To everything under the earth, there is a beginning which I call intro. Most times the questions of how, when or who started a particular thing does not come into play until such a thing has gain popularity in the eyes of the world. To understand something more, one must try to look at it from where it began just to know the reasons why such a thing was created at first. Just as we take our time to study the history of our families, communities, countries and our world at large should also make that effort to look at crypto in retrospect as a way to truly understand the intentions of its inventor. It is in this light that I write this article as a way to direct us back to where it all started and in hope that we will be able to understand more and make proper suggestions and correction where necessary. To be able to do this, I will pose some questions which will lead us to find answers in this article and these questions are:
· Who invented cryptocurrency?
· Why was cryptocurrency created?
· Have we been able to fully maximise all the gains of cryptocurrency?
· What is the way forward?
Merely looking at these questions one can easily understand or feel the need to know more as a means of becoming a better person as regards cryptocurrency and its entire space. I will take the questions one after the other and I must try to be very cautious in doing this therefore if by the end of this article you find out that something is missing, not fully explained or something not completely true, I will be glad if you can drop your contribution in the comment section. Don’t forget that we are all learning and the learning process is continuous. Let me go to the first question.
WHO INVENTED CRYPTOCURRENCY?
According to the history available on Wikipedia, David Chaum an American cryptographer thought about an anonymous idea of cryptographic electronic money which he called Ecash in the year 1983. This idea of his was later used through Digicash (a form of cryptographic electronic payments which required user software to withdraw fiats from a bank and designated specific encrypted keys before it can be sent to a recipient) in 1995. There were others like Wei Dai who came up with b-money in 1998 and later Nick Szabo described bit gold (not the same as gold-based exchange, BitGold) source.
These individuals made a move towards having a workable cryptocurrency and I believe that their efforts were what the pseudonymous developer Satoshi Nakamoto developed to come up with the first decentralized cryptocurrency in the year 2009. From 1983 till date, there has been an increase and steady creation of new crypto projects by a lot of developers and today one can say that the world has over 6000 different projects such as BITCOIN, BCH, LITCOIN, ETH, XRP, MONERO, ADA, BNB, 1UP etc. to know more about the history of cryptocurrency kindly CLICK HERE.
WHY WAS CRYPTOCURRENCY CREATED?
The reason is not far-fetched. It was because of the need for people to control their assets thereby removing the control in the hands of the government. This is why it is called a decentralized system of exchange where the government have no control over how or who gets what at any given time. This loss of control by the government is one of the major reasons why some countries have refused to adopt cryptocurrency as a means of exchange and some have already given an outright ban on anything concerning crypto just as we have seen in the case of Nigeria and so many other countries.
HAVE WE BEEN ABLE TO MAXIMISE ALL THE GAINS OF CRYPTOCURRENCY?
This question is a question every single one of us who are in the crypto space must try to answer to as a way to understand how far we have gone and what possible steps we can take to make things better. For me, on a scale of 1 to 10, I will rate the maximisation level to be 3 per cent. From the look of things we still have enough room for us to add and develop more when it comes to crypto. Don’t forget that the answer I gave is my personal opinion therefore, I will be happy if you will be able to drop your answer in the comment section.
WHAT IS THE WAY FORWARD?
The other time I read in the news how verve and master adopted the use of crypto and I was very happy even though it is not yet been run in all the countries of the world, but it is a step in the right direction. Since I am enthusiastic about BCH and its growth and general acceptance, I have come up with some proposals. Before I continue, I will want to appreciate the BCH dev team and their resilience in putting BCH on the map of the world. As we all know, BCH is the original bitcoin which is why we see all the interesting features it has but I think that this is the time for us to think outside the box. Technological advancement is no longer a new thing in the world one can be in Africa and order for a product from Europe or Asia through Amazon, UPS, DHL and the other logistics firm in the world. Also, each time I try to buy something online through my mobile or desktop, I see where I am required to pay through my card, PayPal and the rest of them. This got me into thinking and I came up with this proposal for the BCH dev team to look into it.
What do you think would happen to the price of BCH if it becomes a means of online payment? Imagine buying something on Amazon and you are required to pay through BCH. I know that there are sites where bitcoin is used as a means of payment and I believe that for BCH to surpass bitcoin, it must become not just a cryptocurrency to people but an acceptable means of payment. Imagine subscribing to NETFLIX through the use of BCH. It will surely increase the general awareness level of BCH in the world which will simply make the price to pump rapidly. The gains of cryptocurrency are yet to be fully maximised therefore this is the time to start looking and taking steps that will push BCH into the mouth of every single person on earth and I call it mass adoption.
Please feel free to drop your contributions in the comment section.
See you soon at the top…
