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A short history of cryptocurrencies
Written by Davies on / Reading time: 4 minutes.
The story of these virtual coins begins with one person: the cryptographer David Chaum. In 1983, the American developed a cryptographic system called eCash. Twelve years later, he developed another system, DigiCash, that used cryptography to make economic transactions confidential.
However, the first time the idea or term "cryptocurrency" was coined was in 1998. That year, Wei Dai began to think about developing a new payment method that used a cryptographic system and whose main characteristic was decentralization.
Satoshi Nakamoto: the creator of the first cryptocurrency
Do you remember the global economic crisis that began more than a decade ago? Yes, in 2008, a funding crisis affecting everyone, including America’s superpower, was booming. The effects of such a large economic disaster were dormant and the coins were losing value faster and faster.
In 2009, the so-called Satoshi Nakamoto a person whose identity is still secret, created the first cryptocurrency, Bitcoin. As you have already read, he was not the first person who came up with the idea to create it. What was the intention behind it? To create a new way of payment that could be used internationally, decentralized and without having any financial institution behind it.
What drove him to create his cryptocurrency was that big economic crisis that affected millions of citizens. Also, the need to make people see that there is another type of money, which is not the conventional one, that you can also use and benefit from it.
What is the current status of cryptocurrencies?
The use and investment in cryptocurrencies is increasing. Its beginnings were not good, society did not trust much this new form of payment, however, over time that concept has changed. Many companies already use it, they allow the payment of their products and services with these virtual currencies and they even create their own.
Two of the companies that have developed or are in the process of developing their own cryptocurrency are the multinational photography, design and production company Kodak; and Facebook's social network. The first created KodakCoin and, the second, Libra.
Other companies prefer to allow virtual currencies as a payment method. From hotel chains, airlines to tourist parks have bet on the use of cryptocurrencies.
Regarding the hotels that let you pay with them, we have the Spanish chain Casual Hotels, as well as the five-star Swiss hotel Dolder Grand Hotel. The Casual Hotels chain, for now, allow the use of cryptos just in the Casual del Mar Hotel in Malaga, although the intention of the owners is to be implemented in all the hotels they manage.
As for airlines, the US-based Surf Air already allows you to carry out some actions with cryptocurrencies. For example, paying a monthly fee that when the traveler flight has a profit, or to cancel their flight if they need it.
And finally, tourist parks or tourist offices such as the National Tourist Office of Germany. They also want to start in the world of virtual currencies that have so much importance and growth today. Through an official statement they expressed their intentions, the president of the agency stated that the main intention they had with the use of cryptocurrencies was to benefit from the profitability obtained with this new payment system.
What is the future of these virtual currencies?
More and more cryptocurrencies are created every month. It all started with Bitcoin, but it is not the only cryptocurrency in the market, many people have also developed more cryptos like DAVIES. It is a new cryptocurrency of just a year and a half that has its own features.
Blockchain technology used by cryptocurrencies has consolidated over the years. Numerous experts augur an excellent future for both this technology and virtual currencies. Some of the calculations that have been made show results that reach up to $20 million. And the rise would only occur in five years.
What the studies that have shown is that we are only in the early years of cryptocurrencies and that these have a very long life left. We will no longer have at our disposal only the traditional and conventional money to which we are accustomed. Virtual coins that emerged to revolutionize the financial and technological world are also competing at a great level.
Do you use cryptocurrencies? Do you invest money in them? Start now, don't waste any more time. It's an easy, simple and convenient way to use money and earn it. Benefit from and with them.