Well, every week bitcoins are hitting the news for some or the other reason like the surge in prices or prices soaring up. But there is no particular reason as to why this happens. Again, they might be in headlines because of many reasons like the GDPR act, possible ban by China, etc. everything is so dynamic in this virtual currency.
Well, all of us has heard what a bitcoin is, but only a few know about it. Cryptocurrencies in general in fact are lesser known of, and bitcoin is nothing but a famous cryptocurrency. So let’s understand the history of cryptocurrency in order to understand them!
Cryptocurrencies are NOT new. Yes! Some of us think that they are as new as 2016-17 when it started gaining momentum on mainstream media, but the truth is that it dates back to as old as 2009 and the programming for it begun even before.
In fact, if you were lucky and aware enough, you could have purchased a bitcoin for $1000 and the return on investment received was as high as $37 million! Huge, isn’t it?
Here is a timeline of cryptocurrencies and how one can go about understanding its development:
1998-2009 Pre cryptocurrency/Bitcoin years
Bitcoin wasn’t the only cryptocurrency thought. Before it, there were many attempts to come up with a virtual currency with an online ledge secured by cryptography. Few examples of those are B-Money and BitGold, which never saw the light of the day.
2008- To the mystery of Nakamoto
This is a known fact that nobody knows who developed bitcoin is a ghost. Years before a paper was published on Virtual currencies and their uses, by someone called Satoshi Nakamoto.
2009- Bitcoin is here
For the first time, the bitcoins were now made available for users for mining and trading. Opening avenues for next generations of trading like stocks!
What we see today is the world which is available and open to a plethora of options and with the advent of technology, these options have only grown in number. Lately, we saw a fluctuation in the prices of bitcoin where it rose to its prime to $20,000 in December 2017 and came crashing down to $7,000 maybe less in just two months after it in the late February. A phenomenon we least expected to see.
However, cryptocurrencies are not restricted to just Bitcoins. There are many other cryptocurrencies like Ethereum, which is only second to it and is now growing at a faster pace and rate than Bitcoin.
Ethereum is developed by a Russian developer (not anonymous). Ethereum and bitcoin are not merely some virtual currency for online cash exchange, and they are more of data reserves too which help in keeping the data safe, and away from the reach of any third party.
For these two premier platforms of cryptocurrencies, the data security is what we say the most important thing and providing this core value to the users is what they work for.
This, however, is not the end! As we talk, many more cryptocurrencies are being made which we will know about in few years time.