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The History of Cryptocurrency

Cryptocurrency is a type of digital assets designed to work as a medium of exchange in decentralized payment systems. The term ‘cryptocurrency’ appeared in 2011 after the publication of an article about Bitcoin in Forbes magazine — at a certain point, this type of coin was called ‘electronic cash’. Initially, only Bitcoin was considered a cryptocurrency, and all other alternative assets were called altcoins. Today, the term ‘cryptocurrency’ is also applicable to alternative coins however Bitcoin still can’t be called an altcoin.

When did cryptocurrency appear?

Bitcoin is considered the ancestor of digital assets. It was created in 2009 by a user of one of the English-speaking forums nicknamed Satoshi Nakamoto, whose identity has not yet been revealed. He laid the foundations for future blockchain networks.

The first cryptocurrency transaction happened in 2010 when an American programmer and miner Laszo Hanyecz persuaded his friend, who was also interested in cryptocurrency, to buy two pizzas for 10,000 bitcoins. Back then, the digital currency was almost worthless, and such an exchange seemed completely unprofitable. Only later, in 2013, with the boom of the cryptocurrency market, the BTC’s price exceeded $ 1200 per coin. Today, at the current exchange rate Hanyecz’s pizza would cost over 4 million dollars!

However, back in 2009, only a few people knew about bitcoin — and only when Bitcointalk forum was created, the coin’s ratings skyrocketed. The number of users grew, and at the same time the complexity of mining increased. As a result, Satoshi Nakamoto had to develop new versions of Bitcoin — the latest was version 0.3.9, and then the famous cryptocurrency founder disappeared off the radar. This, on the one hand, created serious difficulties for the currency, and, on the other, determined the emergence of new altcoins.

Development of alternative coins

In 2011, the first BTC’s alternatives, Namecoin, GeistGeld, iXcoin, and SolidCoin, appeared. Mining grew more complex, and users began to switch to farms from FPGAs and GPUs, which led to new experiments in the crypto market.

Later in 2011, the well-known Litecoin appeared, in 2013 — Ripple, in 2014 — Stellar, NEO, and Monero, and in 2015 — Ethereum, which quickly gained popularity as a protocol for the so-called “smart contracts”.

The most significant year

Until 2013, the software of all currencies, except XRP, was built exclusively on Bitcoin’s open source code, but in 2013, alternative platforms, which supported exchange trading, messengers, and even stores, began to appear. The basic principles of BTC have been revised. Moreover, interest in the cryptocurrency market as an alternative to traditional financial systems grew rapidly. Although bitcoin is still the main asset on the digital currency market, 2013 witnessed the appearance of its main rivals, many of which still continue to gain popularity.

What’s next?

At the moment, cryptocurrency is becoming more and more popular, but still not so many people use it. Many still do not fully see its prospects and understand the basic principles, adhering to the usual payment systems. At the same time, more and more companies are switching to cryptoassets, abandoning traditional financial systems that are under strict regulatory control.

Thus, digital networks are becoming a new reality and gradually taking root in everyday life. In the near future, they will likely drive out traditional assets, since the possibilities of the cryptomarket are infinite.

By the way, on our TO THE MOON platform, you can already pay with TRX currency, buy our merch, and purchase an absolutely unique cryptocurrency bank card that is a bridge between two worlds: the usual centralized financial systems and the digital coin market. This card can be used all over the world both for cash withdrawals at ATMs and for purchases in stores; its balance can be replenished with Bitcoin (BTC), Ethereum (ETH), TRON (TRX), or Tether (USDT).

Join TO THE MOON and play with us!




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