The history of the creation of cryptocurrencies
The history of the emergence of cryptocurrencies is not as unambiguous as it seems to many. Its appearance began several decades before 2009.
The first concept of cryptocurrencies arose in 1983, when David Chaum and Stefan Brands described the possibility of using electronic money. Such information was a breakthrough for its years, but it did not go further.
The story continued in 1997, when Adam Bakov proposed using the Hashcash system. This system formed the basis for the formation of blocks in the blockchain chain. This meant the beginning of the functioning of the world's first cryptodenegs.
Another attempt to create a crypto tag has to do with the name of Hal Finney. He founded chains for hash blocks of the Hashcash system. In the history of cryptocurrencies, it is worth highlighting the DigiCash system. Since 1990 she began to carry out work to ensure the maximum possible confidentiality of payments. This system differed from most modern cryptodenes in its centralization.
The creator of bitcoins, Satoshi Nakamoto, in 2007 began work on the creation of a future cryptocurrency. The decisive impetus for this was the publication of his article, which described the principle of operation and protocol of new cryptodenegs that functioned like a peer-to-peer network.
On January 9, 2009, Bitcoin version 0.1 was released. Immediately after the release, Nakamoto began refining the cryptocurrency.
In January 2009, the first block of 50 coins was collected, and their transaction was also carried out. Nakamoto personally sent some of the coins to Hal Finney, who became the second member of the network. The amount during the transaction was equal to 10 btc.
In September 2009, a man named Marty Malmi made the first ever exchange of crypto money for fiat.
In November 2009, a community of cryptocurrency miners was created on the Internet on the website bitcoin.org .
In December 2009, Bitcoin 0.2 was released, which could run on Linux. The advantage of the new version was the ability to process and create blocks on several threads at once, and not on one, as was the case in previous versions. After that, more and more people began to join the mining process. Around the same period, the community of miners began to be involved in the creation of Bitcoins.
In the summer of 2010, Bitcoin 0.3 was released. The number of people involved in the creation of cryptocurrencies has increased, but at the same time the mining process itself has become more complicated. Around the same time, an ArtForz user founded a cryptographic mining farm for the first time in history. Using it, he created the first block of bitcoins.
On November 27, 2010, the first mining pool was opened. The prerequisites for this event have been brewing for a long time, as more and more participants entered the process of fighting for the cryptocurrency every day. Due to increased competition, the availability of coins has decreased. As a result, a number of miners joined together, who sought to make the block formation process faster, which they could not get on their own.
As a result of the appearance of this and subsequent pools, miners received a more stable income. The capacities were combined, and the remuneration received was distributed more fairly. The structure of the first pools was simple, but later they became more complex.
In 2011 Satoshi Nakamoto left the project. Now the cost of bitcoin ranges from 30-40 thousand dollars per coin, and the system continues to develop rapidly.
Bitcoins have not always been considered such a widespread cryptocurrency as they are now. In previous years, they were not taken seriously, believing that they would not be able to compete with ordinary money. When bitcoins first appeared, almost no one knew about them, and their exchange rate was small, it was initially just a few cents.
In 2010, it was much easier to mine cryptocurrency than it is now, and miners accumulated a lot of bitcoins, but there was nothing to spend them on. There were no options for investing such money. Then one of the visitors of the special Internet forum of this cryptocurrency, under the nickname Laszlo, wrote that he would like to taste pizza and offered 10 thousand bitcoins to the person who would order it for him.
He asked to order 2 pizzas. According to the then bitcoin exchange rate, such a purchase would have cost him $ 40-50. The request was answered by a user under the nickname jercos, who ordered 2 pizzas with sausages, tomatoes, onions, mushrooms. After that, the same 10 thousand were credited to his account. Bitcoins.
Soon after this story, the Bitcoin exchange rate began to increase rapidly, and a year later these 2 pizzas were already worth 100 thousand dollars, and 2 years later their value increased to 9 million dollars. Now the price for them has exceeded 166 million dollars. These 2 pizzas are considered the most expensive in the world.
The history of the development of cryptocurrencies is not over yet, and they continue to develop. New cryptocurrencies continue to be created, and today more than 20,000 (including technical tokens) have been identified.
The history of cryptocurrencies from an economic point of view is considered ambiguous. In some countries, they are actively involved in the economy, and somewhere they are being outlawed. Among the CIS countries, Belarus became the first country to legalize cryptocurrency transactions.
The prevalence of cryptocurrencies is increasing as fast as their value. Mining has ceased to be entertainment for a narrow circle of people and has become a real way of earning money. The proof of this is a large number of exchangers, traders, exchanges. Cryptocurrencies can be withdrawn to bank cards, accounts and electronic payment systems, cashed out. The world society is ready for the full use of such currencies in all spheres of life.
Anna Efimova
28/06.2022
