Can you imagine a thing the value of which was zero around Ten years back and today, its value has touched almost 57000 dollars. That recently touched its all time high price point due to which is being talked about in the market.
12 years ago, on 31st October, 2008 a person named Satoshi Nakamoto published a paper on the internet Satoshi's main movie was clearly evident from the first line of the paper A version of electronic cash that would be allow payment to be sent directly from one party to another party without going through a financial institution Cryptocurrency is a digital asset over which central banks or financial institution have no control or regulation for instance.
The US dollar is controlled be the central banks of US but here there is not central bank or main financial institution that control the bitcoin or cryptocurrency but now there is trading worth millions and billions exchange just like shares are traded on the normal stock markets in order to understand the paper of Sathoshi and context of crypto currency, we will have to understand the some concepts of our economic history Our financial systems are based on trust The currency notes and coins have value in our society because they are guaranteed by the government and central bank take look at any note in your wallet.
There is a small ,but interesting story in this context after the second world war America became the most powerful country in the world and the rest of countries had to align their currency with the US dollar and what was the US dollar aligned with Guaranteed by A reserve of Gold or silver around in your pocket the currency notes were printed for convenience. But the us did away with this gold standard rule back in 1971 after that, the central banks of the rest of the countries could print their notes as per their wishes But what do cryptocurrencies and bitcoin have to do with this, it helps you to guess how powerful the government and the banks specially the central bank of the country are as far as monetary policy is concerned the fact of the matter is that when you deposit your money in the banks, you give the banks permission to play with money, in one sense making use of these deposits the this is how crypto gonna be our future currency