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Who Created the Original Idea of Cryptocurrency?

Who Created the Original Idea of Cryptocurrency?

Every hero has some reason to put on the mask to keep themselves hidden, which is common nowadays. This is precisely what happened to the world-famous and so-called feather of Bitcoin, which established digital currencies in 2008; Satoshi Nakamoto. This man put the foundation of cryptocurrencies, and within three years, he suddenly disappeared abruptly.

This article will give you a brief idea of a whole new world of crypto where people have used trading software to trade, and you will also come across the later digital currencies that evolved and captured the crypto market.

The Idea of Cryptocurrencies

The idea and concept of digital currencies were first mentioned in 1989. Later an American cryptographer named David Chaum brought digital cash into the market based on the concept of cryptography that helps secure the transaction without the risk of losing the assets. The root helps to update and modify the transaction using digital assets.

In 2008, a paper or article about the first-ever cryptocurrency introduced by Satoshi Nakamoto. This peer-to-peer electronics system produces digital currency, which did not involve a third party and went out successfully.

Bitcoin Launch – 2009

Bitcoin is a popularly known cryptocurrency launched globally in 2009, with bitcoin protocols designed by Satoshi Nakamoto. In the same year, another open-source software debuted. Bitcoin is getting influential and powerful, helping people to transfer their assets from one person to another without the risk of losing them. This digital asset does not need any governmental organization or bank. If you are interested in trading bitcoin, you might consider knowing about bitcoin mining.

Moreover, the first-ever successful payment transaction was conducted on 12th Jan 2009 between Nakamoto and Hal Finney, and after that, bitcoin became amazingly popular and achieved great heights. Some people still need clarification about it but are getting used to it.

Early Days Crypto Market Development

In 2010, Bitcoin was the only cryptocurrency used to make trades and transactions, costing around 10 cents. Still, later as new digital assets started to capture and enter the digital world market, the prices of Bitcoin fluctuated a lot.

During the period of volatility, a lot of people lost trust in crypto as the rise and fall in the market created fuss and confusion, and people lost trust. But later, in 2017, the growth of crypto once again reached an extreme height, and the total crypto market reached a record of $8250 billion in Jan 2018.

Crypto Frauds

The year 2017 was record-breaking for the crypto market, as the value of Bitcoin and other digital surged exponentially increases which were not predicted. This brought changes and the introduction of new schemes and frauds. Fake coins started to capture the market, so cams took place. This created fear in people’s minds, especially for new users. It became a struggle to invest, which was bizarre. It is predicted that more scams will be conducted later in the upcoming years.

Top 3 Cryptocurrencies You Need to Know About

There are a ton of digital currencies in the market, but the top rated are listed below:

●     Bitcoin (BTC)

One of the oldest currencies debuted in the global digital market in 2009. The current worth of Bitcoin around the globe is $325 billion. This makes it world-famous and holds cryptocurrencies.

●     Ethereum (ETH)

Another unique and triumphant work launched in 2015 is another type of cryptocurrency. It is commonly known as a universal computer. It can run mini contracts that can perform under certain certified conditions.

●     Tether (USDT)

Another stablecoin came around 2014 from a real coin. It is connected to the US dollar and

backed by resources equal to your reserves. It records the massive cryptocurrency with a 24-hour trading capacity of cryptocurrency.

Final Verdict

Cryptocurrency has progressively aching great heights and is boosting every day, and there is no doubt that people have gained a good amount of profit. Still, with an increase in popularity, there are scams and frauds which lead to the loss of assets of many users. Still, if you research popular and invest in cryptocurrency, then you will probably achieve some success. Still, these assets are unpredictable, so invest wisely if you consider diving into cryptocurrency.

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