# 1.1. The Origins Although the development of the underlying technology dates back to the 1980s, cryptocurrencies as we know them are a quite new and rapidly evolving phenomenon. Bitcoin was the first digital currency to be developed in 2008 by the pseudonymous developer(s) Satoshi Nakamoto and was released in early 2009. In its early days only a few cryptography experts and privacy advocates known as the Cypherpunks recognized the revolutionary potential but Bitcoin remained mainly undiscovered by the masses until mainstream media began to cover. In late 2011 Litecoin was one of the first alternative digital currencies to be developed based on the Bitcoin protocol and gave birth to rise of the Altcoins.

Although there are thousands of cryptocurrencies today Bitcoin always maintained its dominance over all the Altcoins. Illustration 1: Percentage of Total Market Capitalization (Dominance) Source: coinmarketcap.com

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