The Cryptocurrency history is based on decentralized digital cryptocurrency can be traced back to “Bit Gold”, which was worked on by Nick Szabo between 1998 and 2005. Bit gold is considered the first precursor to bitcoin. In 2008, Satoshi Nakamoto (an anonymous person and/or group) released a paper detailing what would become Bitcoin.
Bitcoin became the first decentralized digital coin when it was created in 2008. It then went public in 2009. As of 2017, Bitcoin is the most commonly known and used cryptocurrency (with other coins like Ethereum and Litecoin also being notable). Given the popularity of Bitcoin as well as its history, the term “altcoin” is sometimes used to describe alternative cryptocurrencies to bitcoin (especially coins with small market caps).
As of January 2015, there were over 500 different types of cryptocurrencies – or altcoins – for trade in online markets. However, only 10 of them had market capitalizations over $10 million.
As of October 2017, there were over 1,300 cryptocurrencies and the total market capitalization of all cryptocurrencies reached an all-time high surpassing $60 billion!
In other words, although the future is uncertain, cryptocurrency seems to be more than just a fad. Here in 2017 cryptocurrency is shaping up a growing market that (despite its pros and cons) is likely here for the long haul.
On digitacoindata.com, we cover all aspects of digital currencies. Click on the “Digital Coin Description” link page for a more detailed explanation of the various types of cryptocurrencies, or click on “What is Blockchain” or “What is Smart Contracts“.