Cryptocurrency Cash without any government policy. The role of currency is very important in the economy of any country. One thousand years before Christ, bronze was minted in China and introduced as the world’s first regular currency. Coins made of gold, silver and other precious metals have been used for money. Tansactions for centuries to keep the currency legal and its value equal. In the 7th century, the merchants of the Chinese civilization. “Tung” began to make paper currency to relieve the burden of coins. And in the early 11th century, the first paper currency in the Chinese civilization “Song” Started using.
Paper money was introduced to Europe in the thirteenth century thanks to Marco Polo and William Reuberk. Marco Polo also wrote in his book. The Travels of Marco Polo, referring to the U.N. Empire. “These people use pieces of paper made of tree bark in their country to exchange money. Let’s do it. “
Over time, the shape and quality of paper notes improved. Followed by the introduction of credit cards, dubbed plastic currency. Which made it easier for consumers to shop on the Internet.
The first Cryptocurrency
Cryptocurrency is also called alternative or invisible currency. The first cryptocurrency to be introduced worldwide was bitcoin. Since then, many digital currencies have come into the market. The prices of which have skyrocketed in the last two to three years. And have led millions of people around the world to become billionaires in a short period of time.The bitcoin is currently selling at its highest price of 3 3,248 per coin.
Also read: Bitcoin 300 billion dollar loss in 24 hours
There are currently more than 3,000 cryptocurrencies circulating around the world. Each with a different value. The popularity of digital currencies is increasing day by day due to the lack of monopoly of any one country.
Illicit arms traders, gamblers and money launderers. On the other hand, the rapid increase in cryptocurrency transactions at the individual and business levels. Is happening Its trading business includes restaurants, apartments, law firms, and well-known online service providers. Namecheap, WordPress, Reddit and Flattr. The popularity of the most popular bitcoin in the digital currency is increasing day by day.
What is cryptocurrency?
One of the unique things about digital currency is that no one owns it and no one claims ownership of the technology behind it. Developers can make this software even better. but they cannot change the protocol of this currency. Because each user has his own software. And the version is completely free to use. To be compatible with each other. All users need to use software that meets the same rules. Cryptocurrency works only when there is complete compatibility between all users. That’s why all users and developers work hard to protect this compatibility.
How does cryptocurrency work?
From a user’s point of view, cryptocurrency is nothing more than a mobile application and computer program. That provides a personal cryptocurrency wallet. Through which the user sends and receives coins (digital currency). But in contrast to the user’s point of view. The digital currency coin network contributes to a public ledger called a “blockchain”. This ledger contains details of all transactions and verifies the accuracy of each transaction to the user’s computer.
The payment method with cryptocurrency
Purchasing with digital currency is easier than with a credit or debit card. And can be received without any merchant account. Payments are made through the Wallet application and you can also use this application. From your computer and smartphone to send money. Enter the recipient’s address and the amount. To make it easier for recipients to write ad races. Use a smartphone-based QR code (address, phone numbers, e-mail address, and website-specific code. That consists of black and white square boxes and to scan. Transfers all information to the phone (scan). The procedure is free from any restrictions on borders. Bank holidays and government policies.
The cryptocurrency gives the user complete control over their money. However, there is a small fee for converting bitcoins into paper notes or depositing them directly. Into the seller’s bank account. Such as Pay Pal and credit card networks. Is much lower than Cryptocurrency transactions are secure. Non-refundable and do not include sensitive and private user information. And business people can avoid credit card fraud as much as possible. The user of digital currency has complete control over his transaction and it is impossible. For the seller to charge additional fees in terms of fees from the user who pays through cryptocurrency.
Disadvantages of cryptocurrency
The cryptocurrency is completely open-source and decentralized. This clearly means that anyone can take over the complete source code. At any time and deprive millions of people around the world of their livelihood. However, this seems unlikely. As the entire system consists of “cryptographic algorithms” and no individual or organization. Can gain complete control over the chain block of digital currency.
One of the biggest disadvantages of digital currency is that most people don’t know much about it yet. One of the major disadvantages of cryptocurrencies is the rapid fluctuations in their value. Which has the greatest impact on small traders and businesses receiving digital currency.
Who invented the cryptocurrency?
The world’s first digital currency was used under the theory of “cryptocurrency”. Which was first introduced in 1998 by “Wei Dai” to his cypherpunks. (individuals who access their privacy on computer networks, especially from government authorities). Access to remote access) mailing list, in which he proposed to reshape money in a new way. Creating and transferring cryptography (cryptography, cryptography, or cryptocurrencies rather than central authorities). Contain the procedure. Shortly afterward, Nick Sabo, an American cryptographer, created a currency called Bit Gold. It was an electronic currency system.
On Satoshi Nakamoto’s cryptography mailing list. Satoshi left the project in late 2010 without disclosing further details. But several developers on his e-mail list began working on the Bitcoin project. Satoshi’s disappearance has raised unwarranted reservations. Many, many of whom have misunderstood Bitcoin’s “open source” structure. And any developer in the world can review this code and create a new version of their modification. Bitcoin software in exactly the same way as existing developers.
Satoshi’s influence was very limited on the changes that others achieved. And Satoshi could not control it. Bitcoin, Ethereum and Bitcoin are virtual like online banking networks and credit cards. Like other types of currency, they can be used for online shopping and shopping at physical stores. While paper currency can also be obtained by exchanging it with a money changer. However, most people find it easier to pay via mobile phone. However, the future of cryptocurrency is far from certain. The business of digital coins/currencies has been outlawed in some countries. While in some countries it has been legalized and licenses are being issued to open “cryptocurrency exchanges”.
Top digital currency worldwide
Is the world’s most unique digital currency payment system. It is the world’s first decentralized “peer-to-peer” money transfer and receipt network. Controlled by the user, without the need for a central authority or middleman. To the user, Bitcoin is like cash for buying and selling on the Internet. One of the unique things about bitcoins is that only 21 million bitcoins can be created in the system. So far, 11 million bitcoins have arrived. Further divided into smaller parts if needed in the future. Digital currency experts say that due to the increasing demand. And the declining supply of bitcoin. Its value may increase many times over its current value. In the next five years.
It is a decentralized platform for cryptocurrency peer-to-peer smart contacts. It was introduced in 2015 by Vitalic Butter. As the “Next Generation Cryptocurrency and Decentralized Application Platform”. Its price has risen sharply due to its ease of use and acceptance in most places. In just two short years, the price of Ethereum has risen to 265.
Zi Cash is a decentralized and open-source cryptocurrency, introduced in 2016. The main reason for the popularity of Zi Cash is its selective transparent transactions. Zi Cash claims that it provides additional security for every transaction. That takes place in each blockchain. While protecting its user’s private information. Similar to the bitcoin but more secure. Its value has exceeded 200 in just a few months.
The cryptocurrency, abbreviated as Digital Cash, was launched in 2014. The currency has been touted as an alternative to the Dark Coin. (Other services) had become a top priority for users. There are currently 77 million dashes circulating in the market. with a value of 196 Dollars.
Fraud in the name of cryptocurrency
Cryptocurrency is gaining popularity all over the world, but still. The majority of people do not know much about it and how to buy and sell through it. Bangladesh, India and Pakistan are among the countries. Where counterfeiters are fooling people. In the name of investing in cryptocurrency and depriving them of life savings.
Remember that with the rise and fall of the value of cryptocurrency. There is a sudden decline, and this is a task that requires a basic knowledge of the Internet. And the online forex market. Many websites may seem to encourage you to invest in digital currency. But all but a few companies run away with you in dollars, pounds. Pakistani and Indian currency. Information on Bitcoin, Ethereum, Ripple, Dogecoin.