Introduction: What is Cryptocurrency?
The world is changing rapidly, the currency in the money exchange isn’t left out as it is also dynamic also. Exchange started by trade by barter before it was replaced by cowries in which the latter was also replaced by Coin before the introduction of Paper money such as dollar, Euro, Naira e.t.c.
In recent time, there is the advent of a new currency called the Crypto Currency. Crypto Currency is a digital currency that posses the ability to be used a form of exchange and standard of differed payment. Crypto Currency is a virtual type of money that is secured by Cryptography on a decentralized network called Block chain Technology.
This type of money is outside the control of a government or an Authorized and there is no need of a third party in exchange for Cryptocurrency like bank, broker e.t.c. It is sent from a secured wallet to another secured wallet which is nearly impossible to hack or alter.
Why is it secured?, it is secured because it is on a Blockchain techniques which is exactly like a public leger in which everyone can see each other accounts, therefore it is known that a currency is moved from this wallet to another which has to be confirmed by Miners as a legitimate transaction and receives their reward as the transaction or gas fee.
There is no counterfeit digital Cryptocurrency because once a currency is transferred from one wallet to another and it is confirmed by Miners the nodes of the database is sent to the network which is basically impossible to duplicate.
The first, famous and most expensive Cryptocurrency is Bitcoin, it was created in 2009 by an anonymous man named Satoshi_Nakamoto in which his goal is to create a decentralized currency. This anonymous Satasho sent mails to Dustin Trammell, a security researcher who is CEO of the vulnerability marketplace ExploitHub who was one of the first users of Bitcoin. On 16th of January,2009 at 16:03:14: a mail from satoshi was sent to Dustin Tramil
Satoshi Nakamoto wrote:
“You know, I think there were a lot more people interested in the 90’s,but after more than a decade of failed Trusted Third Party based systems (Digicash, etc), they see it as a lost cause. I hope they can make the distinction that this is the first time I know of that we’re trying a non-trust-based system.Yea, that was the primary feature that caught my eye. The real trick will be to get people to actually value the BitCoins so that they become currency”
Satoshi clearly understand one of the characteristics of Money which is General Acceptability, he knows people have come to accept this currency before it can be recognised as a medium of exchange The price of one Bitcoin at a 2009 was just 29 naira, over the years the prices has significantly skyrocketed at 62,500% rate which makes it the biggest investment of the decade, the current price is more than 4,00,000 naira.
Ethereum is the second most valuable Cryptocurrency which is currently valued at 108,00 and is increasing rapidly day by day, it is the second most profitable investment of the decade as it worth increased by over 17,900% and is still increasing. We also have hundreds of Cryptocurrency which are Litecoin, Dogecoin, Bitcoin Cash e.t.c.
In conclusion, Cryptocurrency is now being recognized by major top power countries and is being accented by many Foreign traders and Companies. It has come to stay and is gradually putting paper Money into extinction, the Nigeria society need to adapt to this change and Begin to invest in Cryptocurrency, it is the future of Currency.