2021 – Termed as the Zen era, in this era, all that use is completely digitized. Money has come a long way from coins and paper currency to plastic cards and now digital currencies. This changeover was bought with the entry of cryptocurrency. Where did this currency come from? Who discovered this? Does it have any solid future? Generally, these are some bewildering questions most of us are with! Here is your dive into the digital world currency CRYPTOCURRENCY.
Where Did Cryptocurrencies Come From?
Initially, at the beginning of the world, men started using the Barter system. This system includes the exchange of products as currency. To purchase one product, another product was given as an exchange. But this system faced many crises, namely people requirements, no common measure value, and transportation.
- In BC110, people used coin currencies as a medium of exchange.
- 1050 AD gold as a form of currency was used.
- From 1600AD paper-based currency, from the government with serial numbers and bank details are being used.
- 1950: Plastic money or Credit/Debit cards got introduced.
- 2021- Digital transactions became common.
Until the entry of cryptocurrency, this was the scenario going on. From the beginning, all these currencies are dependent on the bank and the government for work. Whereas in the case of digital transactions, it is very easy compared to paper currency. Digital marketing is now facing crises with technical issues and hacking money from the bank.
All this was changed with the entry of cryptocurrency. In cryptocurrency, money easily gets transferred from the cryptocurrency wallet from the buyer to the receiver wallet, and that, too without the interference of the bank and the government. Here there are no hacks and failure transactions.
The CRYPTO World
Cryptocurrency is like the sea; it is admirable to see, but to swim on it is differently difficult. They are digital money, it exists in a virtual form, and it holds an important value. It is stored in the crypto wallet. This total currency works under a theme of decentralized blockchain technology. Blockchain is a decentralized process that records transactions carried out with cryptocurrency.
How Does This Currency Work?
These transfers are without third-party participation. Here no banks are involved. The technology of blockchain controls everything we transfer. When a product is exchanged for another product is called a Barter system. Likewise, when digital currencies are transformed, this is termed as` peer to peer’. Every transaction done is logged on the blockchain. Blockchains are not working on one computer. It is not centralized; they are decentralized.
Many computers in different locations are used in this, which is always protected with complex systems. Hence it shields the cryptocurrency users with decentralized blockchain technology. The cryptocurrency wallet has a public key to access the bitcoin/crypto account. Foreign exchange very easily happens with these currencies.
Bitcoin and other cryptocurrencies are rapidly growing without the government’s involvement or any national body of any country. Visit this platform to know more about Bitcoin Era team
Since then, the cryptocurrency industry has not slowed down. Prices broke all records in bitcoin history in January 2018. Many other crypto currencies entered the scene, including EOS (July 2017), Tron (September 2017), and Cardano (October 2017). The cryptocurrency market already has over 2000 digital currencies and is continually growing.
Indeed, it is simple to observe how cryptocurrencies are gradually but steadily gaining traction on a worldwide scale. The growing popularity of cryptocurrency has resulted in an increase in adoption and use cases. Today, the construction of a Central Bank Digital Currency (CBDC) is in the works, and significant corporations are investing in blockchain and cryptocurrencies. Obviously, such developments will drive the market’s rapid growth.
Crypto assets have also grown in popularity, to the point that adoption has become more crucial and prevalent. The number of Bitcoin ATMs has grown, more stores have begun taking cryptocurrencies as payment, crypto assets are being utilized as a form of fundraising, and you can even fly across the globe with crypto!
This list is growing at a fast rate, just as bitcoin values have skyrocketed. Remember that three years ago, the price of Bitcoin was less than $1,000 USD!
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