To completely comprehend the function of gold, one must 1st go back to the beginning of gold market. Gold’s use in culture predates the ancient Egyptians, who used it to create jewellery and religious objects. 2 Gold did not begin to function as a money till around 560 B.C.
3 Merchants desired to produce a standardized, easily transferrable type of money to make trading easier at the time. The answer appeared to be the development of a gold coin with a seal, as gold jewelry was already widely recognized and recognized throughout the world.
Cryptocurrencies are built on the blockchain, which is a decentralised public ledger that records all transactions & is maintained by currency holders.
Cryptocurrency units are formed through a process known as mining, which entails employing computer processing power to solve complex mathematical problems in order to generate coins. Users can also purchase the currencies from broker, which they can then store and spend using encrypted wallets.
If you hold cryptocurrency, you don’t own anything tangible. What you possess is a key that enables you to transfer a record & a unit of measurement from one individual to another without the involvement of a trustworthy third party.
Although Bitcoin has been present since 2009, cryptocurrencies & blockchain technologies are still in their infancy in terms of financial applications, with more to come in the future. Bonds, stocks, & other financial assets might all be traded via the technology in the future.