The reason why my attention was drawn to the above topic was what I came across recently. There is this newbie who visited me and told me he wanted to key into cryptocurrency. I asked him why he wanted to key into cryptocurrency, he said it is simply because he is seeing that other person are into it and from his watch point he is seeing that the system is so lucrative. With that primary reason he will love to benefit also from such system. I looked at him to some extent and was just laughing. Why will someone join a system just because of such reason? This keeps running through my mind.
Despite what he said, I never for once sees that as a bad option instead I guide and educate him on what I think he lack or rather still what he doesn't understand. I knows cryptocurrency has good selling point but I still wonders why on earth someone will just thinks cryptocurrency is a get rich quick scheme, if you have such mentality you should bear it in your mind that cryptocurrency doesn't works like that.
Deviating from that and talking about what we have at hand, I will love to use this avenue to discuss about how it started and how far we have progressed massively when it comes to cryptocurrency. Just brace yourself as I educate you on some certain things which you needs to know.
What is cryptocurrency and how did we get here
Cryptocurrency in a short format can be define or seen as digital currency. This digital money/transactions are being stored online and all transactions in cryptocurrency are being processed in a system called the blockchain.
Before we get to this present day system where cryptocurrency has been what is controlling things today, there has been different medium or means which we have been using in carrying out transactions. Back then we started with trade by barter. By the barter system what was happening back then was that if you want to buy rice and you have beans, since there is nothing like money all you have to do is to look for somebody who wants beans and trade your rice with that person. It is simply knowledge that they were using to run this system back then.
As they progresses in life they saw that such system won't be able to sustain the system and surely there is going to be hassle along the line so there is every tendency for it to be changed or for a new system to be birthed. This becomes an issue that needs an urgent attention. Since it needs urgent attention there is need to introduce a new system that will sustain this system into being. Why contemplating on this, the cowry system came into being.
The cowry system still works like the trade by barter system but the difference is that there is cowry in place as a means of exchange. If you have your cowry and you want to buy bread, all you have to do is to walk into the store where they are selling bread and make payment with the cowry. There is a system use in doing the calculation back then but that was still unable to helps out not until the fiat system came into being.
Fiat system of payment involves the settling of trades/transaction through the aid of fiat. This system was gradually worked on and it became almost the driving force of every economy when it comes to carrying out trade. This system was running so smoothly although with some challenges not until cryptocurrency came on board. One of the challenges of the fiat money was that it was not digitalized but the birth of cryptocurrency saw it doing what the paper money can't do.
With the aid of cryptocurrency which is digital money we can easily send money to any body across the world irrespective of the locality or the region which you are into.
Conclusion
From the above and without much deliberation we can see how means of payment or transactions has moved from the traditional means of exchange into cryptocurrency. The journey has been interesting so far I must admit.
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