First and foremost, cryptocurrencies are a type of digital currency decentralized and not controlled by any government. The history of cryptocurrencies dates back 1980s, when cryptocurrencies were called cyber currencies.

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What's interesting, these coins started gaining in popularity more than a decade ago, in 2008, with the introduction of Bitcoin. The cryptocurrency mentioned earlier was created by an anonymous programmer or group of programmers under the name Satoshi Nakamoto.

Since the launch of the above-mentioned cryptocurrency in 2009, cryptocurrencies have been all the rage. Over the last several years, their popularity has only grown, with more and more people investing in them.

In this article, we'll take a brief look at the history of cryptocurrencies and how they've evolved.

The idea behind Cryptocurrencies

The cryptocurrency was first mentioned in the 1980s, more precisely in 1989. However, it was only in the early 1990s that cryptographic protocols, as well as software, began to be developed that would enable the creation of a truly decentralized digital currency.

In 2008, Satoshi Nakamoto (a pseudonym) published a paper. It outlined a system for creating a digital currency that didn't require trust in any third party. Satoshi Nakamoto's paper practically launched the cryptocurrency revolution.

The Launch of Bitcoin (the world's first decentralized cryptocurrency)

As you know, Bitcoin is a cryptocurrency and worldwide payment system. Its creator, Nakamoto, created the Bitcoin protocol in 2009, the same year it launched as open-source software.

This cryptocurrency has become increasingly popular with people who need to send money across borders without interference from banks or governments. Nevertheless, its rapid rise in value has made it difficult for some people to know what they should do with their Bitcoins.

In early 2010, it was the only cryptocurrency in the market. Back then, its price was just a few cents. Over the next several years, new cryptocurrencies entered the market, and their prices rose and fell along with Bitcoin's.

Unsurprisingly, many people lost faith in cryptocurrencies as an investment vehicle. Nevertheless, beginning in late 2017, cryptocurrencies began to see unparalleled growth. As a result, the total market cap for all cryptocurrencies reached $820 billion in January 2018 before crashing later that month. In spite of this crash, the crypto market has seen steady growth throughout.

Without a doubt, 2017 was full of exciting events. As the value of Bitcoin and other cryptocurrencies skyrocketed, so did the number of schemes as well as scams targeting crypto investors.

Bitcoin and its importance

The world's first decentralized cryptocurrency has been the subject of many discussions and debates, but it isn't an easy task to pinpoint when Bitcoin first became popularized. Many believe that its rise was in 2017, increasing from $1,000 to $20,000 before crashing back down below $10,000.

Others believe that Bitcoin's popularity skyrocketed thanks to cryptocurrency exchanges, making it easier for people with limited technical knowledge to buy and sell cryptocurrencies.

Whatever the reason may be, one thing is clear: its popularity will continue to grow as more people become aware of what Bitcoin stands for – decentralization and anonymity.