Skillsfirst Level 5 Diploma in Financial Trading (RQF) - Module 1 - Trading Introduction
Skillsfirst Level 5 Diploma in Financial Trading (RQF) - Module 2 - Financial Products
Skillsfirst Level 5 Diploma in Financial Trading (RQF) - Module 3 - Economic Principles
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HISTORY OF CRYPTOCURRENCIES

Cryptocurrencies were in fashion during the 90’s when many attempts were made to create a digital currency, particularly during the tech boom in the 90’s with names like Flooz, DidiCash and Beenz appearing in the market but ultimately ending in failure. This failure was in the most part due the fact that the companies who developed the technology made it a closed source, using their own proprietary methodology which, unlike modern cryptocurrencies generally used open source software for development, allowing users to independently interact and control its success.

Following those early attempts, it was in August 2008, the domain name ‘bitcoin.org’ was registered and later that year during November a paper named ‘Bitcoin: A Peer to Peer Electronic cash system authored by Satoshi Nakamoto appeared on a cryptology mailing list. In early 2009, the Bitcoin network was created through the first ever block on the chain known as the genesis block which was created by Satoshi Nakamoto.

It is claimed that Satoshi Nakamoto named it the genesis block due the financial crises that had created financial instability and fractional-reserve banking. These claims were supported by a message that was embedded in the first coinbase of the genesis block which read:

‘The Times 03/Jan/2009 Chancellor on brink of second bailout for banks’

The software behind bitcoin was released in 2009 as open source code so it could be used anywhere and by anyone who downloaded the software. The first receiver of a Bitcoin transaction was Hal Finney who created the first reusable proof of work system (RPOW) after downloading the bitcoin software on the first day of its release.

Whilst crypto had remained in the realm of so called ‘cypherpunks’ and computer ‘geeks’ it was to expand and develop quicker than anyone had anticipated over the preceding years, into what we see and hear about nowadays. As of January 2018, 1384 cryptocurrencies exist and are growing rapidly, so hasten to say the hype surrounding crypto currencies has caused much debate and public opinions to become one of the most talked about subjects on the planet!

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