Wherever you go today, everyone is talking about cryptocurrency, bitcoin, dogecoin, ethereum, nft, blockchain. So let's know this in detail and after reading this you will become a cryptogenius from cryptonub.
In this article, I will tell you why it is happening that cryptocurrencies are being talked about everywhere. And I will also tell you why and how much I have invested in which currency.
And I will also tell you that what are the dark sides of cryptocurrency.
Ancient Times
When the world was in its early stages, the barter system worked. At that time there was no such thing as currency. If someone wanted something, then either he had to give some other thing in return or some help had to be done.
For example, at that time if a person wanted a horse, then you would have to give your cat in return for it.
And a dog had to be given for a cat. Wheat instead of rice, etc. But why if no one wants to sell his cat and also wants a horse, then there will be no business at all.
Gold, Silver, and other Metal coins
Coins, because they were made of precious materials like gold and silver, and silver already had value so everyone accepted that they were worth something. and can be accepted in exchange for any service or thing.You must have heard right about the British Pound. Do you know why the pound is called a pound?The reason they are called pounds is because a pound is used to literally be a pound of silver.
So now it does not matter that you do not want to sell your beloved cat but you can take a horse because you have gold or silver coins which you have to give equal to the cost of the horse and you can buy the horse. Even though you do not have any price of silver, but it has a price in the market, as a precious metal, so you can buy this silver coin by giving it to anyone and buy anything you like from the market.It was a convenient trading system but then came the era of banks.
Era Of Banks
After the introduction of the bank and the control of governments over it, the world placed their trust in the bank and still is. Now the world realized that banks could be trusted and felt the need to carry these metal coins in a more convenient form. And then came the paper currency in the market. Paper money does the same thing as metal coins. But it has no value, we all know that. Its value is only because the government of our country says that it has value.But as technologies improved we found even more convenient ways of storing and trading our goods.
Now we're in what I'll call Digital Era
Digital Era
where more people than ever are buying things online and using credit cards and really when you're at that stage we don't see our money anymore it's not about coins or notes orcats it's just entries on a spreadsheet like when i buy a music album from amazon all that's happening is that my bank adds an entry in my spreadsheet that says my now has ten dollars less and then amazon's bank adds an entry that says they have ten dollars more so the reason I've given you this entire intro is to give you context on where cryptocurrency sits it's seen by many people as the most convenient era of exchange ever.Now we are in the era where money is not visible to us but in the digital age where more people are buying things online and using credit cards than ever before. it's just entries on a spreadsheet like when i buy a music album from amazon what's happening is my bank adds an entry to my spreadsheet that says i have ten dollars less now and then amazon's bank adds a Adds entry that says they have ten dollars more,
That's why I have given you this full introduction to give you a reference of where cryptocurrency sits, it is viewed by many.People as the most convenient era of exchange ever
Cryptocurrency is completely virtual. All we know is that the logo of bitcoin looks like a physical coin. But there is neither gold nor silver nor any paper with it.
It is really just a transfer of digital assets. The basic concept is exactly the same. Think of them like it's actually going. Spreadsheets of who paid what to whom but instead of having multiple banks separate your own records with crypt o there's only one huge spreadsheet of each.
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