Do cryptocurrencies pique your interest? Do you know how did this new-age digital currency start? Who is the founder of criptoactivos? Read on to know more about evolving world of bitcoins to understand things better.
It all began in 2008 when a man named Satoshi Nakamoto published a paper online which spoke about peer-to-peer electronic cash systems. This white paper spelt out details about a global structure based on trust and cryptographic proof.
Bitcoin’s Beginnings: How A Digital Currency Started A Revolution
Did you know that bitcoins are built on the foundation of blockchain? After a lot of comprehensive research in trading, oil trading, logistics, and supply chain this model has been envisioned and implemented.
The basic idea was decentralization and it was designed for tech-enthusiasts and digitally savvy professionals.
A man who envisioned a future with digital currencies, Satoshi proposed the idea in his white paper which garnered a lot of interest and people started conversing about it. Digital cash experiments had already begun in the 1980s and now it was taking a concrete shape.
Born from crisis
Breach of trust, centralization of money and market crashes led to volatility. It all started with Lehman Brothers going bankrupt and the housing bubble burst which impacted all the other markets. A decade back, no one had imagined that cryptocurrencies will grow and everyone will start investing in them. Unlike money and other forms of investment, bitcoins are regulated and finite in number.
When the global recession was at its pinnacle in 2008, liberalists and technical gurus decided to take matters into their hands and thus decentralize the system. Bitcoins reinstate the fact that money is so important but we do not have real money as per the liberalists. Thus, cryptocurrencies were born.
Again, it was in 2008, when someone registered a bitcoin domain online. It was during that time when Satoshi’s white paper was published online which categorically spoke about digital money and payments and how they will take a concrete shape in the future. It is the most convenient and decentralized way to transact and invest as it is finite in nature. Cryptocurrencies do not have any financial institution. They are man-made and digital in nature made on the concept of blockchain.
The evolving world of bitcoins
Bitcoins do not ally themselves with any financial institution or charter. They can be used by peers to transact and it is a great mode of investment. Over the past few years, all those who have invested in bitcoins have benefitted tremendously. Many investors consider bitcoins to be commodities like gold and silver. Due to the limited, i.e., 21 million supply of Bitcoins, there is a restriction in further trading. This digital and man-made currency has been well-thought so that decentralization exists. No political system in this world can increase or lessen the supply of bitcoins like money.
Anonymity is one of the greatest benefits that bitcoin investment offers. You can transact and invest being an anonymous wallet user. Over the past few years’ community developments mushroomed on platforms like Reddit where all the people who believed in the concept of bitcoins came together as a community and started having conversations around it. This helped in spreading awareness about cryptocurrencies and people started discovering bitcoins and began investing.
A smarter currency for all
In 2015 an article was published in The Economist about the existence and growth of bitcoins. This article educated thousands of people about the birth and growth of bitcoins. People started understanding the concept of blockchain and this paved the way for technologists to create an auto-trading app that allowed people to get paid for their work in bitcoins as well.
A lot of companies came into existence because of this and they will spread the blockchain concept to different industries and domains. The popularity of bitcoins started growing and it was only then that the governments started levying taxes on the usage and investment of bitcoins.
Reputed venture capitalists and some noteworthy financial institutions are planning to enter this space as digital currencies are now the order of the day. The world of cryptocurrencies is growing and evolving every day with the immense growth in technology and the belief that people have in bitcoins.