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Cryptocurrency development history

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The first digital coin was mined in 2009, but it is wrong to consider this time the moment of its origin. This is only a new cryptocurrency market history. Work on his appearance was conducted since the middle of the XX century.

Digital Signature Algorithm

Scientists argue about what was the beginning of the cryptocurrency era. Some are sure that it was born in 1983 when the idea of digital cash was being developed. Others are reminded of the work of Nobel Prize laureate Friedrich von Hayek "Private Money". In his work written in 1976, there was a development of the alternative emissions theory.

It is impossible to say that bitcoin developers created their product from scratch. They collected the experience of predecessors, and on its basis came up with a completely ready algorithm. How many ideas were used, it is now unknown. We can surely say only one thing: the first bitcoin was produced in January 2009. In the same month, the first transaction was made. After 14 months, the first purchase was made, which then seemed nothing more than a toy.

But now the cryptocurrency market UK has a turnover of billions of pounds. The reason was not only that this project was well thought out and implemented. Its success was a consequence of the urgent problems in society:

  • too tight control by the state;
  • difficulty in transferring funds;
  • formalities;
  • insufficient guarantee of capital protection.

It is necessary to recognize that the blockchain was created by enthusiasts. They did not receive a salary for their ideas, in case of failure of the project, they would not receive any compensation. But it turned out that the blockchain is needed by society. And it solved a considerable number of problems.

The difficult way of blockchain development

Since the appearance of cryptocurrency, the state bodies have reacted very cautiously to it. This was due to the fact that due to the anonymity of the new technology transfer of funds will be used in crime. As practice showed, this did not prevent the bitcoin from becoming one of the most liquid assets.

Therefore, the real reason lies in the fact that the cryptocurrency deprived the government and the Central Bank of power over the issue. Before that, only the authorities could control the issue of money, any other attempts to intercept this right were severely suppressed.

They also wanted to stop the cryptocurrencies. But at first it was treated as a toy of programmers, and then it was too late. In some countries, governments prohibited the circulation of bitcoins and even their mining. But thanks to their anonymity, they did not have the technical ability to track activity. It has now become clear that progress cannot be stopped. Blockchain technology has its own problems, but it has given a lot to society.

How blockchain helped the society

The new technology has provided serious support to the financial sector. There is a whole class of trading tools with a high degree of security. But this is not the most important thing. From the very beginning, bitcoin was created to facilitate communication on a global scale.

After the Central Banks reconciled themselves with the blockchain, the development of modern payment systems began on its basis. The largest IT companies and financial organizations began to create their own information processing centres.

Now even the cryptocurrency market best is in the development stage. During 2019, several existing systems for transferring money between banks will be launched. And over time, access to it will be available to ordinary citizens.

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