Bitcoin and Online Currency

History and Evolution of Bitcoin and Other Online Currencies

Way back in 2009, there was this individual named Satoshi Nakamoto who published a paper that changed everything. Nobody knows who he or they are—completely secretive. But their brilliant idea was Bitcoin: an internet money that doesn't need governments or banks. It works in computers all over the world, and hence no one person owns it (Jain, 2020). By 2013, Bitcoin was booming and its value went through the roof and people got curious and wondered (Vigna & Casey, 2015). That's when other cryptocurrencies like Ethereum and Litecoin emerged. Ethereum was trendy because it introduced "smart contracts," so you could use it to do more than just send money (Buterin, 2014).

Now we have thousands of these digital currencies, and each one tries to do something unique—such as transactions as fast as lightning or being anonymous (Swan, 2015). Some people use them to buy stuff, others to use as stocks. It wasn't always easy, though. Cryptos were given a negative reputation early on for being utilized on shady websites, but that's faded away (Böhme et al., 2015). From a nerdy test to something huge companies and even governments are eyeing, cryptos have traveled a tremendous distance!