Introduction
Decentralised currency started then visit website and started dealing in digital assets. If we count in other cryptocurrencies which are decentralised we can basically make a world where we will not need the regulated currency that costs us hefty fees just to send it to someone living abroad. With decentralised currency like bitcoins, it is much easier, cheaper, and reliable to send money online. Sounds amazing right? We now can enjoy the freedom of using a currency that suits our needs better. However, it was not the case before, as governments were negligent and oppressive towards cryptocurrencies. We will tell you the tale of cryptocurrency and how the journey started. So let us start from the beginning when the first decentralised currency was launched.
Blockchain Technology And Its Contribution Towards The Growth Of Decentralised Currency
The blockchain technology when introduced was very extraordinary which revolutionised the way we used to save transaction data. The data structure used in the blockchain technology is saved around the world in blocks that block any outside interference. Thanks to that even if a government decides to eradicate cryptocurrency they can not. To demolish the whole structure of cryptocurrency based on the block chain you will need to destroy each and every computer along with any hard drive that was ever connected to it at once that is connected in the network of blockchain around the world. This is something that no one can achieve with the technology in our hand. So there is no chance that any government in the world will be able to remove it, this blockchain technology is impeccable. The block chain technology works through blocks of digital data that save the transaction history in irreversible blocks and once a block is full a new block comes into place and starts storing new transaction information. These blocks are connected through a chain on the internet and are thus known as the block chain technology.
Timeline of Decentralised Currency Through History
1998 The time before people started using Bitcoins
Even though we know that bitcoin was the first full-fledged cryptocurrency in this world, there was a time before that when people tried and failed in making cryptocurrency. For example B-Money and Bit Gold. These two were founded before bitcoins but never fully developed and launched.
2008 – 2009 The Bitcoin Era
This was the time when a mysterious man named Satoshi Nakamoto provided the bible for the peer-to -peer decentralised currency bitcoin. After that, the bitcoin software first made a public appearance in 2009. And people started minting it using the official blockchain mediums.
2010- 2011 The valuation
In 2010 Bitcoins were first evaluated to set a base price of each coin compared to US dollars. This was a very standard procedure for any new currency at that time. But by the time it was 2011, hundreds of new cryptocurrencies emerged after a high evaluation of bitcoins and public acceptance of it. You should know that there are over 1000 cryptocurrencies circulating in the market at the time of writing this.
2013 – 2017 The time of turmoil and prices falling and gaining new heights
The time between 2013 and 2017 was quite adventurous for bitcoins as the prices fell to a big deep pit and then rose to an all time high. This was like a reality show for those who did not buy any bitcoins and this was also the time when they regretted their decision. Shortly after the evaluation of bitcoins, it slowly reached the $1000 mark which was the all time high at that time and people were enjoying the luxuries. But suddenly in 2013, the prices drooped and people started losing their faith in bitcoins. But slowly but surely bitcoins again gained back its power and popularity and in 2017 it reached the all time high value of $10,000. Since then the number keeps on rising and small dips and then rises are quite common in any cryptocurrency. People’s trust is growing every day in cryptocurrencies and this is leading towards the rise of bitcoins and other cryptos.
Conclusion
To conclude we can say that cryptocurrency has a very interesting past and seeing how it always bounced back from every dip it is a reliable source of investment for the future. ṣ
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