Over the past years, Cryptocurrencies have become so popular among the internet community, and there are over 1500 cryptos as of 2018. In case you don’t know, cryptocurrencies are kinds of digital assets or currencies that are decentralized, meaning that they aren’t controlled by any government authority.
However, Bitcoin happens to be the first cryptocurrency that was invented about 10 years ago. . Cryptocurrency history started back in the 1980s when it was known as cyber currency. But a lot has happened since then, so we will be looking back at the history of cryptocurrency to know how it has impacted the internet community.
History of Cryptocurrency
The history of cryptocurrency dates back to the 1980s, but it was in the 1990s that cryptographic protocols, which are one of the backbone technologies, began to be developed and gave birth to the creation of what is known today as decentralized digital currency.
However, in 2008, a paper was published by Satoshi Nakamoto which outlined ways of developing digital currency without trusting any third party. It was this published paper by Satoshi that gave birth to the cryptocurrency revolution.
The amazing thing is that these cryptos began to gain popularity about 10 years ago, after the introduction of Bitcoin. After Bitcoin was launched back in 2009, other cryptocurrencies have been created. And for years now, many have become very popular and in price as many people started investing in them.
Examples of Cryptocurrencies
Ever since Bitcoin was created and has exploded in price, there have been lots of other Cryptocurrencies that have flooded the crypto market. Even though the overall market value of all cryptos is generally trending upward in price, you can still lose money.
Here are some well-traded Cryptocurrencies you would find in the market
1. Bitcoin (BTC)
Bitcoin is popularly known as BTC, which is the world’s first and most widely traded crypto. BTC has a market cap that runs in Billions of dollars. It was created to supply nothing more than 21 million Bitcoin.
This coin is popularly seen as a legitimate means of exchange. There are a lot of companies that accept Bitcoin as a means of payment, which is mostly done by partnering with an exchange to convert the coin into U.S. dollars before receiving their funds.
2. Ethereum (ETH)
Ethereum is the second most popular coin that was created in 2015, and it is also the second most valuable crypto after Bitcoin.
Ethereum which is also known as ETH made some worthy improvements to Bitcoin’s basic architecture. ETH utilizes “smart contracts” which improve the performance of a given transaction, and has the ability to refunds in case one party violates the agreement.
Indeed, smart contracts have had a vital move toward solving the lack of chargebacks and refunds in the crypto market.
3. Litecoin (LTC)
Litecoin which is well-known as LTC was launched in 2011, and makes use of the same basic structure Bitcoin used. But it has key differences, which include a limited supply of about 84 million units and a shorter target blockchain creation time which is around 2.5 minutes.
Though their encryption algorithm is a bit different. LTC happens to be the third-most popular cryptocurrency due to its market capitalization.
XRP is known for its consensus ledger system which dramatically speeds up the confirmation of every transaction completed and blockchain creation times. However, there’s no formal target time, though the average is every few seconds.
XRP is often converted more easily than other cryptos due to its in-house currency exchange that can convert Ripple units into U.S. dollars, yen, euros, and other common world currencies.
5. Dogecoin (DOGE)
Dogecoin (DOGE), is another crypto-making wave in the market. It is denoted by its immediately recognizable Shiba Inu mascot. It will interest you to note that it has a shorter blockchain creation time which is about one minute.
However, it has a greater number of coins in circulation than most cryptos, which the developer’s target of 100 billion units mined around 2015. Note also, there is a limited supply of around 5.2 billion units that are to be mined every year.
Vital Thing to Note:
- Cryptocurrency history may be short but it is incredibly exciting. Cryptocurrencies have quickly changed the world of finance
- BTC launched the world of crypto back in 2008 and then developed an industry that is changing the financial world
- The intro of Ethereum and ERC20 gave birth to smart contracts in the crypto world
- Ethereum has given rise to DeFi, which is currently paving the way for an incredible variety of decentralized services that lots of people can access.
The world of Cryptocurrencies has paved the way for improved digital currencies. Even though some businesses are yet to begin the use of cryptos as their means of payment, one thing is certain: Cryptocurrencies’ popularity will continue to grow and will increase in value as many people are becoming aware of what cryptos stand for, which are decentralization and anonymity.