Throughout the centuries, humans have always found a way of measuring, tracking, and counting. With these methods came the trade of goods for other goods and services until it became too hectic for people to organize. Such was the case with the Mayans and Aztecs who used to trade, for example, a chicken or goat for a sack of cacao beans. Cacao beans used to be the coins of that time period, but they soon figured that carrying and storing these sacks was a hassle. In the centuries after that, coins were introduced and then the Italians introduced the bill which mostly every country uses. But now it’s 2019 and we have cryptocurrency so in this article we will be discussing how this new type of abra currency is changing society for the better.
How Cryptocurrency Is Changing Society
If you’ve never heard of cryptocurrency then you’ve either been under a rock or have not been on the internet for a while. Cryptocurrency is a type of “money” that is purely digital and is created through super advanced algorithms needed powerful computer systems to implement. Once a number of cryptocurrency is made, it cannot be copied because the algorithms know when it is spent. So how is it changing society?
Prevents fraud: Because a cryptocurrency “coin” can only been spent once and the system knows exactly when this occurs, there’s no way to create a fraudulent coin. That would be like putting a soccer player in a basketball game; he or she would stand out like a sore thumb. No central bank: There’s no central bank and so there are really no regulations and there’s really no need for enforcement since the system is very close to perfect. We have central banks and treasuries for our dollar bills because they are physical and need to be printed, organized, and sent to their respective banks. With cryptocurrency the bank is everywhere and nowhere at the same time and is self-regulated. Inflation: Because there’s no way to print cryptocurrency it holds its value and over the past five years has been rising tremendously. If you would have bought $100 worth of bitcoin in 2011, in 2018 your investment would have been worth a little more than two million dollars. Evolution: Soon, physical money will be obsolete and so cryptocurrency is the successor to the paper and coins we’ve been dealing for hundreds of years.
In conclusion in this article we discussed the topic of cryptocurrency and how it is and has been evolving society, for good. Nowadays people use their credit and debit cards more than the physical dollar bills and so it will very easy for people to adapt an all-digital, cloud-based currency. All it takes is for people to become educated on the topic and turn their money into crypto. The next major step for us to move towards a digital currency is to balance out the cost of items, with the amount one “coin” is or will be worth.