When did cryptocurrency begin?
Cryptocurrency came into being in 2009 when Satoshi Nakamoto created Bitcoin. Satoshi was a pseudonymous developer or group of developers who set in motion an unstoppable technological innovation.
Satoshi’s original intention was only to create a peer-to-peer network of electronic cash transfer. There had been many attempts at this prior to his but all of them had failed due to centralization issues. He therefore took a different approach to devise a first-of-its-kind decentralized system.
The biggest obstacle in the innovation process was to prevent double-spending. This is in fact the main responsibility of central financial authorities and the reason why previous innovations of digital cash had been centralized. Satoshi managed to achieve this by creating a system that requires consensus from all parties on the network.
Even though bitcoin only traded for a few cents initially, it quickly rose to fame. By the end of 2009 its price was $27 and it has come a long way since then. Many more cryptocurrencies have come into existence since that time growing the list to over 1300 different currencies.