Crypto The Future Currency

 If you are in the world of tech then you might have guessed what we are going to discuss today and if not then stay tuned. Bitcoin, Dogecoin, Ethereum etc are on a boom throughout the world. People are investing like hell on them. But what is basically crypto? So to be simple and precise cryptocurrency is a binary data designed to work as a medium of exchange where individual coin ownership records are stored in a ledger existing in a computerized database. 

So from the very beginning of time people started the trade of goods for goods or certain services like the barter system where you need to find a person who needs what you have and in return will provide you something of your need. But the flaw was that you need to find some like minded people who are willing to get your stuff.

Then as the human civilisation moves on came the time when people started using coins made of precious metals such as gold, silver and bronze, but they were having some value within them. Then came the concept of 'money' basically paper notes, issued by some central authorities. Though not having value itself but as it is issued by a government of a country it was widely accepted (within a country). But then their is a barrier to it as different countries around the world have their own currency. So you cannot use your money (take the example of the Indian Rupee) in any other country unless you exchange it. 

Here comes the idea of crypto, which will not have any physical existence but you can use it to buy literally anything around the world (once it gets widely accepted). And the main advantage to crypto is that it is decentralised. That means it has no restrictions, no need of paying taxes to the government and no need for exchange.

So in this list of cryptocurrency first came the Bitcoin, introduced in 2009 as an open source software is the first decentralized currency. Since the release of the Bitcoin  many other cryptocurrencies have been released in the market. Take the example of the Dogecoin, which was created just for fun but when Elon Musk started to talk about it shares have grown up since. So big personalities also play a crucial role in the crypto world. If you see the prices of Bitcoin and Ethereum they are mind blowing high when you compare their prices to the past three or four years. 

The present rate of Bitcoin and Ethereum, the two most famous cryptocurrencies are 36,96,482.95 and 2,48,613.95 Indian rupees (as of August 24,2021) just mind blowingly high. So if you have invested in any of them in the early days, now you may have find yourself became a millionaire. Though their are ups and downs in the prices of crypto.

So now the million dollar question is, is their a bright future for crypto? I think yes, their is. Thanks to the pandemic as more and more people are coming on the internet they are preferring to buy products from the E-commerce websites such as Amazon, eBay and Flipkart which is both time saving and cheap(for most of the part). Take a look around yourself, now everything is happening online from buying groceries, to buying goods, to getting your everyday tasks done. So why our money cannot be virtual? Sounds fascinating, right? So let me tell you a fact that, in El Salvador the country's government has recently passed a bill on June 9 to adopt Bitcoin as legal. So there's definitely a bright future for cryptocurrency. Or not? What are your thoughts regarding "crypto as the future currency"? Please let me know in the comments.

That's it for today. Hope you liked it. I will catch you in the next one.

THANK YOU