What is cryptocurrency, everything you need to know

They say money rules the world. Many may not agree with this phrase but money is the necessity of life. We all need it, we work for it and because of that it is constantly on our minds. Money may not be able to buy happiness but money is needed to survive in our world today. Therefore it’s the only thing in this world which can change a good human into a bad one.

No one really knows who invented money, but the existence of money goes back to the era before Christ. Historians believed that metal objects were first used as money, which through time turned into coins which several centuries later developed into what we know today as money but it’s time for the ordinary paper bill to slowly develop into what many have heard of in present day as ‘Crypto Currency’.

Cryptocurrency has taken the world by storm. It was  first introduced as a side project of another invention by the mystery inventor of bitcon Satoshi Nakamoto. Bitcoin is the first and the most important cryptocurrency made. Satoshi had managed to invent something, which no one accomplish.

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His invention included a way to build decentralized digital cash system.  Many people tried to create digital money but they all failed.

Many thought that digital cash is a lost cause and due to that many people stopped attempting to make there dream into a reality but then  Satoshi  built a digital cash system’s main entity. Due to his decision, crypto currency’s existence came into the world.

It has been 9 years since bitcoin came to existence. Bitcoin’s value in 2009 was basically nothing  but in present day it’s value has dramatically increased.

From having absolutely no worth, it star rocked and now in present day, the value of one bitcon is 10849.99 dollars .

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Since bitcoin was introduced into the world, many other digital currencies developed, an example of digital currencies are, ripple, litecom, namcom and many more. Yet bitcoin has the most value out of all of them.

Since bitcoin is money and money has the power to change a persons intentions. Many hackers have hacked onto different computer servers in different places in the world and have asked for bitcoin as ransom instead of money.

A recent case occurred with Paul lerner who was kidnapped on 30th December 2017,  by armed men wearing ski masks near his office in Ukraine. The kidnappers demanded 1 million worth of bitcoins as ransom. After a couple of days lerner was released alive and the ransom was paid to the kidnappers.

Paul lerner was a known authority in ukraine, he was an executive at cryptocurrency exchange. So for the robbers he was the perfect target. No one yet knows who made the transaction, but the company assured their customers that the robbers did not get any information nor any of their saved bitcoins from the exchange.

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Another case which recently occurred was in a hospital in greenfield, known as Hancock regional hospital that had fallen victim to hackers, who asked for 4 bitcoins as ransom. The staff in the hospital had a feeling something was wrong as Thursday night, the systems were running more slow than normal.

A while later, the computer screen flashes with a message stating that some parts of the system will be held hostage until the ransom is paid. The hackers had managed to affect the entire health network, physican office and wellness centers.

The hacker stayed true to their word and the hospital were up and running. After the ransom the bitcoins were uploaded to them, Saturday morning.

There have been many more cases like this since 2016 and all the major countries which are trading in bitcoins are trying to put a stop to this.

Countries such as south Korea have banned autonomous bank accounts to make cryptocurency transactions. This is aimed to stop crimes such as money laundering, hackers and so on.

Even though Bitcoin is an ingenious creation which could be used to help the world, but since it has such an immense value and greed is so common in the world of humans, that people tend to make a positive things negative, which may result in downfall rather than succession.

Although because criminality and other factors is making the value of bitcoin go down. We all can forsee that bitcoin may become the currency of the future.

Blog By : Haneen Akbari

 

 

 

 

 

 

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