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The Monetary Revolution Disruptor: Digital Currency

The Monetary Revolution Disruptor: Digital Currency

What is money, exactly? It was once shaped like a seashell in primitive societies. Money was once a giant limestone disc placed in the open air on Yap Island in the Western Pacific; in West Africa and among American Indian tribes, it was once beads made of glass that formed naturally in the desert.

Money evolved into gold and silver, and bitcoin mining app then into a piece of paper and a series of numbers.

All things that can be used as "money" must adhere to two fundamental laws: first, the ratio of increment to stock must be very low, scarce, and difficult to obtain; and second, it must be widely recognized and accepted by people within a certain range.

"The development of money has gone through three stages: commodity-based, politically-based, and now mathematically-based," said Chris Dixon, an American Internet entrepreneur and angel investor.

A man who goes by the name "Satoshi Nakamoto" invented Bitcoin in 2008. Satoshi Nakamoto described Bitcoin in his "Bitcoin White Paper" as an elegant, mathematically based currency. He proposed that Bitcoin is an electronic cash system based on peer-to-peer technology that allows online payments to be initiated directly by one party and paid to another without the use of a financial institution.

Cryptocurrencies have also played an active role in the United Nations' refugee relief efforts, and the World Food Program used blockchain technology to provide digital food aid in 2017 "More than 10,000 Syrian refugees have received "accounts" thanks to the UN's BuidingBlocks project. When refugees go grocery shopping, they use antminer a10pro iris scanners to verify their identity, and the money in their "accounts" can be used to buy food and other supplies.

This solution not only saves the World Food Program money on establishing partnerships with local banks, but it also avoids the dilemma of local tribal leaders stealing refugee ID cards and using them as currency.

Cryptographic digital currencies have undoubtedly transformed money and technology as we know it. Blockchain, according to venture capitalist Marco Anderson, is "The Internet's most significant invention in its history. Cryptocurrencies, on the other hand, have been chastised for their use in illegal transactions and for contributing to global warming.

Cryptocurrencies have been chastised for their illegal use and for contributing to global warming.

Pan He Lin, executive director of Zhongnan University of Economics and Law's Digital Economy Research Institute, believes that the future bitcoin earncurrency is still sovereign currency, and this fundamental attribute will not change; however, the future form of sovereign currency can be in digital form. To achieve a more efficient payment method, the payment method will shift from credit card payment to online payment and mobile payment via subtle form changes of payment scenarios and tools.