History of Cryptocurrencies and Its Development

History of Cryptocurrencies and Its Development

bumrushthecharts.com – Cryptocurrencies or digital currency is a tool of exchange, which means the transaction is conducted virtually or via the internet.

Call it bitcoin, ethereum, litecoin, up dogecoin is an example of the thousands of types of crypto currencies. The popularity of cryptocurrencies and later bolted, not necessarily there.

At the beginning of the presence of crypto currencies are not regulated by the government and is considered as an alternative currency.

Cryptocurrencies are created of a series of code or so-called blockchain. Because it is made of a series of digital code then the crypto currency has no physical form.

Crypto currency also can not be duplicated and tracked their owners.

Thus, the way of storage and its use is different with traditional currency or the so-called ‘fiat’ by the perpetrators of the crypto currency.

For more details, here’s the history of crypto and its development until today.

The Initial Concept Of Cryptocurrencies
The initial concept of crypto currency to appear in the 1980s, referring Moneycrashers.

When it is, a computer scientist and mathematician American named David Chaum find a special algorithm which then became the basis of encryption modern website and the transfer of electronic currency at this time.

Chaum then develop his invention to the period of the 1990s and the birth of digital currency called DigiCash.

However, the innovation fails to develop. Even so the discovery of David’s has an important role in the development of the crypto currency next.

A dozen years later, a software engineer reliable named Wei Dai create a b-money. Launch The Balance, B-money concept and system that is more modern and complex of DigiCash.

Again, b-money failed to develop and never had the opportunity to be used as a medium of exchange.

Entering the late 90’s and early 2000’s appeared a financial intermediary digital conventional and exist to this day, that is PayPal. PayPal was founded by Elon Musk and a proof of payment transactions online.

The Development Of The Crypto Currency
The development of the crypto currency reached a point light in 2008. In that year, Satoshi Nakamoto published a book entitled ‘Bitcoin – A Peer to Peer Electronic Cash System’, to quote Forbes.

The contents of the book are also posted Satoshi to a mailing list discussion of cryptography. A year later, Satoshi released the prime crypto currency named Bitcoin to the public.

The release received support from actors cryptography. In 2010, the start popping crypto currencies other. Bitcoin exchange prime also occurred in the same year.

Since that year the price of crypto currencies, the increase is quite significant. This makes a lot of people mine crypto currency that circulated in a limited number.

However, the price has decreased in recent years due to government regulations and the protection of the law. In Indonesia alone, cryptocurrencies are still considered not as a means of payment or transaction is legitimate.

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