Did you know that bitcoin is considered to be the first cryptocurrency? In 2009 Satoshi Nakamoto (assumed to be a pseudonym) founded Bitcoin which ushered in a new age of blockchain technology.
Since 2009 crypto has boomed in popularity, with many new currencies making an appearance.
If you’ve ever wondered “why is cryptocurrency so popular?” then this is the article for you. So, keep reading to find out more about the history of crypto as well as cryptocurrency benefits.
The History of Cryptocurrency
The concept of cryptocurrencies first began in the late 1980s. The original idea was a form of currency that could be sent in a manner that isn’t traceable and doesn’t need a bank. While the idea was floating around for a few years, it only became a reality when Bitcoin was first announced.
Bitcoin had an absolute reign for a few years until 2011 when the first rival currencies began to appear. Over time celebrities like Bill Gates and Elon Musk started to endorse cryptocurrencies. This paired with the fact that more sites started accepting crypto led to the popularity of the currencies.
By 2021 there were over 4000 cryptocurrencies available. While the majority of them never reached the same popularity as Bitcoin, they still ended up being acquired by backers and investors.
Why Is Cryptocurrency So Popular?
The whole concept of cryptocurrencies centers on the decentralization of currency. With centralized banking and economic systems, there is the option of printing more money when necessary, whereas there is a fixed number of each type of cryptocurrency. This means there are no companies or governments that can produce more cryptocurrency when needed.
Byte Federal Bitcoin ATMs even allow you to buy & sell Bitcoin directly from the ATM, with no need for a website or app.
The endorsement and participation of celebrities are also a big part of why cryptocurrency became so popular so fast. While people in the tech world were aware of Bitcoin and the emergence of other coins, the general populace only started really finding out about these coins when celebrities started talking about them.
The boom truly happened once people became aware of cryptocurrencies and realized how easy it is to get started. Due to the speed at which you can buy and sell crypto, make transfers, and even exchange currencies, crypto soon became the business of the future.
Cryptocurrency Made Easy
While there were a lot of questions surrounding crypto, like if it is safe and why is cryptocurrency so popular, crypto seems to be here to stay. The craze is far from over, so it has never been easier to get started investing in crypto. While there are many Bitcoin benefits, you might find another currency that you want to back before it becomes popular.
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