Today post is about a particular type of currency called crypto. We know the issue of currency has been in evolution from way back as it all started in a barter system where the exchange for goods for goods and services for service is been use as a method of payment. But this system has alot of fault has it cannot make the accuracy value of the goods been exchanged.

After those times, gold and silver were used as means of payment before money a unit of value in form of coins and note are been used as a means of exchange for goods and services. Evolution in technology has brought about developing in different areas and sector of the economy and world at large. Now, the next evolution in the measure of value is Cryptocurrency.

Cryptocurrency are currency that are always digital only available electronically, they do not have a physical form the eye can see. This currency can be used as a means or exchange of value (that is, they can be used for payment of goods and services). Cryptocurrency are been secured by algorithm of cryptograhy on a database which is decentralized that verifies and record transaction of this currency.

_Source

This database is known as blockchain, and it works on a decentralised system that serves as a public ledger that secure and stores transaction of Cryptocurrency. The blockchain records transaction as a block on which the next transaction block is been record and continually linking all transactions to their previous origin forming a chain of transaction (block). This gives rise to Decentralisation, secrecy and confidentiality which are some of the most important trait that make up Cryptocurrency.

Decentralization in the blockchain network give Cryptocurrency a backing to stand on its own with the local banking system that stands as a third party and need the identity of user before transaction can be done with currency. Transaction with Cryptocurrency are fast with low cost of transaction as compared to the local banking system without the identity of individual involved in the transaction been known.

Cryptocurrency is been stored on an electronic wallet which use a public and private key to authorize transaction. These keys are more like the prove of owner toward a particular amount of Cryptocurrency as all of them are been secured on the blockchain. The wallet are been accessed using the private key without which the Cryptocurrency on the wallet is gone forever.

Example of cryptocurrency

The First Cryptocurrency created was bitcoin by Satoshi Nakamoto in the year 2009, With the aim of creating a financial system that will not work with the Bank system policy neither will it be controlled by the government. He then created bitcoin with it's own blockchain Before other coin and token were created too

The table below shows the top 10 cryptocurrency by their Market cap

_{This data were gotten from coinmarketcap as at 12 pm GMT on September 15th 2021}

How I Would Like To See Cryptocurrency In The Future?

Cryptocurrency is the future of our financial system ready to remove the bias brought about by the local banking system and their policy. Adoption of Cryptocurrency by all the country in the world should be the main priority as the difference in value of individual's country currency has been an issue in the international market. If the world uses Cryptocurrency as a means of payment in general the issue of importation and exportation with be made easier, even the price of imported goods will not be as expensive as they are now because everybody now use a currency with the same Value.

Source

Some country already adoption the use of Cryptocurrency while some are still with the process. The major breakthrough concerning this is came on June 9th 2021 when the country El Salvador accept bitcoin as a legal means of exchange in their country. Later on in August 2021, the country Cuba also adopt bitcoin as a legal means of payment.

Likewise in the future, I will love to see Cryptocurrency wallet machine that are been place in location just like the automated teller machine (ATM) for easy access of cryptocurrency. This will limit the issue of access to fund with our mobile device or even computer that we can not move about. This wallet machine will give access to our Cryptocurrency either using a private key or a card issue by the wallet company make users to transfer their Cryptocurrency for easy use.

Conclusion