Review of The Genesis of Cryptocurrency

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

Necessity they say is the mother of invention, so many times people had wanted to create some sort of an 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 basic motive for creating this Cryptocurrency was to create an electronic peer to peer cash system which was decentralized. The amazing thing about the crypto currency 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 100s of these currencies which are towing the way of the bitcoin.

In 2008 bitcoin was birthed and launched in 2009 where mining of the currency began. The bitcoin started with a value less than a dollar 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 crypto currency 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 in competition with bitcoin. Litecoin seeking to attract more of the masses became more dynamic and flexible in terms of mining it. This was followed by Ethereum which was created in 2015. Etheruem has provided a platform for initial coin offering (ICO). Other currencies include ripple, digibyte, dash, zcash, monero, Eos just to mention but few. The interesting fact about all these currencies is the fact that it not controlled by any central government. The security it provides it owners and protecting 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.