A Brief History of Cryptocurrency
The history of these virtual currencies begins with one person: the cryptographer David Chaum. This American developed in 1983 a cryptographic system that he called eCash. Twelve years later, he created another system, DigiCash, which used cryptography so that when a person made economic transactions, they were confidential.
However, the first time the idea or term 'cryptocurrency' was coined was in 1998. That year, Wei Dai began to ponder the idea of developing a new form of payment that uses a cryptographic system and whose main characteristic is decentralization.
Satoshi Nakamoto: creator of the first cryptocurrency
Do you remember the global economic crisis that started more than a decade ago? Yes, in 2008, a financial crisis was in full swing that affected the entire world, including the United States' superpower. The effects of such a tremendous economic disaster were latent, and currencies were losing value faster and faster.
In 2009, a person whose identity is still secret but who calls himself Satoshi Nakamoto created the first cryptocurrency, Bitcoin. As you have already read, he was not the first person who came up with the idea of creating it.
What prompted him to create his cryptocurrency was that great economic crisis that affected millions of citizens. The need to make people see that there is another type of money, which is not conventional, can also benefit from it. It is only because of his actions that we see terms like Bitcoin Rate in India circulate in the market.
What is the current situation of cryptocurrencies?
The buy bitcoin in india are increasing more and more. Its beginnings were not good; society did not trust much of this new form of payment; however, that concept has changed with time. Many companies already use it; they allow the payment of their products and services with these virtual currencies, they even create their own.
Two of the companies that have developed or are in the process of developing their own cryptocurrency are the multinational photography, design and production company, Kodak; and the Facebook social network. The first created KodakCoin, and the second, Libra.
Other companies are also allowing cryptocurrency as a payment method. From hotel chains, airlines to tourist parks, they have made the leap to the use of cryptocurrencies.
What future is predicted for these virtual currencies?
More and more cryptocurrencies are being created. It all started with BTC to INR, but not only does that exist, but it has also developed many more like DAVIES. It is a new cryptocurrency of just a year and a half that has its characteristics.
The blockchain technology that cryptocurrencies use has been gaining ground over the years. Many experts in the field predict an excellent future both for this technology and for virtual currencies. Some of the calculations that have been made show results whose value reaches up to 20 million dollars. And the rise would occur in just five years.
The studies that have been carried out show that we are only in the early years of Cryptocurrency to INR and have a very long life left. We are not only going to have at our disposal the traditional and conventional money that we are used to. Virtual currencies that emerged to revolutionize the financial and technological world are also competing at a high level.