Cryptocurrency Origins

How long has cryptocurrency been around, and how did the industry get started? Coin Pursuit presents the history of the field of digital currency.

It's easy to assume digital currency has been around since the late 1990s; that's about the time the Internet really took off in the public eye, and people started making bill payments and purchases online. So it might be surprising to learn cryptocurrency wasn't even discussed as a concept until 2008. That's when Satoshi Nakamoto outlined the principles and functions of what would be developed and introduced as Bitcoin the following year. (Nakamoto is just as newsworthy as his creation; to date, no one knows who he/she/they might be!).

Bitcoin wasn't just a big fish in a small pond for the next two years; they were the only fish. No wonder most folks think only of Bitcoin when they think of alternative currencies—they were the first, and got all the media attention for the longest time. More players have emerged, of course; since 2011, digital currencies such as Litecoin, Peercoin, Novacoin and Namecoin—to name just a few—have made their presence known. There are now almost three dozen active cryptocurrencies—and that number's likely to grow.

Please note the word “active” in that previous sentence. An unfortunate few saw the potential in the digital currency market, and tried to capitalize on it, but failed to see it materialize. Every industry, young and old, has its also-rans—and cryptocurrency is no exception. We should note, in all fairness, there are many more active and robust digital currencies than “dead” ones.

It's pretty impressive to consider something that's only been around about five years has made such a splash. It's also comforting to know that even the experts in the field have less than half a decade's experience. So, you see, it's new to all of us; we at Coin Pursuit openly admit we're learning as we go, and we, and our fellow cryptocurrency members will pass along what we learn to you.

Next Introductory Topic:Advantages of Traditional Money

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