The idea of a crypto currency developed first in science-fiction scenarios and particularly the end of the 20th century in the literature developed Cyberpunk. In it were described worlds in which individuals largely resolved in a virtual space and paid in this with a purely digital currency. Since then things have moved on a lot and many average people now invest in cryptocurrency such as bitcoin and ethereum.
Several years as a purely theoretical model, a concept developed by Satoshi Nakamoto developed a concept in 2008 and published a program at the beginning of 2009, with which all interested parties were able to join the new project “Bitcoin”. The first Bitcoins were completely worthless at the time, today a Bitcoin over $ 1200 (as of March 2017).
Blockchain: The Decentralized Concept
Satoshi Nakamoto originally planned a currency in which the users should assume this task in their entirety and should therefore be free from a targeted influence by individual actors.
Crypto-related applications, such as Bitcoin and Ripple, are not managed centrally, but are based on networks (blockchains), where all information is exchanged, each transaction is stored and publicly distributed. Miners make sure that every transaction on the blockchain is confirmed and written in so it can never be altered.
Cryptos are a response to the traditional banking and money system, which no longer appeals to more and more people.
The banking system is not transparent – and the entire money supply is drawn by a few, not even publicly known persons. In order to no longer have a central organ control, cryptograhic currencies (cryptos) such as Bitcoin were invented. They are built de-centrally and have a decisive advantage: the control is not with a financial institution or a state, but with a global community – the users of the digital currency.