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Cryptocurrency - History and Nowadays

Before Cryptocurrency

In today’s modern world, everything is fast-paced. The things that we used to find hard to handle become easier because of the help of modern-day advancements in technology, gadgets, equipment, travel vehicles, transactions, and everything else. As time continues to flow forward, the old ways become buried in the past slowly as a new generation arises.

This world is now equipped with an ample amount of tech geniuses, engineers, designers, developers, and innovators that continuously work together in order to create mind-blowing changes and develop new things and ways that will change our lives or how we live in the long run. These modern-day advancements come in very handy for this fast-paced, rat race like environment that we now live in.

As time passes, more and more advancements are made for us so that the things around us become more suitable for the quickly changing and evolving world. Because of these advancements, our life has become more efficient and easier to live in, provided that we could afford to follow through most of the advancements presented to us. Our present and our future heavily relies on these modern-day technologies and new ways and methods. Therefore, it is up to us to learn how to follow and adjust the changes and learn how to use these for our advantage in life.

One of the most common things a human needs to survive in these times is money. After all, it’s said that money is what makes this world go round. As cold-hearted as it sounds, if you look at it in a much more technical way, it does really make the world go round. Money travels from different hands of different people. Money flows through the system in order to be used effectively and replaced accordingly. The use of money can be traced back to the old days from the bourgeoisie, the middle-class people who are mostly comprised of entrepreneurs and traders.

Money is equal to the value, and throughout history, value has been represented by lots of different things. In exchange for something, one must give something back that is worthy and has the amount of value that will suffice for paying for the object the person wanted to acquire. They used to exchange silk, salt, wine, wheat, shells, food, animals, or gold in getting what they wanted to have from others. However, as time passed, the exchange of things like these became inefficient since carrying around gold and other things would be such a burden, especially if you travel in different places all the time. One day, they decided to change it, and use paper to exchange things. Paper became something that people use for practicality and convenience for exchanging. But how does someone know if something has value?

In order for something to represent value, people have to trust that something does have value and will stay valuable long enough for them to redeem that value in the future. In the past hundred years, people have always trusted something to represent money; however, along the way, something changed, and people started to trust someone instead of something. In this case, governments basically told their people that they would be held liable for the value of paper money. Hence the people decided to forget about old exchange materials for paper instead, which is backed by nothing but the government’s promise.

Since there was continuous trust from the people to the government, fiat money was created. Fiat comes from a Latin word that means “by decree,” meaning currencies such as Dollars, Bahts, Yens, Euros have value because the government orders it to. The value of today’s money comes from a legal status given from a central authority, which is the government.

With the demands and needs you need to survive today, money should be used and spent wisely so that you wouldn’t run out of it, especially in times you really need it for an emergency. If you want to be financially independent and not live your life on a paycheck, then there are a lot of ways for you to make money, such as starting businesses. However, if you are making more money but still spending a lot of it continuously without saving it, your goal to be financially independent would still be not reached.

For you to save your money wisely, putting it on a bank would be good; however, the growth of it would be very slow as most banks don’t really offer a huge annual interest. For you to be able to grow your money more effectively, calculated risks must be taken so that you would be successful in reaching the goal of being financially independent or earn a lot more money without doing so much.

Growing money to purchase whatever you want is one thing, but growing money to develop wealth is another. In the long run, growing your money while it is still early would give you a lot of benefits. By growing your money, you could be able to take early retirement and stop working for money instead. You’ll let your money work for you. There will be a possibility for you to be spending money without being so concerned about the price tag or if you have enough to spend it on a thing and still have some left for you to survive the next day.


Don’t we all want to have that kind of financial freedom?

Time is money, so if you want better results, you would want to start early so that there would be a lot more time for growing it. There are numerous ways for you to be able to grow your money. You could invest your money in stock markets so that you could have a share of the money not only from one company but more than one, or you could invest your money in cryptocurrency.

Fiat Money vs Digital Money

Bitcoin is digital money and the first cryptocurrency to enter the market, probably being the most popular to date. The amount of physical money around the world is slowly decreasing every year due to the use of a new way to transact and to save money, which is digital money. Remember what we said earlier above about the central authority?

The government controls fiat money or paper money, and they are the ones responsible for holding it. Since people fully trust a central authority to hold their money, there could be some negative outcomes for this, such as corruption, which is very common, especially in third world countries. Power corrupts as some say it. Also, since money is centralized, the production of it is unlimited or not limited by quantity; therefore, the government or the central bank has the ability to print as much as they want whenever needed, which causes inflation of money supply in the market.

Key Features of Cryptocurrency

No Taxes

If you purchase with cryptocurrency, no taxes would be added since you can’t identify or intercept transactions.

Transparent

You are in full control of your money, and you can see how it flows.

Digital

Since it is digital, you wouldn’t have to carry cash everywhere you go. In cryptocurrency, there is no actual physical money. There are only rows of transactions and balances. Owning a cryptocurrency, let’s say Bitcoin, gives you the right to access a specific Bitcoin address in the ledger and send funds to a different address.

You Have Full Control

You and you alone could control your money. Just make sure that you keep your private key secure. No government or bank can decide to freeze your account, deny you access or confiscate whatever you hold.

Not Easy To Take Down

If someone, possibly a hacker wants to take down the Bitcoin system, for example, it would be hard to take down because each computer that is transacting and using Bitcoin is holding a ledger. This is also known as the blockchain. The hacker would have to take down hundreds and thousands of computers, which are keeping a copy of the ledger and are constantly updating to be able to successfully hack the system. And hacking it would seem pretty impossible.

Open To All

This allows 2.5 billion people to use it and would be beneficial to the people who don’t have access to the current banking system.

How Does Cryptocurrency Work?

Cryptocurrency is digital money you can use to buy and sell things online. It is also a cryptocurrency, which means it is encrypted in a way that prevents it from being copied. All the transactions and balances going on in the system is recorded using a blockchain. It is something that acts as a ledger that is encrypted into the cryptocurrency itself, therefore, allowing it to record wherever the money goes. This prevents people from spending the same cryptocurrency more than once since everyone using cryptocurrency knows that it was just spent.

Cryptocurrency can be mined. Not like the old way of mining gold, but it can be mined using computers. However, the more people use it, the harder it is to find just like mining gold. With little competition, it is easier to acquire. If users dwindle then, it would be easier again to ensure that they are inflation-proof. If you want to mine and trade, keep in mind that there are risks that would come along the way. Like the amount of money will tend to fluctuate a lot since there is no agency to regulate and set a cryptocurrency’s value. Currently, cryptocurrencies are considered high-risk currencies which are totally unpredictable. Since cryptocurrencies are fluctuating currencies, the worth of it also fluctuates.

Short Bitcoin History

Bitcoin today is a well-known cryptocurrency that’s used by thousands of people around the world, and the number of users still increases. It all began one day in August 2008 when a domain name bitcon.org was registered and surfaced online. A paper entitled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ was circulated around the cryptocurrency list two months later and was made by a person who names himself ‘Satoshi Nakamoto.

Mysteriously, no one really knows almost anything about this person and still remains a mysterious figure today. An autonomous software program runs Bitcoin, which is mined by those who seek to earn it in a lottery-based system. In 2010 Bitcoin started to rise as people became more interested in it.

One of the first actual tangible item that has been bought using it was a pizza bought by a guy named Mike Lazlo. At present, the value of Bitcoin utilized to buy those pizzas would be $100 million in value. In 2012, tech elites Cameron and Tyle Winklevoss decided to purchase $10 million worth of Bitcoin, and it was more than tripled in less than a year. Cameron and Tyler Winklevoss practically own 1% of all available Bitcoins.

On April 23, 2011, Satoshi Nakamoto disappeared as he sent Mike Hearn, a Bitcoin core developer, a brief email saying, “I’ve moved on to other things,” referring to the Bitcoin project and wrote that the future of Bitcoin was now in good hands. Nakamoto wrote a vast collection of writing and premise on Bitcoin’s workings.

Uses Of Cryptocurrencies

Cryptocurrency, much like actual paper money can be used for buying this as they have value as long as people believe in the value of it. Multiple stores actually nowadays actually accept cryptocurrencies as payment for items, and Bitcoin cards are now available, which can be used similarly to how we use credit cards. If you are accepting Bitcoins for e-commerce, you can offer customers the option to pay you with Bitcoin cash.

Add a Bitcoin Cash payment getaway to your website so that you could start accepting Bitcoin as payment. It will automatically calculate how much Bitcoin cash amounts from your customers’ basket and the payment getaway will also provide a QR code for customers to scan on their own digital wallet. Now, if you are a store, restaurant, or cafe, use the point-of-sale app to receive a Bitcoin cash payment. When your customers are ready to pay, you can simply enter the amount owed. The app will then generate a QR code to your device, which you can show your customers who can scan it using their digital wallet.

If you want to earn more Bitcoins, then the best way to achieve it is to work for them. You could find and compile crypto company websites. Most of them would feature a “Jobs” or “Join Us” button or page. Then you could check their forum and attend crypto meetings and be ready to learn new skills.

Bitcoin And The Gambling Industry

Since Bitcoin is a popular cryptocurrency, some casinos operate using it, and they’re all around the world. They offer casino and gambling games, lotteries online, and spread betting. Popular casinos use large bases to develop their software while smaller players use purchased and rented versions. Since these casinos work online, they have trouble with establishing trust with their users because no one knows how trustworthy their operation might be; therefore, some casinos make their operation algorithms open for everyone to view.

Investing In Cryptocurrency

Before investing money on cryptocurrency, you must first research and know how it works. If you already know, you can follow these steps:

Get A Wallet

Since Bitcoin is a popular cryptocurrency, some casinos operate using it, and they’re all around the world. They offer casino and gambling games, lotteries online, and spread betting. Popular casinos use large bases to develop their software while smaller players use purchased and rented versions. Since these casinos work online, they have trouble with establishing trust with their users because no one knows how trustworthy their operation might be; therefore, some casinos make their operation algorithms open for everyone to view.

Connect To A Bank Account

Connecting your bank account to it allows you to buy and trade cryptocurrencies and transfer the money directly to your bank account.

Be A Part of A Crypto Exchange

Crypto exchange allows you to trade cryptocurrencies for traditional currencies.

Get Ready To Order

Buying a cryptocurrency may cost several thousands of dollars, but some, such as Bitcoin, can be divided up to eight decimal points. If you want to rise up in the future and be able to enjoy the advances of digital money, then investing in it and getting to know it better would be good for you. Cryptocurrencies can make you rich as it can double or triple the amount of money you have invested in it if managed properly. However, getting rich from it would include a lot of risks. As an investor, you must not overlook it and think of ways to avoid the risks that you might face, especially that this is a high - risk investment. Great risks come great rewards. So, if you are determined to invest in cryptocurrency, better think about it properly, educate yourself and be smart about your purchases and where you purchase it. In today’s world, money is a key factor that helps everyone to survive in this world. Make money, save it, and grow it. When you use it, be sure to spend it smartly and also save it well so that you could be well off. Explore more about bitcoin, and you might find what you are looking for.