Cryptocurrency is a digital assets works as medium of exchange.
In 1983 American cryprtographer David chaum conceived an anonymous cryptographic electronic money called ecash.
In 1995 he implemented it through Digicash.
In 1996 NASA published a paper titled how to make a mint: The cryprtography of anonymous electronic cash, describing a cryptocurrency system.
Cryptocurrency work without a central bank so these are the universal currencies.
Neither they are controlled by any central bank nor they have any central server.
Cryptocurrency provided by Block chain.
Block chain is a continuous list of records called block using cryptography.
Currently there are more than 1600 cryptocurrency in the market. Bitcoin one of them very famous.
It is considered as a first cryptocurrency.
2007-2008 the world was facing financial crisis (Subprime crisis)
That crisis was developed because of mismanagement of financial assets and liabilities which leads to financial crisis.
These happened only because of somebody was controlling something.
It was very bad experience by the world,
As we know that necessity is the mother of invention.
A person name Satoshi Nakamoto (who is Nakamoto?) registered a domain name “bitcoin.org” on 18 August 2008 and published a paper “Bitcoin” a peer to peer electronic cash system. And released the Bitcoin software as open source code in January 2009.
On 3 January 2009 a Bitcoin network was created when Satoshi Nakamoto mined first block of the chain.
On the same day The times chancellor become second to mine Bitcoin and make headline that financial instability because of reserve banking. Published and criticized central banking system.
It has been estimated that Nakamoto had mined almost 1 million Bitcoin in 2010 and disappeared.
Mining of coin started and continue going on….we can see present 1 Bitcoin value in rupees and dollars.
Why these may be trap –
If we look at the history of the world we will find that there were always a tendency of controlling one country to other countries. As we have seen Colonial period. Colonies were used as a marketing place from where they could get resources and market for their production.
Later as time changed the developed countries were bothering about their production and their consumption, they were looking for market so people started to work towards the concept of Globalization (which is good for human development) and through other activities too tried to control and influenced other countries.
Now world has realized that any country can be under control if their economy is in control.
Economy of any country fueled through their currencies because currencies shows people confidence on their government.
So what will happen if anyhow these currencies were eaten out by other currency which is in the control of someone else.
So cryptocurrency may be the best way to utilize this concept of controlling or manupulation as per other interest.
So anything can be possible…