Can you believe that the story of cryptocurrency began in the year 1980? Then, it was known as cyber currency because it was internet-based. The cryptocurrency journey has always been like climbing a mountain, and it has always gained more popularity and investors over time.
Cryptotraderapp is independent and is not governed by any centralized authority. It became popular among the masses when bitcoin was created in 2008. The creator of bitcoin is anonymous and is known by the name Satoshi Nakomoto. It’s a mystery whether this name is of an individual or a group of people.
Crypto, in Its Initial Years
The first time cryptocurrency was mentioned to the people was in 1989. It was created in 1980; however, it was not very popular. David Chaum created the first digital cash in the world that was secured and verified by cryptography. Things were going at a very normal pace until 1990, when things began to take off. Multiple protocols and software were created to make cryptocurrency decentralized.
The real game of cryptocurrency began in 2008 when a paper by Satoshi Nakomoto was released. This paper was titled “Bitcoin,” a peer-to-peer electronic cash system that had nothing to do with any third party. It was a revolution that nobody knew was about to create history. So, these were some early instances where digital currency was born. Since then, it has gained more and more popularity and fame.
Bitcoin is the Market
After the launch of bitcoin in 2009 by Satoshi Nakomoto, it gained popularity as now people can carry out transactions globally. Cryptocurrency is a worldwide payment system not governed by any government or central authority. The rising popularity of bitcoin is why people are so confused about their investment in this segment.
Do you know when the very first transaction was made using bitcoins? It was on February 12th between Nakamoto and Hal Finney in 2009. The customer paid 10,000 bitcoins for a pizza at Papa John’s in one instance. Gradually, people understood the true potential of bitcoin, and the use of crypto for making payments increased every day.
Development of the Market
As we all know, it is the first cryptocurrency, and its rates were so low that they were valued only at a few cents. However, the moment they entered the official game and people understood the cryptocurrency’s true potential, and its value was touching cloud nine. Many other new digital currencies entered the market and joined the rollercoaster ride with bitcoin.
Bitcoin gained immense popularity in a very short period. However, people started to lose faith and trust in this currency due to its fluctuating nature. Some people even considered cryptocurrency a hoax. However, after some time, when people became aware and gained some knowledge regarding the mining and storing of crypto, they started to build up their trust.
In the year 2018 January, cryptocurrency witnessed growth which took them straight up to $820 billion. The next month, even though the market crashed, the markets have been at stable growth since then.
Scams
In the year 2017, bitcoin was in full swing. It was on top and, therefore, attracted many evil eyes. Hackers and thieves became very clever and took out schemes involving bitcoins and scammed people all around the globe. They even offered hoax initial coin offerings, which were too attractive to attract beginners in the market and were scammed.
Rise to Popularity
Bitcoin, along with other cryptocurrencies, is on a mission toward growth. More and more people will come to know about this system, and more and more, its value will eventually increase. People are attracted by the fact that crypto brings anonymity and decentralization and thus, makes it easy for them to carry out transactions across the borders.