What is Cryptocurrency
According to Wikipedia A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
And according to dictionary a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
What is Encryption to Cryptocurrency
According to Wikipedia In cryptography, encryption is the process of encoding a message or information in such a way that only authorized parties can access it and those who are not authorized cannot. Encryption does not itself prevent interference, but denies the intelligible content to a would-be interceptor. In an encryption scheme, the intended information or message, referred to as plaintext, is encrypted using an encryption algorithm – a cipher – generating ciphertext that can be read only if decrypted.
History of Currency
First of all Bartering system was used 6000 BC by the Mesopotamia tribes to exchange goods, services, grains, cattles for another without using any Money to fulfill their needs. Barter system also used by the Babylonians. there were some disadvantages of bartering and because of that disadvantages the world thought to solve the problems happens due to bartering. And exactly the
solution was, to make money which could be used among the people. The first form of the money was cowry shells used by China. After the cowry shells the coins was made to use as form of money by the people. Electrum made the first coin. The coin was an alloy of gold and silver. The Lydian state also used the coins as money.
However there is a revolution through the history of money. Whenever it was felt to change th form of money, it was changed to new form and shape. In 9000 BC, early world used the barter system. In 1100 BC, in China people started small goods made of bronze, which was laterly change to the shape of coins. In 600 BC, the coin used as official currency by the early people. In 1250 AD, a gold coin Florin was minted in Florence, Which was also used by Europe for International trade. In 1661 AD, first bank note was printed in Sweden. In 1860, Western Union spearheaded e-money with electronic fund transfer via telegram. In 1946, the first ever credit card was made in the shape of John Biggins' "charge-it" card. In 1999 AD, the banks of Europe began mobile banking with Smartphones and in
2002, circulation of Euro began. For the first time in 2008, contactless payment cards were issued in the United Kingdom and in 2008, the cryptocurrency entered in the market. The first ever cryptocurrency was Bitcoin created by Satoshi Nakamoto. Its first value was defined US $0.10. The value of bitcoin was US $0.10 for 3 three years. After that the travel of bitcoin started, it broke all the records in the history of money. Bitcoin value reached US $21000 in December 2017. Its value fell down again and now a days the value of 1 bitcoin is US $11000+. Satoshi is the lowest unit of bitcoin. 1 bitcoin is equal to 100000000 satoshis. Nearly 1200 cryptocurrencies are available now a days in the world. Some of these currencies are bitcoin, litecoin, ethereum, dogecoin, Namecoin, bytecoin, swiftcoin, dash and ripple etc. here are some sites, I want to share with my followers, to earn real money with.
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