Hey guys how are you?

I am @Kawser199 , Today I discusse about Bitcoin and Digital Currency(Part-1)

From the beginning I was skeptical about the future of Bitcoin. Seeing a lot of that. But let me say that I have very little money in the form of Bitcoin, Lightcoin and Ethereum. But its value is negligible compared to my original investment. This is my ‘gambling money’, which is no harm in losing. If what the proponents of digital currency are telling people is true, then what's the point of returning it 100 times! I am satisfied with an increase of Rs. 1,000 to Rs. 100,000. I am not willing to take the risk of throwing another Rs.

Again it is important to say that I am not a professional economist or cryptographer, my reasoning may be wrong or there may be room for questioning. And of course it's a discussion where people who disagree with me can't be completely wrong.

How does money originate, why is it needed, and why have we been dependent on some form of it for two and a half thousand years? This basic point needs to be understood before understanding Bitcoin.

The Stone Age people lived on something, some were hunters or shepherds, some were farmers or fruit collectors. Ever since man learned to use stone or copper auxiliary tools, and has been improving them year after year, his livelihood has become specialized. In other words, the fisherman only knows how to catch fish and does not understand the law of plow. At the same time a surplus of their products is created, which may have consumers among other professionals. They started exchanging goods among themselves. There were some limitations in time, such as the lack of grain in a farmer's house due to drought in one year, he requested the fisherman brother to give the rest of the fish. The jailer did not object, only kept two witnesses, and perhaps for lack of paper engraved a mark on the bark of the tree as proof of debt. You can say that this is the original form of currency

After more than a thousand years, due to the specialization of labor, the emergence of management, that is, the king-priest class. They said, "We will buy your surplus from the Central Bank and give it to Sonamanik." Because the supply of gold is low, people also have prices as consumer goods, and in small quantities many things can be transported at a price. The relationship between the king and the tenants is not only one of rule, but also of trust, because one of the king's tasks is to supply money according to the balance of supply and demand, and to prevent its devaluation. Governors began minting gold coins in the fifth century BC in the kingdom of Lydia on the west coast of ancient Turkey.

Coinage works in three ways. One, to act as a means of purchasing power, so that I can save a year for the car I want to buy next year. Two, working as a means of exchanging goods, if I didn't have money, I would have to pay the same amount of other assets in exchange for a car, which would be difficult. And three, working as a unit or unit of assessment, which is why if you ask someone to guess the price of a car, he will calculate a million rupees without thinking about the house.

So for two and a half thousand years we have been using money for reasonable benefits. Today, we have a lot more to do with money. The US central bank cut off the dollar to gold forty years ago, mainly because gold has not grown at the rate at which our productivity has grown, meaning it is not possible to price the rest of the world with gold.

As a result, the Fiat currency issue resumed in the twentieth century after the first failed attempt by the Chinese in the seventh century AD. This means that the central bank will be obliged to pay "something" equal to the amount written on this paper as soon as it is requested. ঐ Some may be another currency or a commodity whose value or purchasing power is equal. Everything is based on faith in that promise placed on someone. The dollar-euro is the internationally recognized currency today because people believe in it, and their issuing banks try not to lose confidence. As new notes have to be printed from time to time, confidence can be eroded if inflation is high (such as the Zimbabwean dollar!). That is why they increase supply as much as they expect economic growth to be a little higher. If the supply is not kept a little more, the possibility of inflation, people will hide more money under the cover without spending money! It may slow down the growth of the economy.

So sometimes in a capitalist society the recession comes naturally. The last time was in 2006. Bitcoin originated at the same time that a computer programmer by the pseudonym 'Satoshi Nakamoto' started this thing with a few others. Its computer code is also open source, meaning that anyone can use it to create a new type of digital currency in the form of new rules. The inventors of Bitcoin had a strong dislike for the government and banks and blamed them for the economic downturn of the time. They spell Bitcoin so that people gradually trust Bitcoin instead of money-dollars, and establish a people's currency free from the control of the government-bank.

Thanks for Reading........

Next part Coming soon......

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