The Genesis of Cryptocurrency

Before Bitcoin, Ethereum, litecoin, and other cryptos, there already existed some digital currencies tracing it way as far back to the 1990s. This included digicash and bitgold but these were centralized and didn’t last for long. Cryptocurrency came with a new trend, thus its decentralized nature running with no interruption from an outside entity.

Necessity they say is the mother of invention, so many times people had wanted to create some online digital cash system but to no avail as a result of issues with centralization.  With this in mind, the first Cryptocurrency was created by a group or person named Satoshi Nakamoto, (identity still unknown). His primary motive for creating this Cryptocurrency was to develop an electronic peer to peer cash system which was decentralized. The fantastic thing about the cryptocurrency is that even though it was not intended to be invented, the rise of bitcoin on the online market gave rise to the birth of other Cryptocurrencies. Now we can count more than 1000s of these currencies which are towing the way of the bitcoin.

In 2008, bitcoin was birthed and launched on 2009 where mining of the currency began. The bitcoin started with a value less than a dollar, but by December 2011, a bitcoin was selling for $11, 500. The price of bitcoin kept on increasing from the year it was launched to date making it the most valuable cryptocurrency now. Even though the currency saw lots of fluctuations, it kept on surprising the market by surging drastically in price.

As mentioned earlier, other cryptos were developed with the aim of offering more flexible terms as compared to bitcoin. In 2011, litecoin was created by Charlie Lee. Litecoin did so well on the market after some few years making some people think it was competing with bitcoin. Litecoin seeking to attract more of the masses became more dynamic and flexible regarding its mining. This was followed by Ethereum which was created in 2015. Ethereum has provided a platform for initial coin offering (ICO). Other currencies include ripple, digibyte, dash, zcash, monero, Eos to mention but few.

The interesting fact about all these currencies is the fact that they are not controlled by any central government. It provides security to it owners and protect their identity. Cryptocurrency, from the look of things now has come to stay. People are supporting it by investing in it and in turn making lots of money.