The Past, Present and Future of Currency...
**The** foreign Exchange Market is a global decentralized market for trading of currencies. This market determines foreign exchange rates for every currency. It includes all aspect of buying, selling and exchanging currencies at current or determined prices in terms of trading volume, it is by far the largest market in the world.
The Forex(FOReign EXchange) began towards the late 1800s, the Gold standard was introduced. This means every currency in the world pegged their local currency to the amount of Gold they have in their reserve. So the more Gold you have in your reserve as a country the more value in your currency command. Before this introduction, precious metal like Gold, Silver, Copper, Lead were used as a form of payment/currency.
In the mid 1900s(1947 to be precise ), the International Monetary Fund(IMF) began to use the Us Dollar to price Gold and then an ounce of Gold was about $35, as of the time of writing this article, an ounce of Gold is around $1772 we can deduce the fact that the price of Gold has risen from the $35 in 1947 to around $1772 in 2020. From me to you,investment in Gold, is it worth it...?
Like i said earlier on, IMF came into the market and pegged the price of Gold to the US Dollars. In actual fact, this made the entire economies across the world to be set on dollar standard as we have it today(though Euro and Pounds are fighting for this position, but the dollar is still on the lead). That was how the US Dollar beacame the new global reserve Currency which replaced Gold after the Bretton woods agreement was signed at the end of the World War 1.
**However**, the bretton agreement could not last for long and it broke during the early 70s.This led to the Foreign Exchange Market we have Today!
**Now** in the Era of Cryptocurrency like Bitcoincash with Quicker Confirmation and transaction time compared to it's predecessor Bitcoin, There are some Lingering Question waving round the Mind;
Could Cryptocurrency actually be the last Evolution of Money?
Can cryptocurrency survive independently without fiat currency?
Does Cryptocurrency have the capacity to sustain the value of an Asset due to its Volatile Nature?
Its fluctuating nature;Merit or Demerit?
Can Cryptocurrency Ever be a National Asset/currency...what woud be its Effect?
Can Cryptocurrency ever be Used as a Global Reserve Currency?
Whats your take...**?**
My name is Stanley Chris I'm very glad to be part of this amazing community of wonderful creative minds...my special thanks to every sponsor of this community and read.cash team for this incredible initiative!
BitcoinCash Coin Of Today And The Future!
BitcoinCash on its inception in August 2017,is a cryptocurrency created to tackle the shortcomings of its predecessor Bitcoin;As a result of the fact that Bitcoin blockchain experience scalability issue because it could not handle the increased number of transactions as Bitcoin became an investment vehicle rather than a peer to peer decentralized currency used for daily transactions,as proposed by its creator "Satoshi Nakamoto". Bitcoin confirmation time and fees for transaction on its blockchain experienced a surge due to it low **1**MB block size,many transactions queued up waiting for Confirmation, because it's blocks could not handle the increase in the magnitude of transactions.
BitcoinCash proposed a remedy to the situation by increasing the size of blocks to between **8**MB and **32**MB,thereby increasing the amount of processing per block within a shorter period of time. Therefore transaction on BitcoinCash are processed faster with low cost on transaction fees and it is also one of the fastest growing Cryptocurrency, and mining BitcoinCash is much more profitable compared to its predecessor because BitcoinCash revised it's EDA (**Emergency Difficulty Adjustment**) algorithm to make it easier for miners to generate the Cryptocurrency!
Bitcoincash is really breaking barriers and conquering more grounds...it has achieved more than any crypto currency has ever acheived in 3 years, The fast confirmation,The moderate transaction fee,The Market value,The Level of adoption, it has connected a lot of people around the World... Am looking forward to seeing Bitcoincash as a means of payment on most Forex Broker Platforms (FXTM, FBS, IQ Options,Olymp Trade...Etc) and Popular E-commerce website(Ebay, Amazon,Alibaba...Etc) and Other Merchant Website...
My most Sincere appreciation goes to the entire Read.cash Team and also Special thanks to all Donors/Sponsor of this Amazing Initiative...The Future is indeed bright for BitcoinCash!🤗
My name is Stanley Chris, I'm glad to be part of this amazing community "read.cash" and my special thanks goes to the moderators and every member of this wonderful community!
Crypto currency The Weapon To Alleviate Poverty
Cryptocurrency is a digital representation of money,rather than the physical traditional currency popularly known as "Fiat Currency" the likes of Dollar,Pound, Euro,Rupee,Naira..Etc.
Cryptocurrency is the amalgamation of two words,namely:
i Cryptography;
ii Currency;
i. Cryptography in the simplest term,is the study and practice of securely transferring(Encrypted) private or highly sensitive information between two parties without the interference of a third party. Just like what "WhatsApp" normally display on your direct message or call; "End-to-End Encrypted", that is no third party can interfere, listen, hijack or Understand the conversation between you and the recipient of the message. The intruder trying to spy on your conversations would only see numbers, letters, and series of meaningless codes; E.g Text "how are you" may be encrypted as "A2x 3q8 w6Y"... While Decryption is when meaningless codes are being converted to meaningful and readable text or values. Cryptography was used during the World War to hide sensitive information from enimies!.
ii. Currency: I believe we all know that currency simply means money, it is issued by government institution as a legal tender; that is generally acceptable as a means of paying for goods and services, and can also be used for repayment of debt within a Geographical Location (State, Country or Kingdom). It is controlled and regulated by central Authority; Central Bank and other Government Institutions(Centralized).
Furthermore,with all that been taken note of, we can actually figure out that Cryptocurrency is a form of money that can be securely sent from one person to another without the interference of a third-party. It is not regulated by any Central authority (Decentralized),It was rather Built on a "blockchain Technology" which ensure it production (Mining) and manage it's transactions from the comfort of a crypto wallet...just like the banks does for fiat currencies. Another Unique features of Cryptocurrency is that it appreciate in value over time, Unlike Fiat currencies(dollar,pound,euros, rupee, naira..etc) that doesn't appreciate but have static values and denominations.
Bitcoin is the first crypto currency to ever be created; it was created sometimes early January 2009 by Satoshi Nakamoto, which its value then was about $0.0003 per bitcoin but over the years it started appreciating in value to $0.08, $1, $2, $3, 5$.....$100 and so on,as at the time of this article one Bitcoin is worth over $9500. In which few individual adopted it after it was listed on the Exchange Market, Which many of them today are billionaire's including a Pizza vendor whom Laszlo Hanyecz was said to have bought two pizzas 🍕 🍕 from Using 10,000 Bitcoin,which as at that time was valued $45!.
Presently we have seen potential crypto currency such as Bitcoin Cash, Ethereum, Dash...Etc threading the part of Bitcoin,which if properly annexed and Utilized they have the potential to reduced the increasing level of poverty in the world!
Crypto currency as a weapon to alleviate proverty ; can be approached from various aspect,one of which is through Crowd Funding: in this scenario a community of visionaries is being created with the stated fact on how the Community intended to achieve it's goal, for instance when new coin is being created,there is this stage of coin distribution which is generally known as "Airdrop" at this point in time the core team(creator) needs to be transparent with its community members, for them to want to invest in that idea you need to prove deserving of the members trust and also major commodity companies needs to be onboard in other to create avenue for exchange even before the regular market listing. The issue most cryptocurrency always have is the issue of fair distribution...for a crypto to have the capacity to alleviate poverty there has to be an equal distribution among it's member the whole system doesn't have to be Monetize, that is, If 10million dollars is needed for the project to be successful,there Should be a mechanism in place to raise the funds in phases depending on the current population of members in the community. thereby preventing 1% of the population from accumulating large amount of the crypto...which gives in to the saying "the rich keep getting richer and the poor keep getting poorer"... to be continued!
@Stanleychriz