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The history of Cryptocurrency

People are keeping up with the trends of today. And when it comes to cryptocurrency, they are even more active just like the stock market.

But it’s very important to know where one came from in order to decide where to go. The same goes for cryptocurrency as well. Hence people should also take a look at its history.

Read on if you wish to know better about the history of cryptocurrency. This article will be helpful for a start.

Creating the background

It all started with an American cryptographer named David Chaum who came up with an anonymous cryptographic electronic money ‘ecash’. This took place in 1983.

In 1995 he went on implementing it through Digicash.

The first cryptocurrency

The first-ever cryptocurrency was invented by Satoshi Nakamoto. In 2009 he used a cryptographic hash function to invent what we call today is the bitcoin. This was the first cryptocurrency that has no central insulation to manage its issuance.

Evolution of cryptocurrency

  • Namecoin was invented in the summers of 2011 around the month of April
  • In 2011 in October another crypto hit the market, namely “Litecoin”. This was the first crypto whose hash function was scrypt.

Exchange

The world’s first-ever platform where cryptocurrency was exchanged was called the bitcoingmarket.com. In 2010 during the month of March, another platform for crypto exchange appeared was the Mt.Gox

For more information on the current exchange, you can visit any bitcoin server hosting website.

What happened with Mt. Gox?

It was hacked for the first time and bitcoins worth $30,000 were stolen in June of 2011.

Later in 2013, it went on becoming the largest cryptocurrency exchange where it handled 70% of the exchange at its peak.

Another hacking incident hit Mt. Gox real hard when bitcoins worth $460,000,000 at the time were stolen. Similar incidents have happened ever since then with other companies as well but no other happened on such a large scale.

What went on from there?

The assets of cryptocurrency have been growing ever since then. And the anonymity of these currencies has been a matter of huge concern. According to the trends, 2020 is going to be very important for the history of these currencies.

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