The words “Cryptocurrency and Bitcoin ” are new to the world of the Internet. The technology started on the internet just happen in a few years before. The Block-Chain technology going to be a revolution on the internet. Currency changed his physical form to digital form. Just before few years. Let’s start with the first system when the currency not available in the market.
Once upon a time, means centuries before there was a Barter System when the Currency was not invented. The people of that time exchange goods and services, return of goods and services. Money was not invented at that time. The value of the product that has in the market would not proper for all to exchange it. The people were worried about the value of the goods they have it. So many times they didn’t get the right value for product and services. Sometimes the people of that time faced so many problems.
So many centuries before means, 7th and 6th century B.C. of Roman Empire made the Coin Currency of Gold and Silver. The invention of first Lydian Coin Currency was made of the alloys of silver and gold, after some time it became the alloy of silver and copper. These coin currencies are generally in the shape of round piece and small in size. Coin Currency made so easy and simple to the people of that time to buy and sell, goods and services. Coins became legal tender to trade in the market. That time of Emperors gave value for coins in the form of metals made of it. Like Gold, Silver, Copper, and others metals.
China was the first country to use Paper Currency in the 7th century, made of Tang Dynasty. Compared to Coin money with Paper Currency is easy to carry and trade in the market for goods and services. Paper Currency is the most popular currency in all of the other currency. Paper Currency was made by different denomination like 10s, 100s, 500s, 1000s and more in nowadays. Every country printed its currency and gave it as legal tender. Central or Main Banks issue the currency of their country. They print currency only that amount of it which is equal to gold available in that country to balance the Economy of them.
The term Plastic Currency is different to hear but actually, we all are using in this decade. You didn’t get it. The Plastic Currency is nothing but the Debit and Credit Cards. It is more simple and easy to carry more and more money in our pocket. No issue of change of currency like we can take or give the exact amount of goods and services. This Plastic Currency depends upon the computers and internet, how easy became the technology to use. Easily can transfer amount in few seconds through it to anywhere.
Now, let’s come to the currency which we are going to see in coming future. Actually, we all heard of it in News channels, Print media and on the internet also, that is nothing but Crypto-Currency.
We can say as it future currency. As we all know that before the name of Crypto-Currency we first heard about Bitcoin. Bitcoin is a Crypto-Currency.
After Bitcoin came into the world and within a few years so many other Crypto-Currency came into existence. Like Ethereum, Ripple, Litecoin, Stellar, Dash and etc.,
Cryptocurrencies are not available in the physical form. Below image is just an imagination only.
The word “Bitcoin” is new to the people of some countries or even don’t know, they feel what is the Bitcoin is? About Bitcoin is something old to the world of the Internet.
In the year 2009 of January month Bitcoin was released. Bitcoin was invented by the Satoshi Nakamoto. Nobody knows that Satoshi Nakamoto is a person or group. Bitcoin is the first digital currency which is decentralized. Bitcoin system work without any Central Bank or any Administration.
Bitcoin is mined through the internet. Only 21 million Bitcoins are available. Transactions of Bitcoin is in public distributed ledger called a Block-Chain. Block-Chain technology is secure in the terms of transactions of Crypto-Currency.
Bitcoin is exchanged in many country currencies. In the year 2009, the price of Bitcoin was in less than 1 USD, but now (2018) it is nearly 7000 to 8000 USD of only one single Bitcoin.
As we know Bitcoin and other coins (cryptocurrencies) are stored in digital form only. So it is not available in a physical form which we cannot touch it or feel it.
See the below picture of Bitcoin imagination.
At present Bitcoin is the highest price of all cryptocurrencies. So many exchanges came into existence to trade cryptocurrencies, not only Bitcoin but also other cryptocurrencies.
Let’s see what would be the future of the cryptocurrencies and especially about Bitcoin.