With the advancement of information and communication technology, our quality of life and style are constantly changing. Financial transactions have also touched on this change. In ancient times there was no currency in circulation. Then at a time, the currency began to circulate; Then gradually the banking system developed. But at present, there is a transaction system that is completely new and quite astonishing from the previous transaction; And this is cryptocurrency.
Cryptocurrency is composed of two words. One is crypto and the other is the currency. This cryptocurrency is a kind of digital currency. It is also called a symbolic currency. It is a peer-to-peer system; It involves the transaction of money between two parties, with no interference from the third party. So to whom, no one but the two parties can know who is transacting this money. Even with identity secrets, transactions can be done.
This currency does not exist in reality, the whole transaction of this currency is handled online. And this type of currency is used for cryptography In this way, code is written using such language or signal, that no other person is able to understand it except the two parties.
During the Second World War, cryptography was invented to communicate secretly and securely. With the development of mathematical data and computer science, cryptography has greatly improved. Cryptocurrency has emerged with the help of cryptography technology, primarily aimed at making money transactions safer. The American cryptographer, David Chum, started working on this digital method of exchanging money in a digital way, using this cryptographic method.
Then he named his subject e-Cash. In 1995, he moved towards implementing the basic form of cryptographic electronic payment through Digi Cash and subsequently was able to successfully implement the money transaction activities through the input of certain encrypted keys through the software. However, the first cryptocurrency is Bitcoin, which Satoshi Nakamoto discovered. It was the first permanent and successful cryptocurrency, successfully released in 2009. Since then the cryptocurrency has responded widely in the world.