Cryptocurrencies are uniquely designated for its online security and anonymity which physical currencies lack in most cases. The word ‘cryptocurrency’ was borne out of the word term cryptography, a term that describes the code used by the internet to track purchases and transfers.
The history of cryptography itself began during the Second World War as there was a desire to create security of communication. In this digital era, it has taken its own different shape, making use of computer science and maths theory to become a means of securing information, communication and money on the internet. While the preconception of cryptocurrency began in 2008 by Satoshi Nakamoto and was finally implemented in 2009 as bitcoin, it continued to encounter a constant rise and fall in value as compared to the US Dollars. Although it didn’t gain an initial credit or a wide base investors but it went into a gradual but steady climb into gaining popularity and was harnessed by investors and its customer base skyrocketed in early 2011.
The first ever transaction with bitcoin was valued at 10,000 bitcoin which was used to make a purchase of two pizzas. It was after a frequent rise and fall in the value of bitcoin that it rose gradually to over $1000 in august, and it continued to rise up till November 2017 and has settled at a value of over $7000, causing a stir in the currency market.
The cryptocurrency is one very huge aspect of digitization and in fact a breakthrough in the world’s economy. The major advantages of the cryptocurrencies apart from primarily being a medium of exchange, its other secondary uses are to secure transactions, control the creation of other units and verification of assets transfer.
Cryptocurrencies can be traded as well on various platforms such as coinbase, and volumes can be offered through bank transfers or credit cards.