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    Crypto Script

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    Yu Ki Yap
    Cryptocurrency is a digital currency that uses cryptography and a decentralized ledger called a blockchain to record transactions. Transactions are recorded on the blockchain through a process called mining, which secures the network. The purpose of cryptocurrency is to create a currency independent of central authorities like governments by putting control in the hands of users. Some early pioneers of cryptocurrency concepts include work in the 1970s-1990s on public-key cryptography, eCash in 1983, and Hashcash and bit gold in the late 1990s. Bitcoin was launched in 2009 and became the first popular cryptocurrency, experiencing dramatic price fluctuations since. Cryptocurrency transactions occur between peer wallets on a network and are verified and recorded on the blockchain through a mining

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    Crypto Script

    Uploaded by

    Yu Ki Yap
    440 views2 pages
    Cryptocurrency is a digital currency that uses cryptography and a decentralized ledger called a blockchain to record transactions. Transactions are recorded on the blockchain through a process called mining, which secures the network. The purpose of cryptocurrency is to create a currency independent of central authorities like governments by putting control in the hands of users. Some early pioneers of cryptocurrency concepts include work in the 1970s-1990s on public-key cryptography, eCash in 1983, and Hashcash and bit gold in the late 1990s. Bitcoin was launched in 2009 and became the first popular cryptocurrency, experiencing dramatic price fluctuations since. Cryptocurrency transactions occur between peer wallets on a network and are verified and recorded on the blockchain through a mining

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    Cryptocurrency is a digital currency that uses cryptography and a decentralized ledger called a blockchain to record transactions. Transactions are recorded on the blockchain through a process called mining, which secures the network. The purpose of cryptocurrency is to create a currency independent of central authorities like governments by putting control in the hands of users. Some early pioneers of cryptocurrency concepts include work in the 1970s-1990s on public-key cryptography, eCash in 1983, and Hashcash and bit gold in the late 1990s. Bitcoin was launched in 2009 and became the first popular cryptocurrency, experiencing dramatic price fluctuations since. Cryptocurrency transactions occur between peer wallets on a network and are verified and recorded on the blockchain through a mining

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    440 views2 pages

    Crypto Script

    Uploaded by

    Yu Ki Yap
    Cryptocurrency is a digital currency that uses cryptography and a decentralized ledger called a blockchain to record transactions. Transactions are recorded on the blockchain through a process called mining, which secures the network. The purpose of cryptocurrency is to create a currency independent of central authorities like governments by putting control in the hands of users. Some early pioneers of cryptocurrency concepts include work in the 1970s-1990s on public-key cryptography, eCash in 1983, and Hashcash and bit gold in the late 1990s. Bitcoin was launched in 2009 and became the first popular cryptocurrency, experiencing dramatic price fluctuations since. Cryptocurrency transactions occur between peer wallets on a network and are verified and recorded on the blockchain through a mining

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    What is Cryptocurrency?

    Cryptocurrency is a digital currency, where transactions are recorded on a public digital ledger called
    a blockchain, and every process along the way is secured by cryptography.

    Cryptocurrency is roughly the equivalent of using PayPal or a Debit Card. What makes it different is
    the numbers on the screen represent cryptocurrency instead of dollars. The digital currency typically
    does not exist in physical form (like paper money).

    Cryptocurrency markets are decentralised, which means they are not issued or backed by a central
    authority such as a government. Instead, they run across a network of computers. The main
    difference between cryptocurrency and bank credit is that instead of banks and governments issuing
    the currency and keeping ledgers, an algorithm does.

    The purpose of Cryptocurrency

    The main purpose of Cryptocurrency is to fix the problems of traditional currencies by putting the
    power and responsibility in the currency holders’ hands.

    In traditional method, operating off a centralized ledger (meaning a single entity managing the
    transaction records like a national central bank) are exposed to human manipulation and corruption.
    In contrast, a crypto method used the Blockchains create digital records of transactions, certificates,
    or contracts that can only be added to, rather than changed or deleted. This independent
    transaction log, crypto-converts insist, is far more secure than paper records or institutional digital
    accounts, which could be hacked.

    On top of that, a crypto method is able to make the international transactions faster. In normal
    circumstances, a traditional method of overseas transactions takes 2 to 4 working days to complete.
    However, by eliminating intermediaries, blockchain technology can speed up payments to complete
    it within minutes.

    History of Cryptocurrency? (timeline)

    1970s-1990s: Early Pioneers Lay the Foundation

    1976 - Whitfield Diffie and Martin Hellman, the cryptographers publish the white paper “New
    Directions in Cryptography.” It outlines the concept of public-key cryptography.

    1983 – David Chaum, a computer scientist, created eCash, a digital currency that uses a type of
    cryptography called “blind signatures” to provide secure and anonymous transactions.

    1997 – Adam Back, a cryptographer and cypherpunk invented Hashcash, which uses a “proof of
    work” system that will later make Bitcoin mining possible.

    1998 – Shortly thereafter, Nick Szabo proposed bit gold, an electronic currency system which
    required users to complete a proof of work function with solutions being cryptographically put
    together and published.

    2007-2009: Bitcoin is Born

    2007 – Satoshi Nakamoto begins coding for what will become Bitcoin.

    2008 – Satoshi Nakamoto released a paper called “A Peer-to-peer Electronic Cash System”, officially
    kick-starting the crypto-coin revolution. The domain name bitcoin.org is registered.
    2009 – The first ever Bitcoin transaction occurs when Nakamoto sends computer programmer and
    crypto-pioneer, Hal Finney, 10 Bitcoins.

    2010: Bitcoin Becomes a Thing With Real-World Value

    2010 – First ever real-life Bitcoin transaction occurs, when 10,000 Bitcoins were used to buy two
    pizzas from Papa John’s.

    2010-2019: Fortunes Are Made on the Bitcoin Roller Coaster

    2010 – (THE FIRST ATTACK) Bitcoin is hacked.

    2011 – Bitcoin rivals such as Namecoin, Swiftcoin and Litecoin make their debut in the
    cryptocurrency market. However, the team don't spend too much time worrying as they watch the
    price of Bitcoin skyrocket.

    2013 – (CANADA DID IT FIRST) The first ever publicly accessible Bitcoin ATM goes live in Waves
    Coffee Shop in Vancouver, Canada.

    2015 – (MORE PLAYERS ENTER THE GAME) Brand new cryptocurrencies launch, such as Ethereum,
    and Coinbase also opens its doors.

    2016 – 2017: Cryptocurrency got the acceptance from many countries, such as Argentina, Swiss,
    Japan and Norway.

    2018 – Total crypto market cap hits $824billion. But not for too long, the biggest crash in the crypto
    market hits, leaving the total market worth for cryptocurrencies at just $248billion, the lowest level
    seen all year and the lowest level since 2017. However, Samsung state that they are making chips to
    mine crypto-coins, while various EU governments join forces to tackle and reinforce cryptocurrency
    regulations.

    2020-Today: Bitcoin Finds Pandemic Power

    2021 - As of April 2021, many recognizable brands are accepting Bitcoin as a form of payment, such
    as Microsoft, AT&T, Burger King, KFC, Overstock, Subway, Shopify, Pizza Hut, Tesla and more.

    How does it work?

    It starts with the Transactions between peers using software called “cryptocurrency wallets.” The
    person creating the transaction uses the wallet software to transfer balances from one account to
    another. Transactions made between peers are encrypted and then broadcast to the
    cryptocurrency’s network. Once the transaction verified, the transaction is combined with other
    transactions to create a new block of data for the ledger. The new block is then added to the existing
    blockchain, in a way that is permanent and unalterable. Finally, the transaction is completed.

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