Our economic world is going through a very big change, 21st century can be the make or break point for the financial world. The new sensation in this financial world is cryptocurrency. Believe me, cryptocurrency is going to impact the life of each and every person living on this planet in coming years.
Why present currency system can be a huge failure?
To understand the concept of cryptocurrency first you will have to understand that what money means. Money simply means value, if somebody has done any task or work for you it means he has generated some value for you for which you will pay money to him. Now this person can use your money to take value from somebody else or for purchasing anything.
When there was no currency in ancient time then the exchange of value was very difficult. For example- if I want rice and you want apple than we will exchange our goods with each other(Barter system) but the problem in this system was that the exchange of equal value was not possible on both the sides. To improve this value exchange system a new concept was introduced in which gold was being used as medium of exchange. This was better system than barter system but not perfect, the main problem with gold was that to carry gold was not comfortable and if somebody want small quantity of goods you cannot break gold into small pieces.
To solve this problem a very good system was introduced and that was Currency system which we people are still using in this modern world. In currency system government print the notes of the same value of gold present in that country.
Currency notes became very famous and the backbone of modern day economy because of there flexibility. We can use currency notes according to our need an usage. This system was working fine from many centuries but the major change came on 15th August 1971 when the 37th American President Richard Nixon broke the Gold and Dollar bond.Earlier, the government could print as many notes as the gold they had in there reserve but after this decision we will have to believe our government that they are giving us notes of the same value as of they are. But the sad truth is that our government is printing huge amount of money to solve the liquidity crisis and economic problem. The recent example we have seen is during corona virus pandemic when US government printed more than 5 trillion dollars to solve the liquidity crunch.This thing is degrading value of US dollar and all the other currencies around the world.
Also one of the biggest problem in this present currency system is that it is completely Centralized or fully controlled by government. This thing is giving government power to print more and more currency which is making situation worse day by day.
A Revolutionary Solution( Cryptocurrency)
Till 2009 nobody was getting any solution regarding currency and its replacement. The solution of this problem that the power of currency should be Decentralized from Centralized(In the hands of government).
In 2009 a paper was published by Satoshi Nakamoto in which he introduced the concept of cryptocurrency and a cryptocurrency was launched which we all know today as a Bitcoin. Till date also nobody knows who the hell satoshi nakamoto is.
What is Cryptocurrency?
Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.
Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.
More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on April 13, 2021, was more than $2.2 trillion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $1.2 trillion.
There are many cryptocurrencies that are going to be the future Bitcoin. Do a good research, invest and you can be the next cryptocurrency billionaire.
Famous Cryptocurrencies
- Bitcoin.
- Ethereum.
- Ripple XRP.
- Litecoin.
- NEO.
- IOTA
- Dodge coin and many more….
Some famous cryptocurrency billionaire
- Sam Bankman-Fried. NET WORTH: $8.7 BILLION. …
- Brian Armstrong. NET WORTH: $6.5 BILLION. …
- Tyler Winklevoss. NET WORTHS: $3 BILLION EACH
- Chris Larsen. NET WORTH: $3.4 BILLION
- Metakovan NET WORTH $ 1.0 BILLION
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