History and Facts of Cryptocurrency
There are many types of questions about cryptocurrency. Like, how did cryptocurrency start? Why was it created? Who controls it? etc. We will now know about this.
Bitcoin is considered to be the first cryptocurrency to be established but before that many attempts were made to develop online currencies such as B-Money and Bitgold etc. But they were never fully developed.
How did crypto currencies begin?
In 2008, a paper was mailed in Discussion of Cryptography, entitled Bitcoin, a Peer-to-Peer Electric Cash System. This was posted by an individual, a group of people known as Satoshi Nakamoto, whose real identity is still unknown. Bitcoin software was first made publicly available in 2009. At the same time, mining, the process by which new bitcoins can be created and transactions verified and recorded through the blockchain, was also started. As Bitcoin became popular and people liked the idea of a decentralized and encrypted currency, the first alternatives to Bitcoin that we know as altcoins emerged. And generally, it tries to improve on the original Bitcoin design through speed and various advantages. One of the first altcoins was Litecoin. There are currently more than 1000 cryptocurrencies in circulation and many more are coming.
Why was cryptocurrency created?
Cryptocurrencies were created during the Global Financial Crisis of 2008, to allow people to control their own money so that they are not dependent on companies, banks, governments, or their fees.
Who controls Bitcoin?
No one can own the Bitcoin network, just like no one can own email technology. Bitcoin is controlled by Bitcoin users around the world. Where developers improve the software cannot force a protocol change within Bitcoin as all users are free to choose what kind of software or version they want to use.
Is crypto a good long-term investment?
A long-term investment is a good investment strategy when it comes to crypto assets. Also, it is highly volatile and involves high risk, so investing in cryptocurrencies should be done only after gaining complete knowledge.
~ Regards,
VEIGO (Community Mod)
