Finance, like human inventions, is always developed. Such as silver and gold progressed to precious metal, then the financial system doesn't stand in the same place. And now, the new stage in financial evolution has appeared.
This new form of currency has been developed by an unknown person and maintained by a collective group of people of the best minds in technology. It is a new form of money that was created and held digitally, and the most important part is that the government doesn't own it, or thinks its value. But the community does.
And they call this new currency ‘Bitcoin’.
Historically, U.S. currency has been based on gold. For example, you give a dollar to the bank and receive a set amount back in gold. In contrast, Bitcoin isn’t based on silver or gold - it’s based on mathematical proofs, rules, and methods.
Bitcoin is generated through a complex sequence of mathematical formulas that run on computers. The network shares a public ledger using blockchain technologies that record, and validate, every transaction processed.
The only institution, such as the government, doesn't control the Bitcoin network. The idea behind the technology has always been - and remains - one of decentralization - that is, remaining completely independent of a central authority, like a bank, a government, or a country. But, who invented Bitcoin? Is it legitimate currency? And why did nobody think of this before?
But, someone did think. Who was it?
There are many questions about Bitcoin, but the most important which is always asked is, “Who created it?” That answer has no simple answer because the identity of the creator remains a secret. All that we really know is a pseudonym - Satoshi Nakamoto. Unfortunately, the accounts are no longer active.The coins in his wallet have never been spent. Satoshi Nakamoto has disappeared from the world forever like he has never been here.
The Future of Currency
Bitcoin has paid a lot of attention over the past decade, however constant declarations of its death - 99 Bitcoins keeps a running tab of ‘Bitcoin obituaries’. Although, Bitcoin’s future has remained bright. Greater adoption rates and an increasing number of brands accepting the currency mean Bitcoin will soon see market maturity.
Please understand that, much like the early days of 1992, Bitcoin is a new cryptocurrency - and new technologies can take decades to reach critical mass. But, much like the Internet, no one wants to miss out on the ‘next big thing’ - and Bitcoin is the biggest thing yet.
Now, 2018, and today we have numbers of new cryptocurrencies. Day by day it becomes more and more popular. The governments of some countries do not forbid it anymore.