Emergence from the ashes of predates
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I am only getting to learn more about Bitcoin lately as my confidence and interest about the system begins to grow.
It made me think to myself, how could something so new be almost perfected upon its first attempt and creation. Surely there should be some trier and error face before the emergence of what we have as Bitcoin today. So where was these triers been done?
Could it be that other digital currency existed before Bitcoin, well the answer is yes!
There were attempts to create digital assets as far back as the the 90s. Can you imagine, over the 80s, this technology have been forming and up till today, we are still getting to know and learn about it.
Well, it makes it rather interesting to most persons within my category as beginners in this space to learn that, Bitcoin wasn’t the first cryptocurrency. Bitcoin emerged out of the ashes of these pre-dated (2008/9) digital assets. There failures became what was perfected in Bitcoin and have been able to have a stronghold from its technological advances.
Some of the pre-date (2008/9) digital assets were:
1. eCash by David Chaum in the 80s. This guy conceptualized the digital money and from there, it was developed on by several developers until we got to the stage we are today. A striking fact I can relate to this name Chaum is that, it’s sounds Asian. So is the name of the Bitcoin pioneer, Satoshi Nakamoto.
2. HashCash which became largely one of the most successful cryptocurrency from its time until was hit by problems although, some of its technologies was adopted in our today cryptocurrencies.
3. E-Gold was another one and this was a gold pegged cryptocurrency at its time and became a means for transfer of value using the tech of its time but, eventually came by money laundering problems amongst others which lead to its fall.
These were just about the 3 that stood out although, there was yet another one called B-Money that came up with some good concept as well. You can source for some more information here:
https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/#:~:text=Key%20Takeaways,very%20influential%20in%20Bitcoin's%20creation.
Problems encountered by these pre-dated (2008/9) cryptocurrencies where:
The issue of centralization as most of these currencies had a focal point of which, when it created problems for the government, it was easily attacked and brought down.
It experienced problems of a large or growing network of which, when not properly contained, it led to it crumbling behind the weight of wide coverage and growing popularity.
This is just a few of what I could provide but, coming to the contemporary,
Bitcoin and other cryptocurrency asset still encounters problems don’t they?
What are some of these problems and isn’t there a need to be concerned?
How are these issues contained to not erupt the existing system as pre-dated (2008/9) cryptocurrency assets.