When it comes to being the longest-running internet trends, cryptocurrency certainly takes the cake. The concept of digital currencies has been popular ever since the release of Bitcoin, but did you know that it has taken a lot for digital currencies to get to where they are today?
As an investor, it’s essential to learn about the inner workings of cryptocurrency before you start trading. The more you know about it, the better it will be for you and your overall crypto investment journey. Getting to know the history of cryptocurrency timeline here at Casino Days India would be a good start.
What is crypto and how does it work?
Cryptocurrency is a form of digital money that can be used to trade online or as a mode of payment. It uses cryptography where a series of complicated mathematical equations are solved by miners to verify the information and upload the transaction data on a decentralised public ledger called the ‘blockchain’ to make it immutable.
When cryptocurrencies are used online, all of these transactions are verified through a decentralized process. This means that there is no governing body that handles crypto transactions, only the people who use it do. Records of every transaction are recorded and permanently placed in a blockchain.
What is it used for?
People nowadays use cryptocurrencies for all sorts of purposes. Some like to trade them similar to how people trade stocks on the stock market. On the other hand, others like to use crypto to complete transactions online such as purchasing products and services or even placing their bets on online casino platforms like Casino Days India!
The history of cryptocurrency timeline
It is essential to learn about the history of cryptocurrency especially if you are a newcomer in the market since it gives you an idea of where it currently stands in terms of development and where it might be headed in the future.
See how digital money evolved through the years and how it eventually turned into what it is today at the cryptocurrency timeline overview below:
Most people believe that cryptocurrency was invented by Satoshi Nakamoto when Bitcoin was released, but this is not the case because there was already a kind of digital money back in the 1980s and it came in the form of DigiCash. It was the first and one of the most prominent digital currencies at the time, but it ended up being bankrupt in the 1990s.
1998 to 2009
In 1998, Chinese engineer and author Wei Dai coined the term cryptocurrencies. This was at a time when digital money was on the rise, but nothing was ever solidified until 2009. It was this time when an entity under the pseudonym Satoshi Nakamoto first released Bitcoin and published its whitepaper.
This delved into the concepts of blockchain and cryptography, explaining how Bitcoin was to be mined and used in terms of transactions. It took a while for BTC to take off, but when it did, it paved the way for many more developments in the years to come.
In 2015, Ethereum and smart contracts were launched by Vitalik Buterin. With this newfound technology, agreements between two or more parties can be executed automatically without the need for human intervention.
When the cryptocurrency market crashed in 2018, a lot of digital currencies were affected. Data from CoinMarketCap shows that an $800 billion dip was experienced by most cryptocurrencies, which slowed down the market and became a difficult year for investors.
2019 – Present
After recovering from the crash and making use of the different advancements in the market, cryptocurrencies were able to get back on their feet and more developments are still being made to this day. Digital money can now be used to purchase all sorts of products and services aside from basic trading.
New developments and trends such as NFTs and the rise of unconventional currencies like Dogecoin are also gracing the market. Even athletes, celebrities and politicians are investing in the market, further driving cryptocurrencies into the mainstream and away from a niche market.
But with this growing popularity comes intervention from central authorities. Some governments like China, Iraq and other countries in the Middle East have completely banned the use of cryptos because of the high investment risks it poses.
On the other hand, others like the US and European countries have put out strict regulations regarding crypto that can safeguard investors from incurring massive losses. One nation, El Salvador has completely embraced cryptocurrency to the point where they have accepted it as legal tender.
Considering all these events, it’s safe to say that the cryptocurrency market has vastly improved over the past decade or so and shows no signs of slowing down anytime soon.
Is crypto worth investing in?
Yes! Crypto is a worthwhile investment since its new technology promises a lot of potential in the future. With its current fast-paced development rate, there’s no guessing how far crypto and the new generation of the internet dubbed ‘web 3.0’ will take us. And with this new unfamiliar territory comes new investments waiting to be discovered.
However, while investing in cryptocurrency has its advantages, there are a lot of risks as well, much like any other investment. They are highly volatile with prices that can drastically change in a snap. So it’s best to equip yourself with the proper knowledge before investing. Know all you can about crypto and the options available to safeguard your investments.
Invest in crypto today and be a part of history!
Upon learning about the history of cryptocurrency timeline, you are one step closer to becoming an experienced investor. It may seem daunting to take those first few steps especially if you are a beginner, but there is a lot to look forward to!
Aside from all the different benefits that you can get from trading crypto, you can also use it to place your bets on a platform like Casino Days India. Tons of fun games like slots and live dealers are waiting for you, so place your bets to get started. The wonders of crypto await, all you have to do is dive into the world of digital currencies to experience it all!