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When we think about the history of cryptocurrency, we often believe it started with the creation of Bitcoin, but the idea of digital currency has deeper roots and has been attempted by countries back in the early 1990s.
Many governments and citizens ran into the problem of having physical money. People could rob you and everything could be lost. Before even the 2000s, several solutions were created to digitize currency.
One of the biggest successes was web-based money. You have heard of PayPal right? They were one of the many startups that attempted to digitize currency to make person to person payments much easier.
Now that some of the background information has been clarified, we can get into the cryptocurrencies we know and their evolution.
Bitcoin was the first cryptocurrency that claimed popularity. It was created after the 2008 crash in 2009 by Satoshi Nakamoto, who has never come out publicly and has remained the mysterious identity behind Bitcoin. Shortly after it’s creation, in 2010, it hit $0.09!
The price and adoption to purchase Bitcoin slowly became a growing need. It’s purpose has always been seen in the eyes of an investor as an investment, despite Nakamoto designing it for the purpose of using it for daily transactions. Throughout the years since it’s existence, Bitcoin has had several rises and falls, but none have been as great as 2020.
In 2020, Bitcoin and many other cryptocurrencies experienced an unexpected level of adoption and began to skyrocket in price as institutional (company) investors began to realize their potential. Cryptocurrencies still remain highly volatile and are unlike any other typical investment in the traditional stock market.
How do you think cryptocurrency will continue to evolve? While you think about that one, we will dive into the crazy world of NFTs.