The history of coins: how cryptocurrency was before the invention of Bitcoin?

Given the huge number of altcoins on the market now it is difficult to imagine the industry in its “prehistoric times”. What was Bitcoin in 2009, and what happened to him? In fact, cryptostore originates long before the appearance of BTC and Wallpaper Satoshi Nakamoto. The first attempts to make “electronic money”, date back to the eighties of the last century.

Dawn crypts

Bitcoin is not the first project that promotes the idea of a fundamentally new financial system. Before its creation such a concept was trying to bring to the development of ecash, B-money and Bit Gold.

The first of these projects was created in 1982. However, while ecash not find General acceptance even among the small number of computer geeks. After some time about the attempt forgotten.

Another predecessor of Bitcoin can be considered a B-money, anonymous electronic money, created by a scientist Wei Give. B-money, unfortunately, never left the stage of Wallpaper and will forever remain just an idea.

Source: WIRED

Finally, the third time an attempt to realize the concept of cryptocurrency has taken Nick Szabo. In 1998, he first spoke about the idea of Bit Gold, but a complete description of the project szab√≥ published only in 2005. It is noteworthy that the development of Bit of the Gold was associated with B-money, since Sabo was inspired by the work of Wei Dai. By the way, for a number of reasons nick I think one of the main “suspects” for the role of Satoshi Nakamoto.

The Emergence Of Bitcoin

The first information about the concept of Bitcoin appeared on the Internet back in 2007, but the debut BTC transaction took place only in 2009. The starting point in this part of the story, many believe the domain registration in 2008. A little later, someone called Satoshi Nakamoto published a paper called “Bitcoin: A Peer-to-Peer Electronic Cash System”.

The launch of blockchain crypto-currencies occurred in January 2009 when Satoshi mined the genesis block of Bitcoin. Since then, the project went through a whole series of upgrades and challenges. The “birth” of Bitcoin took more than one day, because in 2010 he made his first appearance as a currency in the real deal.

Yes, this first transaction was the purchase of two pizzas, for which American computer programmer Laszlo Heinitz paid 10 000 BTC. Since then none of the pizzeria did not accept bitcoins, Heinz sent the cryptocurrency one of the first cryptoendoliths, that he undertook to deliver him a pizza on their own.

First steps to global popularity

In the same year the popularity of Bitcoin has pushed some developers to put their ideas through the blockchain. So on the light appeared first altcon Namecoin, after a while Charlie Lee has created a “digital silver” Litecoin. Around these months, began to operate the first crypto currency exchange, marking the beginning of market relations in the industry.

Source: The New York Times

All this would have been impossible without the first Bitcoin investors. They were the idealists who believed in the potential of decentralization and its importance for changing the world order. Thanks to the popularization of Bitcoin in its early years, now we have a huge and cohesive, cryptocommunist around the world.

See also: From pizza to fighter: how the rising purchasing power of 10,000 BTC for eight years.

Finally, the digital assets turned his attention traders. They have given the Bitcoin price volatility, due to which cryptocurrency is not just pleased with its sharp price jumps. Yes, a bubble in the market is not always good, but Bitcoin has helped many people earn huge fortunes from scratch. Let’s hope that this trend will repeat in the future.


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