Every great invention began with a simple idea.
A reductive view of innovation, perhaps, but the adage stands the test of time: “Necessity is the mother of invention.” And an excellent example of a remarkable new technology that responded to the needs of the people in cryptocurrency. In fact, it’s been a major buzzword for several years now—but do most people really know how they have come to be? A lot has happened since they first emerged in the market, and taking a trip down memory lane makes it that much easier to understand just why and how it became highly valuable today. By discussing how cryptocurrency started and how it became useful, we can better imagine what the future of the technology looks like.
The Beginning and Its Timeline
On October 31, 2008, an anonymous user, under the name ‘Satoshi Nakamoto’ published “Bitcoin: A Peer-to-Peer Electronic Cash System” online, a whitepaper explaining how Bitcoin and the blockchain network worked. The release of said paper started the buzz around cryptocurrency, specifically Bitcoin. Months after they released the paper, ‘Nakamoto’ created the Genesis Block, which started the blockchain technology. The true identity of the person who started this revolutionary technology remains unknown to this day.
By 2010, a Laszlo Hanyecz purchased two pizzas for 10,000 BTC. That transaction marks the first “Bitcoin Pizza Day”, an unofficial holiday that’s still being celebrated by crypto enthusiasts today.
A year later, Litecoin was founded by Charles Lee, widely considered to be second only to Bitcoin. Scads of cryptocurrencies have emerged since then and now, there are thousands available in the market.
Its Importance Today
Perhaps the main reason why cryptocurrency easily became important is because of its decentralized backing.
The world operates, primarily, on many centralized systems that, more often than not, give the upper hand to authorities and corporations, rather than people. While that’s not entirely a bad thing, people are drawn to the idea of protecting their assets in decentralized systems.
Another reason why decentralization became so important is its assurance of secure storage of data and transactions. Despite the fact that transactions performed on the blockchain are being broadcast over a public network of computers, only those with private keys can actually access the data. The reason behind this public broadcast is for members of said system to verify the transaction and make sure it’s trustworthy.
With the secure blockchain as the technology behind cryptocurrency, users can breathe more easily knowing they control their own data.
Cryptocurrency Takes on Hollywood
One company that already took the major step toward embracing cryptocurrency and blockchain is the reality TV show, Fight to Fame, where professional fighters go through a series of challenges and training phases to compete for the grand prize; the winner will receive contracts to star in major Hollywood blockbusters. In fact, according to Techbullion the newest one currency to hit Hollywood comes from Fight to Fame. These tokens can be used to purchase tickets to the show and its events.
Future of Cryptocurrency
Many experts have dubbed the current period in history as the early stages of cryptocurrency. The technology itself still has a long way to go, but the road to the future has already been paved. More and more industries are looking into cryptocurrency and researching on ways they can incorporate it in their operations, with no signs of slowing down.