This is the History and Development of Cryptocurrencies that You Should Know..

fajarmenyingsing
25 Dec 2023

1K

INDONESIAN CRYPTO 

Technological developments have changed the business and financial sectors. Likewise with investment and trading. Cryptocurrency is a form of digital currency that uses encryption technology to provide security and transaction support.

If you want to become a crypto investor or just a trader, of course you have to know and understand the history of the development of Indonesian crypto . Because by knowing more about the world of crypto, you can avoid losses when playing crypto.

History of Crypto in Indonesia

The first cryptocurrency introduced to the world was Bitcoin in 2009 by someone using the pseudonym Satoshi Nakamoto. This time we will discuss the history of crypto currencies, from bitcoin to altcoins which are currently gaining momentum.

Before Bitcoin existed, the concept of crypto currency was introduced in 1980 by David Chaum. It introduced a cryptographic system called eCash, which is considered the forerunner of Bitcoin. Initially, a small group of people used Bitcoin for online transactions.

However, its popularity increased and in 2010 Bitcoin began to be accepted by many customers and online stores.

In 2011, a second cryptocurrency emerged known as Litecoin. Created by former Google employee Charlie Lee, Litecoin introduced many new features such as shorter block times and a different encryption algorithm.

Eventually, many other types of cryptocurrencies emerged, such as Ripple, Ethereum, and Dogecoin. Each type of cryptocurrency has different features and functions. In 2021, Bitcoin prices reached their peak, at $66,000 for one bitcoin.

Cryptocurrency Development in Indonesia

In 2014, Bank Indonesia (BI) issued a government statement prohibiting the use of cryptocurrency as a transaction tool in Indonesia. The ban is based on security risks and potential abuse that could endanger the country's financial stability.

1. Establishment of crypto currency as legal tender

However, as time went by, BI began to pay attention to technological developments and began to open up the use of cryptocurrency in Indonesia. In 2018, BI issued regulations governing the use of cryptocurrencies in accordance with certain laws and procedures and provisions.

2. There are many exchange applications in Indonesia

Even before the BI law, cryptocurrency was already used in Indonesia. In 2014, Indodax, the largest Bitcoin trading platform in Indonesia was launched and began to attract public interest in investing in this digital currency.

This platform allows people to buy and sell cryptocurrencies such as Bitcoin, Ethereum and others.

On the other hand, the Indonesian government continues to strive to strengthen regulations on the use of cryptocurrency in Indonesia. In 2019, the Financial Services Authority (OJK) issued regulations governing the implementation of trading in crypto assets and other related parties.

3. More and more people are using crypto

With its development, cryptocurrency in Indonesia is becoming bigger and bigger in the hearts of the people. Many people have started investing in this digital currency as a profitable investment method. However, as an investor, it is important to understand the risks and benefits of investing in cryptocurrency.

To increase people's understanding of cryptocurrency, many crypto applications, such as Pintu, have created an Academy to provide training and education related to the world of crypto.

Advantages and Disadvantages of Using Cryptocurrency (Digital Currency)

There are many benefits and advantages of using cryptocurrency or digital currency, including:

1. High security

Using cryptocurrency has a higher level of security compared to transactions using cash or credit cards. Every transaction with cryptocurrency is encrypted using blockchain technology, which makes it difficult to hack.

2. There are no time and place restrictions

Transactions can be carried out using cryptocurrency anytime and anywhere as long as they are connected to the internet. Users don't need to worry about carrying cash or credit cards everywhere, they can use digital wallet applications on mobile devices such as the Pintu application.

3. Low transaction fees

Transactions using cryptocurrency often have lower fees than transactions using credit cards or bank transfers. Of course it does not affect other parties such as banks or other financial institutions.

4. Financial freedom

Cryptocurrency users have complete control over their money and are not dependent on banks or other financial institutions. It provides financial freedom to cryptocurrency users.

5. Higher profits can be earned

The prices of cryptocurrencies such as Bitcoin and Ethereum are often highly volatile. This allows users to make huge profits by buying cryptocurrency when the price is low and selling it when the price is high.

6. Anonymous Transactions

Transactions using cryptocurrency can be carried out anonymously, as no personal information is associated with the transaction. This provides great privacy for cryptocurrency users.

However, cryptocurrency users also have risks, such as high price volatility and possible losses if not used carefully. Therefore, cryptocurrency users should do research before deciding to use the desired digital currency.

Recommended Crypto Platforms in Indonesia

If you are looking for the best exchange application or platform in Indonesia, then one recommendation is to use the Pintu application. On the Pintu application, you can register easily, it has a high level of security, and has many features to make trading or investing easier for you.

As the leading cryptocurrency exchange in Indonesia, Pintu has helped introduce and educate the Indonesian people about the world of crypto assets, one of which is the Academy feature where novice traders can learn and consult regarding crypto trading.

Even though cryptocurrency can provide huge profits in a short time, its always-moving price value also poses quite a big risk, so calculations and the ability to analyze the market are needed.

With the existence of Academy Pintu, we have provided education to the public on how to analyze a market, become a place for consultations related to the crypto world, and can interact with well-known crypto practitioners.

Conclusion

The history of cryptocurrency has shown significant progress from the inception of Bitcoin to the creation of various other types of currency. Even though there are still various controversial issues regarding its use, blockchain technology and cryptocurrency still have great potential to be developed and used in the future.

So, for those of you who are interested in starting to become a crypto trader, then it's time to join the Pintu application.

For those of you who want to invest in crypto easily, download PINTU now! PT Pintu Kemana Saja, with the PINTU brand, is a crypto asset buying and selling and investment platform in Indonesia. The PINTU application focuses on an intuitive, easy-to-use application display, with in-app educational content, especially for new and casual investors.

Currently PINTU has 120 crypto assets being traded as well as many innovative and educational superior features and products, such as Pintu Earn, Referral System, PTU Stalking and Pintu Class Academy.