Cryptocurrency History

To start with something we really want to get give it a try, we must now the history and how it came up in this financial world. In 1998, Wei Dai published a description of "b-money", an anonymous, distributed electronic cash system. Shortly thereafter, Nick Szabo created "Bit Gold". Like bitcoin and other cryptocurrencies that would follow it, Bit Gold was an electronic currency system which required users to complete a proof of work function with solutions being cryptographically put together and published. A currency system based on a reusable proof of work was later created by Hal Finney who followed the work of Dai and Szabo.

The first decentralized cryptocurrency, bitcoin, was created in 2009 by pseudonymous developer Satoshi Nakamoto. It used SHA-256, a cryptographic hash function, as its proof-of-work scheme.Next In April 2011, Namecoin was created as an attempt at forming a decentralized DNS, which would make internet censorship very difficult. Soon after, in October 2011, Litecoin was released. It was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256. Another notable cryptocurrency, Peercoin was the first to use a proof-of-work/proof-of-stake hybrid. Many other cryptocurrencies have been created though few have been successful, as they have brought little in the way of technical innovation. On 6 August 2014, the UK announced its Treasury had been commissioned to do a study of cryptocurrencies, and what role, if any, they can play in the UK economy. The study was also to report on whether regulation should be considered.

Some of the opions about cryptocurrency :

1. Cryptocurrency is here to stay. It’s a game changer, and the game will be changed. It will take some time, but cryptocurrencies have a unique aspect. They are distributed, without needing a trusted party. No one can “freeze” your funds, so it keeps financial freedom.

2. Being more of a Blockchain philosopher and one of the early adopters (this technology was created not for enriching but for safe and comfortable usage) I remain realistic about the market and the possibilities it brings with the growing demand and adoption.

Note: Now we are going behind steem, which is a cryptocurrency that promise a lot of financial growth.