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Bitcoin, Litecoin and Bitcoin Cash belong to the almighty crypto currencies. It is virtual money you can spend on almost everything.
Bits of Bitcoin's History
While cryptocurrencies such as Bitcoin, Litecoin and Bitcoin Cash are almost household names these days, there was a time when very few people had even heard of them.
In fact, the first cryptocurrency – Bitcoin – was only created in 2009 by a software developer (or group of developers) going by the name Satoshi Nakamoto.
At the time, it was nothing more than an experimental project designed to explore the feasibility of creating a decentralised digital currency that could be used like regular money but without the need for a central bank or financial institution to issue it.
While there have been other digital currencies created before Bitcoin, most of them were either centrally controlled (like e-gold) or simply didn't gain any traction with users.
Bitcoin, on the other hand, was different. Thanks to its decentralised nature and use of blockchain technology, it quickly gained popularity among those who were looking for an alternative to traditional fiat currencies.
Of course, Bitcoin's early days were far from smooth sailing. In fact, the currency suffered several high-profile hacks and scams that shook investor confidence and led to widespread media coverage – much of it negative.
Nevertheless, Bitcoin persevered and slowly but surely started to become mainstream.
Besides Bitcoin, there are various crypto currencies out there. The most known ones are Litecoin, Bitcoin Cash, Cardano, Ethereum and Tether. Just to name a few of the thousands and thousands of online currencies available.
The ability to provide a secure and tamper-proof record of transactions has led many people to believe that blockchain could revolutionise the way the world does business.