Cryptocurrency is a new stage of currency development in the future.
The first milestone in the currency’s history of development began before the occurrence of money concept, every transaction was based on the principal of bartering. Between 1200 B.C and 800 B.C, seashells were used for trading. Around 1000 B.C, the first metal coin was invented. Then there was the existence of gold and silver extracted coins around 500 B.C. Between the 9th and the 19th century A.D, cash emerged. There will be a type of money that can replace and overcome the defects of money.
Nowadays, most of cash and property transactions are done via banks. This requires a complex control system on large-scale consuming a lot of manpower and resources. Moreover, third-party transactions also lead to many risks of personal information disclosure, resulting in the loss of property or fraud. And cash is supposed to be the backbone of the underground economy, bribery, corruption, financial crime, looting; therefore, non-cash payment is the trend of modern economy which is convenient, fast, safe and transparent.
It seems less likely to happen with cryptocurrency because it is based on encryption platform, which allows users to secure information about the use of cryptocurrency. The user’s information will run in a single direction, and when someone wants to modify it, the change has to be made on all the operating devices. With hierarchy management, cryptocurrency is not dominated by any other third party. All that is needed for coordination is its users and complex protocol systems. These will significantly reduce transaction costs as well as enhance the level of security.
There are many large funds in the world that invest in Blockchain technology and focus on cryptocurrency such as:
Financial experts from JWC Blockchain Ventures commented: “Cryptocurrency is an indispensable trend of the future economy, and the capital raised by ICO projects is immense that is the driving force as well as the foundation of development for startups with great ideas”.