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Currency is a part of human race since thousands of years, Barter system, Coins, paper currency, plastic notes or Debit/credit cards. Eventually all represents currency that have had regulated by Rulers, Kings and now Federal Banks. Currency has been evolved over thousands of years from coin age,paper Money,Bank notes to attain a stage today that really is !! Earth revolves round the Sun and World revolves round the Money.
But in all these ages, Money is always being regulated by a very few set of people and governs Society, people ,Markets, Trade etc.,. In today's world Money is being regulated by different regulating authorities as Federal Banks, Central Banks and Reserve Banks across the Globe. Irony is that, there are even regulations to restrict amount that we carry or amount we use and taxes on the Money that we earn.
Though Central Banks across the Globe has liberated on amount of money that we send to foreign countries, still there are restrictions on amount that we send towards the purpose transactions.One more challenge with current currency system is that all the countries are not following a single currency rather they have their own currency systems in place. Hence every transaction across the world involves a cross currency in which your base currency may get you a better rate or lesser rate.
What about having a single currency which is accepted across the world for all kinds of payment? and is not regulated by any regulator ? and which have a same value any where in the world. All type of currencies have a saturation stage, so as for physical currency. and with technology is rapidly advancing towards digital age, where a new Currency has evolved called as "Bitcoin"
A Bitcoin is a digital peer to peer currency and can be sent to any one in the world anonymously and securely. No one never comes to know who's sending money to whom as all transactions in network are cryptic and verified by a network of systems across the world. All these transactions have been maintained in a public ledger and no one have control to delete or add transactions in the network manually.
Blockchain technology is behind Bitcoin and which contains all transactions in bitcoin network and is able to keep records of all available currency within the network
BitCoins can be mined with special algorithms by processing complicated calculations ,i.e, by processing transactions in the network in to solve a block. Each solved block contains 25 BitCoins. Now-a-days, mining requires a special hardware, and companies have started investing in mining farms and selling mining contracts. Difficulty will be constantly increasing and it is not possible for individual miners to mine with their PC without dedicated hardware & to gain profits. Now it is a multi million dollar industry out there.
With few countries note ban and their digital push ambition within their economy is also helping growing value of Bitcoin adoptance and its value against physical currency. One such example is, after a note-ban in India, there was substantial price hike (more than 100%) in Bitcoin trading rate & it doesn't means that India is adopting Bitcoin. Rather people are choosing their bets on alternate currency. Now a days countries are pushing towards digital transactions within their own currencies.
In my view, People will definitely move to bit coins or some other digital forms and Companies/NGOs across the globe have started to accept Bitcoin as their mode of payment. Few countries are banning its usage & other countries are adopting digital currencies as per their requirement. To me digital currencies future is bright and sustainable.
Fresh article on earning Bitcoin is available here Learn How to Earn Bitcoin
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