Cryptocurrency is the new trend of the finance world & Bitcoin is the king of cryptocurrencies. But do you know how it all started?
Origin of cryptocurrency :
The history of cryptocurrency dates back to 1983 when an American cryptographer, David Chaum thought of cryptographic electronic money called ecash. In 1995, he implemented this idea and created Digicash though it was not exactly a cryptocurrency it can be considered as one of the most prominent steps in the emergence of cryptocurrency. After this, there were various mouth wars regarding electronic cash but there were also positive outlooks regarding the future of cryptographic currency.
History of Bitcoin :
After the emergence of electronic cash, the finance world was going through revolutionary changes. In 2008, the first decentralized cryptocurrency was created & named Bitcoin. The use of Bitcoin was started in 2009. There is no information regarding the inventor or the creators of Bitcoin but they refer themselves under a fake name of ‘ Satoshi Nakamoto ‘. Bitcoins are created as a reward for Mining. According to Wikipedia, “Mining is a record-keeping service done through the use of computer processing power.” The process of mining is very complicated & worth the reward. In simple terms, Bitcoin can be considered as a file that is stored in a digital wallet.
There are various cryptocurrencies in the virtual world but Bitcoin is the most successful cryptographic currency. The value of 1 Bitcoin equals Rs 29,33,315. The big bulls are seeing Bitcoin as a powerful medium with tremendous potential for controlling world finance.