The history of cryptocurrency
Even though it may surprise you, the history of cryptocurrencies is very long and interesting. The cryptographic electronic money was invented back in 1983. The American cryptographer David Chaum conceived ecash and later, in 1995, he implemented it through Digicash. Many people who like taking risks and discovering the unknown decided to give their contribution to this exciting field. Bitcoin is the most popular cryptocurrency, but before it was presented to the public, bit gold was on the market. It was an electronic currency system that required users to complete a proof of work function with solutions being cryptographically put together and published.
Step by step, Bitcoins have become an obsession in the virtual community. Even though people were sceptical about this phenomenon, it made its way through many industries around the globe. The cryptocurrency launched eight years ago, is still a current topic of the world economic community. Bitcoin has become our everyday life, as people regularly pay tuition fees, accommodation reservations, and flights with this cryptocurrency. Today, there is also the use of bitcoin when shopping in online stores, paying deposits in online casinos, etc. Sahiwal.tv reported that several online gambling sites from India started accepting cryptocurrency deposits along with other regular methods, and some are exclusively using cryptocurrencies. Many people find this way of payment in the online world much faster and less complicated.
What the future holds
Eugene Kaspersky, CEO of a Russian cybersecurity company, told Arabian Business that digital currencies will replace paper money in the future. However, he believes that the world is still not ready for that, because it is not united and there is no unique government. Some countries, such as China, ban the use of bitcoin, the social network Twitter has banned the advertising of this cryptocurrency, which speaks in favour of the fact that the world still does not support this innovation.
Lately, the fake news about India banning cryptocurrency appeared on several online sites. The rumours and speculations started because the Indian government didn’t make any announcement regarding its plans for cryptocurrency. It was published that the federal government encourages blockchain, the technology underlying cryptocurrencies, but it doesn’t support cryptocurrency trading.
Given the fact that the cryptocurrency community in India is growing from year to year and it’s gotten much stronger, banning cryptocurrencies doesn’t seem like a logical thing to do. They believe that cryptocurrencies could have the same legal status as stocks and that the government will not impose a full ban on cryptocurrencies.