History and Development of CryptoCurrency and the journey of cryptocurrency development - 

History of Cryptocurrency In 1983, a cryptographer from the United States (US), David Chaum used cryptographic electronic money or what is called e-cash. Then, in 1995, David implemented it via Digicash, which was an early form of cryptographic electronic payment. To make cryptographic electronic payments, users need software to pull notes from the bank and designate certain encrypted keys before they can be sent to recipients. In this way, it is possible for digital currencies to remain untraceable by issuing banks, governments, or any third parties. A year later, the United States' National Security Agency (NSA) published a paper entitled How to Make a Mint: the Cryptography of Anonymous Electronic Cash. This paper was published at the Massachusetts Institute of Technology (MIT), a well-known technology university in Uncle Sam's country.

In the late 1990s, scientists Wei Dai, Hal Finney, and Nick Szabo created cryptocurrency systems, respectively, but neither of their creations became widely successful. Even so, their work and that of David Chaum were the cornerstones of this currency system.

then, in 2009 a Japanese scientist named Satoshi Nakamoto published a book called Bitcoin: A Peer to Peer Electronic Cash System. The launch of this book through the cryptography discussion mailing list. Just a year later, Satoshi released the first decentralized cryptocurrency or we know it today as Bitcoin.

This release apparently received support from cryptographic actors. This is because Bitcoin's design allows for anonymous ownership and wealth transfer features. Bitcoins can be stored on personal computers or digital wallet services from third parties, and can be sent via the internet to anyone who has a Bitcoin address. By using a peer-to-peer topology, Bitcoin is impossible for any authority or government to manipulate. This is what made many countries aware of it in its early appearance. Then, in April 2011, Namecoin was formed as an attempt to establish a decentralized DNS, which would make internet censorship very difficult. Not long after that, in October 2011 Litecoin appeared, which was the first successful cryptocurrency using scrypt as its SHA-256 hash function.

Development of cryptocurrencies..

The development of this exchange rate originated from the development of digital currencies, such as e-cash, game tokens, and so on. Then crypto money began to grow en masse in the United States, especially during the pandemic. In this era, the public distrust arose in fiat money, especially in US dollars issued by the US government without having underlying assets. Then as time goes by, fiat money is often criticized so that investors are more interested in crypto.

The history of crypto currency begins with the change from conventional forms of money to electronic ones. However, it doesn't stop there, this change is no longer just about the form, but also changes to the system. From what was originally still central and there were third parties, it became decentralized. Until finally cryptocurrency was created. To get into this world we need to consider the weaknesses and risks. It will be very difficult if we are included in the novice investor category.

Types of cryptocurrencies

1. BITCOINS (BTC)

Bitcoin was created in 2009 by someone with the pseudonym Satoshi Nakamoto, this cryptocurrency has also succeeded in holding the title of the most popular digital currency since its appearance. Not only popular, Bitcoin has also made it into the top five digital currencies that are most worth owning. Bitcoin is dubbed the King of Cryptocurrency by Crypto experts because of the very high demand but the limited amount. This causes the exchange rate or price to be very high.

2. CARDANO (ADA)

This cryptocurrency was created by an activist in the field of mathematics as well as an entrepreneur, namely Charles Hoskinson. Having a blockchain proof-of-stake system makes Cardano one of the safest crypto assets today. Proof-of-stake is one of the two regulatory mechanisms for cryptocurrency transaction processes. So the system is more efficient because it allows mining based on the number of coins owned. In addition, the system does not rely on power-intensive computers to process transactions and generate new ADA units.

3. RIPPLE (XRP)

The Ripple Labs company pioneered by Jeb McCaleb issued Ripple as a digital currency that is almost similar to Bitcoin or other cryptocurrencies. Ripple is a company from the United States whose goal is to provide efficient services for cross-border payments in the financial industry by eliminating middlemen to reduce costs and transaction times. In this network, payment services and other facilities use a coin called XRP. Unlike Bitcoin, XRP was not designed to be mined at all.

4. Ethereum (ETH)

Ethereum was launched in 2015 with its own type of cryptocurrency called ether or ETH. Ether is the second largest cryptocurrency in terms of market capitalization at US$424.4 billion, after Bitcoin. Like ADA, Ethereum was created as a smart contact platform that focuses on security and is built on a natural philosophy and through academic research. Ethereum managed to occupy the second position which has quite high liquidity. This is due to the large number of currency trades. So, the disbursement is somewhat easier when compared to other crypto currencies.

To note, besides bitcoin there are thousands of cryptocurrencies in the world. To trade cryptocurrencies also has a big risk, so as an investor you have to be smarter and more selective in trading cryptocurrencies. www.lifebetterbr.blogspot.com