The evolution of Cryptocurrency

Many scholars, bloggers and writers has skewed the historical evolution of cryptocurrency to suit their whims and caprice, still their knowledge are miles away from the truth. The fact is that many digital currencies has surfaced and extinct with time and some incarcerated for competing with fiat currencies.

Xennials, Generation Y and few early Millennials still remembered E-gold, digital gold currency which was operated by Gold & Silver Reserve Inc. or Liberty Reserve a Costa Rica-based centralised digital currency service that billed itself as the "oldest, safest and most popular payment processor, serving millions all around a world. I won’t forget Prefect Money a Panama based service which provides financial services of various kinds till date.

E-gold was founded by oncologist Douglas Jackson and attorney Barry Downey in 1996. The E-currency originally backed the services accounts with gold coins stored in a bank safe deposit box in Melbourne, Florida. By 1998, G&SR (the system operator) was an Affiliate Member of NACHA and a Full Member of NACHA's The Internet Council.

The company was launched two years before PayPal but did not manifest exponential growth until 2000 and by 2004 there were over a million accounts. Their success attracted attention from U.S. Treasury Department and they finally killed the company in 2007 through USA Patriot Act.

Liberty Reserve was founded in 2006 during the legation and demise of E-gold. The site had over one million users when it was shut down by the United States government in May 2013 under the Patriot Act.

Perfect Money came around after the shutdown of Liberty Reserve and since then has been pressured through regulatory bodies. Though the futures of such businesses are the subject of frequent speculation because governments are seen as the sole determinant and source of money. Apparently, they are still breathing and evolving but their future is unclear.

After copious heart breaks and hesitation came Bitcoin, with mechanism governments has never seen before. No central server to shut down and no founder to hold responsible. Finally, after years of trial and error the people have taken control of their finance.

Don’t celebrate yet because the fight is far from over. In conclusion, Taxation, restriction and media are their new artilleries to discourage and coax the masses. We have come a long way and the destination is far ahead. Fasten your seat belt as the FUD is insight but with persistence we will triumph.