The idea of cryptocurrencies is not new, the philosophy of “Be your own bank / banker” that is, “create your own bank” or “become your banker” was born in the 1980s and since then the use of electronic has begun. computer in the realization of banking transactions. The first idea for an “electronic” currency appeared
Durability Money needs to be durable. Have the ability to maintain their value. Do not change over time, such as gold and silver. Verification of authenticity Banknotes and gold are quite easy to verify as to their authenticity. However, despite the special features on the surface of the paper to prevent counterfeiting, there are problems.
Medium of Exchange: We use it to buy goods and services. It serves commercial transactions and facilitates investment operations without the costs and difficulties of exchanging goods or services. A Store of Value (Purchasing Power): It transfers purchasing power from the present to the future. It is about accepting money (and gold) because of the
Money plays a key role in facilitating financial transactions. Historically, many pre-capitalist economies have relied on the exchange of goods, the “exchange economy” or “bargaining economy“, where there was the exchange of products for other products, e.g. eggs with olives. It is clear that the exchanges were difficult to make because the desires of the
The world is becoming more digital and interconnected. Cryptocurrencies play a very interesting role in this whole phenomenon. Bitcoin and other cryptocurrencies represent a potential future in terms of currency, with some predicting that the global financial system will change dramatically. Clearly, cryptocurrencies have the potential to change our lives and help us regain
Irreversible payments: Any mistake made when transferring an amount of digital currencies is irreversible. If the payment amount is transferred to the wrong recipient, no procedure can be performed to detach the wrong recipient. The only way to do this is to accept the wrong recipient to refund and make the transfer himself. It is
Ease of payment: Transactions using digital currencies are characterized for their convenience. Without the need to use a credit card or sign and approve other documents, the process can only be done using the digital address. Speed of trading: The process of transferring money takes some time to complete, in a matter of seconds. High