The story behind cryptocurrency

Cryptocurrency is a modern form of currency that was first launched in 2009. In other words, the digital currency form has existed for more than ten years already, and more than 200,000 Norwegians are estimated to own cryptocurrency today.

So what exactly is the story behind cryptocurrency? Here we will take you on the journey of cryptocurrency from its humble beginnings to today.

It all started in 1983…

Before the world had even heard of cryptocurrency, it was people who worked with the development of blockchains and cryptography. In 1983, a so-called cryptographic system was developed by David Chaum, and this was named eCash.

About twelve years later, a similar system was launched, and this was called DigiCash. DigiCash used cryptography with a desire to make transactions of money anonymously.

However, the term “cryptocurrency” was not mentioned until 1998. It would still take about 10 years before cryptocurrency actually became available to the public.

Bitcoin came on the market in 2009

In 2009, the world’s first public cryptocurrency was launched by Satoshi Nakamoto, an individual or group of people with hitherto unknown identities.

Bitcoin was actually invented already in 2008, but it was not until the following year that the currency was launched. Bitcoin used SHA-256 cryptography in a so-called proof-of-work system.

Bitcoin was further developed in the following years, and it did not take long before other cryptocurrencies appeared on the market.

Altcoins are coming to market

All forms of cryptocurrency that have been launched since Bitcoin came on the market are often referred to as altcoins. Altcoins are thus all forms of cryptocurrency that are not launched as Bitcoin.

In 2011, Namecoin was launched, and this was in an attempt to create a decentralized DNS. Later that year, Litecoin also came on the market, and this cryptocurrency introduced a hash function called scrypt rather than SHA-256.

The story behind cryptocurrency is constantly evolving, and it will be exciting to see how it all will develop in the years to come.

Today, there are thousands of cryptocurrencies

Today, there are so many different types of cryptocurrencies that you have hardly heard of them all. If you visit a crypto exchange, you can today find dozens of different cryptocurrencies that can be invested in, including Bitcoin, Ethereum, Dogecoin and other well-known variants.

You will also find more unknown forms of cryptocurrency. Here is a list of some of the different cryptocurrencies that exist and when they came on the market:

• Bitcoin (2009)
• Ethereum (2011)
• Litecoin (2011)
• Ripple (2012)
• Dogecoin (2013)
• Monero (2014)
• Tether (2014)
• Bitcoin Cash (2017)
• Binance Coin (2017)
• Cardano (2017)
• Solana (2020)

How has the cryptocurrency market historically been?

During the relatively short time that cryptocurrency has existed, there has been a sharp increase in the value of cryptocurrency. Many who invested in cryptocurrencies such as Bitcoin in 2016–2019 experienced a sharp increase in value towards 2020.

With the corona pandemic, the market suffered a small setback, and many experienced that the value almost halved. This is due to the fact that cryptocurrency is quite volatile, and that the value can change quickly.

Those who invest in cryptocurrency should therefore be aware that cryptocurrency can quickly fluctuate in value. If you invest in cryptocurrency while the value is high, you risk losing money when the value suddenly falls. Investing in crypto can go both ways, as history shows us.

Keep in mind, however, that there are some variants of cryptocurrency with lower volatility. Stable coins such as Tether have a stable value since the currency follows the same exchange rate as, for example, traditional currency or commodities. However, the potential growth is also lower.

Where to invest in cryptocurrency?

There are many different websites designed for you who want to buy cryptocurrency. A crypto exchange makes it easy for you to buy cryptocurrency whether you are looking for a means of payment or want to invest the money.

Here in Great Britain , only crypto exchanges with registration with the Great Britain Financial Supervisory Authority are licensed to offer their services to Norwegians. These pages include, among other things[eafl id=”2945″ name=”Etoro” text=”eToro”] , MiraiEx and the Norwegian crypto exchange NBX – Norwegian Block Exchange.

 

Further development of the cryptocurrency

Many people are wondering what it will look like for cryptocurrency in the future. Since the currency itself has no inherent value, there are many experts who think it is stupid to invest money in cryptocurrency.

Is cryptocurrency just a temporary trend, or a hoax if you will? We believe that cryptocurrencies can have a bright future, as more and more people are looking for safe and user-friendly payment solutions.

Remember that cryptocurrency often allows for much faster and cheaper transfers than traditional currency. There are also many who want cryptocurrency because it makes it playfully easy to transfer money across national borders without delays.

Do you want to buy cryptocurrency?

We have now taken a closer look at the history behind cryptocurrency. There is no doubt that the digital currency has grown sharply in popularity since it first came on the market in 2009. Today, several hundred thousand Norwegians own cryptocurrency.

This indicates that cryptocurrency is becoming increasingly “normal” in the population. Maybe one day cryptocurrency will be a full-fledged alternative to fiat money and ordinary currency?

Since Bitcoin came on the market, many other cryptocurrencies have also been launched. These are often referred to as alternative currencies or altcoins, and include variants such as Litecoin, Dogecoin and the like. The possibilities are many today.

If you want to buy cryptocurrency yourself, it’s easy to get started. You only need to create a user account on a crypto exchange such as NBX or eToro. This takes a few minutes, and after a short time you can buy Bitcoin or another currency.

FAQ

[sc_fs_multi_faq headline-0=”h2″ question-0=”Når ble verdens første kryptovaluta lansert?” answer-0=”I 2009 ble Bitcoin lansert, som verdens aller første offentlig tilgjengelige kryptovaluta. Bitcoin er basert på blokkjedeteknologi, og er i dag den mest populære kryptoen.” image-0=”” headline-1=”h2″ question-1=”Hva er en altcoin?” answer-1=”En altcoin er en alternativ mynt, eller rettere sagt – en alternativ kryptovaluta til Bitcoin. Alle andre kryptovalutaer som er lansert etter Bitcoin, er dermed altcoins.” image-1=”” headline-2=”h2″ question-2=”Hvor kjøper man Bitcoin og annen kryptovaluta?” answer-2=”Du kan kjøpe Bitcoin og andre former for kryptovaluta hos Firi, eToro og NBX – for å nevne noen. Velg en trygg og brukervennlig kryptobørs.” image-2=”” count=”3″ html=”true” css_class=””]