009. Within the next thirteen years, more than nine thousand different cryptocurrencies have come into the market.
Among them, more than seventy options have a capitalization exceeding $1 billion.
The journey of the cryptocurrency concept came in 1983 when the famous American cryptographer David Chaum came up with an option of electronic money called e-cash.
In 1995 it became Digicash which can be considered the early form of electronic cryptographic payment.
Hence, the true purpose of cryptocurrency was not fulfilled. However, the revolution happened in 2009.
In 2009 Bitcoin came into the market, and Santoshi Nakamoto created it. Previously, in 2008 he came up with a paper that outlined a particular system of functioning with a form of digital currency for handling in which no third-party intermediaries were required.
He brought the revolution in the field of cryptocurrency in this way. He was the pseudonymous developer.
As a cryptographic function, SHA-256 was used for Bitcoin. Then, in August 2012, Litecoin came into the market and used script as a function.
Where was Bitcoin used first? What to know about
As a legal form of currency, El Salvador was the first country to accept cryptocurrency legal in June 2021.
There was a vote conducted in the legislative assembly, and with a result of 62-22, president Nayib Bukele passed the bill to make cryptocurrency legal.
After just a few months, in August 2021, Cuba started regulating cryptocurrencies like Bitcoin. It was getting legalized in various countries rapidly.
However, in 2021 it got a setback as China, where the largest cryptocurrency market is, declared this currency illegal.
However, now, cryptocurrency is accepted as a legal currency in 244 countries on different continents worldwide.
Why the rise of Bitcoin was important:
After several debates and discussions, Bitcoin was the first decentralized cryptocurrency that came into the market.
Not to mention a number of tools like quantumprimeprofit.io, that can be used for your bitcoin needs.
Though it entered the market in 2009, it gained popularity in 2017. However, gaining this popularity was not at all an easy task. From $1000, the value of bitcoin reached $20000 but again cracked down to $10000.
With the cryptocurrency exchanges, the popularity of bitcoin increased.
Even for those who are not tech-savvy, receiving and sending bitcoins became easy and suddenly made bitcoin a more used cryptocurrency.
With time more people have become aware of this currency, attracting more investors who started purchasing cryptocurrencies as it has been providing constant growth for the last few years.
As per market analysts, cryptocurrency’s chances of higher returns shortly are definite.
After the success story of Bitcoin, many other cryptocurrencies started coming into the market, which also became popular.
After going through the amazing history of the growth of this decentralized digital currency, many investors chose it as a wonderful way of investment that will provide a high scale of returns shortly.
Day by day, the number of investors in cryptocurrency is increasing as they are getting more returns and enhanced security for their investments.
Conclusion
The history of cryptocurrency is not too many years.
As increasingly important and larger economic countries are legalizing this currency, there is a huge chance that the value of the various cryptocurrencies will touch the limit in the near year’s sky.
However, as it is becoming one of the currencies which is now getting used for more and more transactions, different countries are coming up with various regulations to ensure the safety and security of investors.