Orgin of Cryptocurrency

1 32
Avatar for phavvy
Written by
3 years ago

Cypto currency is one of the most generally acceptable currency in the digitalize world. It is a big medium of exchange and has served as an alternative to the traditional currencies mainly because of it's credibility and virtuality.

Crypto currency was created in 2008 during the global financial crisis for the purpose of exchanging digital information.

A group of expert defined Crypto currency as a decentralized virtual currency that uses cryptography for security making it difficult for people to duplicated it and as a digital asset designed to work as a medium of exchange where coins are stored in a computerised database.

Asides that, Globalization, virtuality, Security, Ease transferability, Digitalization are also part of the reasons that made Crypto currency to be a generally acceptable currency in the Modern World.

In 2009, Bitcoin was created by a group of programers headed by Satoshi Nakamoto which has since then remains the most popular form of Crpto in the World and being used as a medium of virtual exchange globally. Most transactors preferred electronic currency such as Bitcoin and other alternative to Crypto currency (Altcoins) because of security purpose since it cannot be traceable by a third Party.

The highest Bitcoin owner in the World today remains Sakoshi Nakamoto who was born in Japan on April 5th, 1975. He's also the one who invented Bitcoin, implemented the first blockchain and deploying the first decentralized digital currency.

Since the invention of Bitcoin, over 7,000 alternative Crypto currencies(Altcoins) have been created by group of programers such as; Litecoin, Ethereum, Binance, Tron, Chainlink which has improved the World digital exchanged.

Most online black marketers prefers making payments using cryptos since it cannot be traceable by third party which makes every transactions to be easy, safer and convenient.

Many countries in the World today have banned the use of Crypto currency, nevertheless, most countries that banned the use of Bitcoin have a genuine reasons for making such decisions which is mainly to control their financial system.

Country like Saudi Arabia claimed it wasn't compatible with Muslims laws, Iceland banned Bitcoin inorder to regulate the high rate of money leaving their country, Ecuador condemned it on the ground that it has no backup which makes the use to be very risky.

There are many people who have became a Multi Millionaire through Bitcoin investment among them are, Erick Fineman, a college student who became a Millionaire at the age of 18 during the early days of Bitcoin.Winklevoss, a twin brother are also one of the earliest Bitcoin investors who have today made huge money through Bitcoin investment.

Peter Saddington, a Bsc holder in computer science and 3 master's degree holders heard about Bitcoin in 2011 and give it a trial and later became a Multi Billionaire through Bitcoin investment. Jered Kenna is a young Millionaire today, he started Bitcoin trading few years back and bought each for as low as $0.20 but later sold them at the rate of $258 when there's a high rate in the price of Bitcoin. There are thousands of people who have became a Multi Millionaire through Crypto currencies.

A group of analyst predicted that the number of Crypto currency ushers would rise up to over 200Million in some years to come which will make more Billionaires in the World to invest in Bitcoin, making it to be very competitive and adds more values to it.

5
$ 0.35
$ 0.35 from @TheRandomRewarder
Avatar for phavvy
Written by
3 years ago

Comments

Nice article. Hope to know more about the crypto

$ 0.00
3 years ago