The world has evolved in the past decade. The changes we are seeing in infrastructure, medicine, advances in e-commerce, and much more were not there many years ago. A change they say is the only permanent thing in life, as such, advances in innovation have also birthed changes in payment and cash systems.
From owning bank accounts and posting funds by Cheques, to the emergence of debit and credit cards, the financial ecosystem has always been seeing one form of growth or the other. The ultimate game-changing innovation was introduced in 2009 with the creation of Bitcoin by an inventor known only as Satoshi Nakamoto. Bitcoin changed the way money or funds gets transferred or exchange hands.
Bitcoin is a digital or virtual currency also known as a cryptocurrency. It forms an electronic payment system where money can change hands peer to peer, without the need for a centralized third party. Bitcoin’s innovation is so disruptive that it has not only empowered and restored confidence in money systems but has inspired the creation of alternative currencies also known as altcoins.
The Advent of Cryptocurrency Exchanges
As financial assets, cryptocurrencies have inherent price or value and are often traded in marketplaces known as cryptocurrency exchanges. The digital currency ecosystem is so prolific today that we are now seeing the emergence of various exchanges or marketplaces, each coming with superior innovation and claiming to bring in a better model to serve the ecosystem better.
