Since humankind earned the status of being the most sentient species on earth, the notion of organized society has always persisted in the wake of its evolution. People living in this social system were co-dependent upon each other, firstly for their survival & as time progressed, for their prosperity.
The idea of this co-dependency gave birth to the system of economics. The system of trading one object for another so that all the involved parties benefit from it became more & more recognized as humankind progressed, & from being mere barter in nature to acquiring an online form such as BITCOIN, it has developed multiple folds.The reports by phoenix have given a thorough study of the past stats of bitcoin investment.
Cryptocurrency & Bitcoin
Cryptocurrency as a concept is rather new if you look intothe vast history of economics. It presents a revolutionary idea, a form of currency that is formless & does not possess any shape, size, or form but is present in the form of data entries. Bitcoin is unarguably the most famous and growing cryptocurrency currently in existence. It was invented in 2008 & presents itself as a decentralized currency on a digital platform, not governed by any central agency or bank & tans actionable between peers without intermediaries.All the data related to this currency’s transaction is not held within a central organization but is stored in blockchain; thus, it also boasts itself in attaining the form of a truly global currency.
About bitcoin currency
The decentral nature of this currency is what makes it famous on a global scale. The absence of any single governing body allows people to spend their money in a true sense without restricting its transaction. Owing to reports by Phoenix, 1 BTC’s value was raised from being nothing to being equivalent of 10,525.50 USD or 7,64,548.15 INR as of this moment (subjected to change).Well, along with any revolutionary thought comes a set of pros & cons attached to it, but in BTC’s case, the pros counter the cons more than what can be considered being even.
This currency makes its user anonymous while doing transactions. Which, in these times, is something highly valued by the online community. The digital identity is this currency while trading online, which the traditional banking system fails to assure. Along with anonymity comes a tight set of safety and precautions, which prevent any random person from accessing your money. Being highly portable then comes as an added benefit.
Any invention or innovation can stray humanity to the dark dimension, but using that innovation for the benefit of all and towards a collectible development will make a distinguished future possible.