Currencyis money! Money is just another word for currency. Currency is a specific itemthat a country uses to purchases services, goods, and everyday items fromretailers.
Everybody in the world uses some sort of currency. It can come inmany shapes and sizes. The United States of America uses the U.S Dollar. Canadauses the Canadian dollar. In addition, Europe Uses he Euro. Those were some examplesof the type of currency Countries use today. Currency can have different worthvalues.
Let’s take the AmericanDollar in to account because it is the easiest for me to understand. A dollarbill or U.S dollar is a greenish piece of slick, light, Bendable, paper. Thepiece of paper has a number on it that determines its worth values and thereare 6 different worth values.
The 1 dollar bill is worth one dollar and is theleast of the worth values. It is used to buy minimal goods, like a candy bar,or a roll of off brand paper towels, A roll of toilet paper etc. Then there isthe 5-dollar bill this is worth 5 one dollar bills, This piece of currency ismainly used for buying 2 or more items at a time that costs less than 5dollars. The 5 dollar bill is usually given back when you want to break up abigger bill. Next, There is the 10 Dollar bill. This bill is worth 10 onedollar bills, or two 5 dollar bills. The 10 dollar bills is a 10thof a 100 dollar bill. After That there is the 20 dollar bill.
This bill isworth 20 one dollar bills, 4 five dollar bills, or two 10 dollar bills. Andit’s a 20th of a 100 dollar bill. Then there is the 50 dollar bill.
It is worth 50 one dollar bills, 10 five dollar bills, and 5 ten dollar bills,the 20 does not go into a 50 because of simple math, 20+20 is 40 and 40 plus 20is 60. Because 50 is an odd number, any number greater than 10 will not go into50 just by its self. The largest bill people can use is the 100-dollar bill.
The 100 dollar bill is worth 100 one dollar bills, 20 five dollar bills, 10 tendollar bills, and 5 twenty dollar bills. There Is a type ofAmerican currency that worth less than a dollar bill. We call these “Cents.
“Cents come in 5 different types. 100 cents go into a dollar. There is the pennythat is worth one cent. The nickel is worth 5 cents.
The dime is worth 10cents. The quarter is worth 25 cents. There Is a 50 cent piece but that arekind of rare today, because people don’t make them anymore. Each dollar billand each “Cent” a face of one of the U.S president. The one dollar bill has theface of the first president of the united states George Washington. The 5dollar bill has the face of the 16th president of the united statesAbraham Lincoln.
The 10 dollar bill has the face of one of the founding fatherAlexander Hamilton. The 20 Dollar bill has the face of the seventh u.spresident Andrew Jackson. The 50 dollar bill has the face of the 18thu.s president Ulysses Grant.
The 100 dollar bill has the face of a foundingfather Benjamin Franklin. The Cents have faces on them too. The penny has theface of Abraham Lincoln. The nickel has the face of Thomas Jefferson. The dimehas the face of Franklin Roosevelt. The quarter has the face of GeorgeWashington. The 50 cent piece has the face of John Kennedy. Currency makes the worldgo around, if we didn’t have currency we would have chaos.
If we didn’t havecurrency nobody would really have anything, Everybody would be lazy and theworld would be a mad place because nobody would want to create or inventanything because there is no point in doing it. The main reason people havejobs is because they want currency. The better the job the more currency peoplewill get. Talking about currency brings about the next topic.
Crypto currencymainly focusing on Bit coin.Whatis bit coin you may ask, well,. You are probably thinking, is bit coin a pieceof a coin? No, bitcoin is a crypto currency, which means it is strictly anonline currency. Bit coins are digital money thatuse encryption to secure transactions and control the creation of new units.The plan was to make a form of currency not controlled by governments orbusinesses that you could trade globally with no cost and without having toreveal your identity. They are essentially a line of numbered “code” -instructions used in computer programming. However, once purchased they can beexchanged for some goods and services, like normal money. Bit coins areworth a lot of money because of supply and demand.
A lot of people want bitcoins, 25 bit coins are released about every 10 minutes. However, the flow will dry up as they have beendesigned to ensure that no more than 21 million will ever exist. Today, around16 million are in use. Bit coins are currently worth 11,279.36 U.
S dollars andare expected to go up as the supply and demand grows larger.It is possible to get bitcoins in a number ofdifferent ways. It’s possible to accept them aspayment for goods or services. You can also buy them directly from individualsor special websites called ‘exchanges’ that will swap Bitcoins for regularcurrency. You can also mine bitcoins, In order to do this you have to have adecently powerful computer. Mining is a tricky process that involves solving acomplex maths problem that takes both time and computing power.
The morepowerful your computer (and thus, the quicker you can crunch the numbers) meansa more difficult problem. Custom-built Bitcoin mining hardware and software isnow available, allowing miners to find Bitcoins even faster. A lot of peopledon’t trust bit coin, Partly because of fears that investors will lose apacket. Firstly, Bitcoin has no central bank that stands behind it and isn’tregulated by any state. Secondly, experts reckon the bubble could burst.
Earlier this year Ethereum – the second biggest cryptocurrency after Bitcoin –saw its value collapse from $317 a coin to $0.1 a coin in a day. It bouncedback, and is now trading at $473 a coin, but the lesson is there. Some havelabelled Bitcoins what traders call a “fool’s asset”. Unlike investing in ahouse that can be rented out or a company that makes profits, the only way tomake money from them is to find a “greater fool” than you who will pay an evenhigher price than you will. Legendary investor Warren Buffett says of Bitcoin:”Stay away from it. It’s a mirage, basically. “Finance expert Martin Lewissaid: “Bitcoin is a highly speculative investment.
Putting money in it is aform of gambling.”Bit coin isn’t perfect Because it is being exploited bycriminals and hackers. The fact that transactions are untraceable makes it adream come true for drug dealers and money laundering, and it is the currencyof choice for cyber criminals. It is telling that online crooks who launchedthe massive WannaCry ransomware attack earlier this year, which crippled partof the NHS and as well as businesses in 150 countries, demanded Bitcoinpayments for organizations to regain access to their systems.Bit coin was Invented by a person/or a group of people whoidentify themselves as Satoshi Nakamoto in 2009. Nobody really knows theidentity of Satoshi because a lot of people claim to be the famous inventor.
Alot of people speculate big names in technology, but all of the have deniedbeing the inventor of bitcoin. One of thefirst supporters, adopters, contributor to bitcoin and receiver of the firstbitcoin transaction was programmer Hal Finney. Finney downloaded the bitcoin software the day itwas released, and received 10 bitcoins from Nakamoto in the world’s firstbitcoin transaction.
2021 Other earlysupporters were Wei Dai, creator of bitcoin predecessor b-money,and Nick Szabo,creator of bitcoin predecessor bit gold.13In the early days,Nakamoto is estimated to have mined 1 million bitcoins. Beforedisappearing from any involvement in bitcoin, Nakamoto in a sense handed overthe reins to developer Gavin Andresen, who then becamethe bitcoin lead developer at the Bitcoin Foundation, the ‘anarchic’ bitcoin community’s closest thing toan official public face.
The value of the firstbitcoin transactions were negotiated by individuals on the bitcoin forum withone notable transaction of 10,000 BTC used to indirectly purchase two pizzasdelivered by Papa John’s.Block chain is a global online database that anyone can use ifthey have an internet connection. Unlike traditional databases, which are ownedby central figures like banks and governments, A block chain does not belong toanyone. With an entire network looking after it, cheating the system is nearlyimpossible. Blockchains storeinformation permanently across a network of personal computers. This doesn’tjust decentralizes the information but it distributes it too. Blockchainstechnique was originally described in 1991 by a group of researchers and wasoriginally intended to time stamp digital documents so that its not possible tobackdate them or to tamper with them. Not until 2009 did this technique startbecoming popular with the creation of bitcoin.
Block chains millions of users are toblame for it to be nearly impossible to cheat/ hack the system. They make itdifficult for any one person to take down the network or corrupt it. The manypeople who run the system use their own personal computers to hold bundles ofrecords submitted by others. These records are known as blocks.
Each block hasa time stamp and a link to a previous block, forming a chronological chain. Youcan view it and add to it but you can not change the information that isalready there. The block chain uses a form of mathcalled cryptography which records cannot be counterfeited or altered by someoneelse. Block chains most famous application is bitcoin. Block chain lowers thebarrier for entry into the banking industry, and that means fintech startupsare popping up in every market they operate in. ` Eachblock in a block chain contains some data, the hash of the block and hash ofthe previous block.
The data that is stored inside a block depends on the typeof block chain. The “hash” is kind of like a fingerprint, it identifies a blockand all of its contents and it’s always unique. Once a block is created, itshash is being calculated, changing something inside the block will cause thehash to change. Block Chains have something called “Proof-of-work” which is amechanism that slows down the creation of new blocks. Each block refers back to the hash code ofthe previous block and if a block is tampered with it will make all blockcreated after the one that was tampered with invalid. Block chaining is a way to trade andsell peer to peer and a way to eliminate companies and banks from asking us allof our personal information.
I do think bitcoins will last because ofhow popular they are today, everyday technology keeps getting bigger andbigger. Soon normal currencies will be irrelevant and everybody will use somesort of crypto currency. There are a bunch of different ways to make money; bitcoins are the most straight forward. Bit coins eliminate chances of peoplefinding out most of your personal information because every transaction islogged with bit coin but your name/address ect. Do not get leaked. A lot of bigcompanies are accepting crypto currency as a way for consumers to pay for theirevery day items. Some of these retailers include Newegg, Dish, Subway,Microsoft and CheapAir. Bitcoins are widespread across the world so as long asthe demand for bitcoins are there they will keep supplying bitcoins.
Bitcoinsand other crypto-currencies are the Currency of the future. Block chaintechnology plays a big role in bitcoins life span also. Cryptocurrency built on the bitcoin protocol will bearound for the remainder of human civilization. It’s close to perfect money,far closer than anything we’ve ever had before. Only a catastrophic solar flarecould slow it down, but not even that could stop it.
Bitcoin won’t remain in the topspot for much longer, but it will play an integral role over the comingdecades. The real future is just beginning to sprout up now in the altcoinmarkets. These are the grandchildren of Satoshi, Keep your eyes peeled for currencieslike bitcoin, litecoin, Goldcoin,and ethereum. These currencies are going to make money great again, greaterthan it’s ever been before! I think that there will be a lot of rich people inthe future due to the fact that a lot of people are investing incryptocurrencies.
Not all money is perfect though, crypto-currencies will fall one in a while and that would be abig time to invest, when they are cheap. But the fall will be temporary due tothe sheer amount of people working to protect crypto currencies.