Why would anyone need to create a cryptocurrency? The answer to this question remains open. This is partly due to the characteristics of cryptocurrency. Previously, there was no convenient and quick way to make anonymous payments with a high level of security. This is not an issue since Bitcoin was created.
2009 is considered the official cryptocurrency year of birth, when the Bitcoin network began its operation. Satoshi Nakamoto, a mythological character or group of people who are still unknown, is considered the creator of Bitcoin and other cryptographic currencies. The Bitcoin protocol was first published on Satoshi Nakamoto’s behalf. The first transaction was also initiated from Satoshi in the genesis block.
Satoshi Nakamoto has many years of experience in the field of cryptography and IT-technologies, which was implemented into Bitcoin infrastructure. The number of years of development and the research that has been conducted is not known exactly.
The term “cryptocurrency” was first used in a Forbes article about Bitcoin in 2011. Forbes readers and fans of the new virtual currency liked the name so much that it soon began to characterize the whole industry.