The History of Cryptocurrency

Posted by Mike Martin on September 26th, 2022

Today, there are more than 19000 cryptocurrencies in the world. Thanks to the hype, almost the entire global population has come across currency now. The rising popularity of cryptocurrencies has made it impossible to ignore digital currency. Today, the global crypto market stands at around trillion, projected to grow further, making further inroads in our everyday lives. 

For anyone aiming to make it into the crypto scene, it's essential to understand what brought crypto into existence. Most people think Bitcoin was the first step toward forming the crypto ecosystem. But in reality, the origins of the concept of an autonomous digital currency go way back than bitcoin.

Are you curious about what led to the formation of the crypto ecosystem? This blog will take a deep dive into the history of cryptocurrency, providing you with intriguing insights.

 Early Cryptocurrency Concepts

The existing face of cryptocurrencies is a refined version of the earlier concepts introduced in the 1980s and 1990s, with none managing to gain widespread recognition. One of the notable early versions was Digicash, which failed miserably in 1990. It's safe to say that such attempts were ahead of their time.

Global finance players like Paypal emerged as early adopters of the hybrid model. They introduced a new way of dealing with digital transactions in existing currencies. This model still plays a pivotal role in international business and global ecommerce.

Bitcoin and Blockchain

Wei Dei first discussed the modern face of cryptocurrencies in 1998, but it became a reality ten years later. The release of a whitepaper introducing the basics of blockchain and bitcoin brought Bitcoin into existence. Bitcoin emerged as a currency that runs on blockchain technology, often called a "triple-entry" bookkeeping system. Whenever a new transaction occurs, the receiver, sender, and a third party must confirm and agree on the trade.

It established a wave of trust and financial anonymity. One could track the transactions without disclosing the identity of the wallet's holder. Following various dips over the years, this currency has proven to be highly volatile.

The Abundance of Currencies

As discussed in the introduction, more than 19000 cryptocurrencies are available today. The rising popularity of Bitcoin made way for other currencies and blockchains to exist in a similar ecosystem. Today, Ethereum is the second most known cryptocurrency in the world after Bitcoin. Besides these two, many other digital assets are available for people, including Solana, Tether, BNB, and Dogecoin.

The Future

The widespread acceptance of the crypto landscape hints toward its global adoption in the future. The encouragement and support from leading stakeholders have played a vital role in popularizing the crypto market and strengthening customer trust and confidence in the concept. The growing mainstream adoption rate has evoked the public's curiosity about different cryptocurrencies. Today, nearly anyone can start exploring options available in the cryptocurrency market. Resources are available that can help people learn more about the rising phenomenon.

Are you looking to learn something more about cryptocurrencies? A Beginner's Guide to the World of Cryptocurrency is a perfect book for anyone, including a layman looking to step into the world of cryptocurrencies.

Cryptoreek and ThysirPips are the two people behind this initiative to educate the public. The purpose is to educate the masses about the fundamentals of the crypto world through a step-by-step guide that will help people learn about everything related to the crypto world. Whether you need help with NFTs, Coins, Decentralized Finance, and Trading fundamentals, it's the perfect book to pick.

Get your hands on A Beginner's Guide to the World of Cryptocurrency today and dive into the future.