History and the Future of Currencies

Our history book provides us with very little knowledge about how our economy came to be. This post aims to give an overview of how the currencies that we know of today, have evolved and go in detail on digital currencies the present talk of the town and what will become of these currencies.

After a long period of time, historians, say that societies discovered that they found it safer and easier to exchange goods with goods- the barter system, instead of going into war with each other, frequently traded, between individuals or societies, for other goods were domestic animals like cattle and goats. With the development of farming in the 8^th millennium grains were added to the list of exchangeable goods.

It is, only after the trade around the extraction of rich metals that the commodity currencies came to be used, the kingdom of Lidia on the western cost of Turkey is said to have crafted coins that were a mixture of gold and silver- “Electrum”. They were standard in weight; ranging from 0.15 grams to about 14 grams, in irregular shapes and sizes. Aside from Lydia, Greece and a few kingdoms and individuals from China that used coins for trade. The innovation of paper currencies, scholars say, can be credited to the Chinese, as they found it to be lighter auxiliary for coins. The momentum of paper currencies took its time to reach Europe. By 1661 banking institutions had been formed and the government of Sweden issued its own state sponsored banknotes. Further to which the Bank of England was formed. From then on various different world currencies came to use and various laws and policies were created to keep counterfeit and various frauds from taking place.

Subsequently, Paper currencies were normalised and newer technologies have come into play to make transactions easier, digital currencies and E-wallets like PayPal and others are some innovations that are playing a major part in reducing paper currencies in the 2010s.

The initial idea for digital cash, even though a failure, in a way paved the path for the cryptocurrencies to come into existence, people have taken a keen interest in its growth and market, with multiple use cases for them, making it the best time to invest and use cryptocurrency, through your digital cryptocurrency wallet. The blockchain technology that cryptocurrencies are formed in make transaction and trading much safer than that conducted through a bank.

If we went with the idea that “History repeats” we could assume that cryptocurrencies are just the beginning in what will be an economic revolution, where we could expect digital currencies that are far more stable will take the crown from bitcoin. As far as blockchain is considered we could see that the currencies of the future will mostly be utility based where there is no centre that regulates the supply of currency and its value, eliminating the possibility of an economic calamity. All this, however, is possible only with the mainstream usage of the present unit of the beginning stage of the evolution, that is cryptocurrency, this can be achieved only by educating the masses on the benefits of the blockchain system and cryptocurrencies.

Benefits of Blockchain Technology and Cryptocurrency

To understand the benefits of the Blockchain Technology and Cryptocurrencies its important for us to understand what they are, This Article aims to provide you with all the information that you need to understand each of these are.

Understanding Blockchain

A Blockchain is, in the simplest of terms, a time-stamped sequences of unassailable record of information that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are protected and bound to each other by means of cryptographic values (i.e. chain).

The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and unassailable ledger, the data in it is open for anyone and everyone to see. Hence, anything that is constructed on the blockchain is by its very nature transparent and everyone involved is responsible for their actions.

Benefits of The Blockchain Technology

Blockchain is taking the world by storm and for good reason! There are plenty of benefits that come with using the technology in place of other current systems. Some of the major benefits that are connected with blockchain consist of the permanence and safety of the data that is stored on the blockchain’s ledger, the continentality and privacy maintained by users of a network with blockchain technology, the lack of a “middle man” due to the peer-to-peer nature of blockchain, the freedom provided by decentralization, the security that comes with distributing the blockchain across all users of the network, and the lower transaction fees that stem from using the efficient technology. Generally, it is quite simple to see why blockchain has managed to become so popular.

Here are some key benefits:

Understanding Cryptocurrency

A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography. Cryptocurrency made the leap from being an academic concept to (virtual) reality with the creation of Bitcoin in 2009. While Bitcoin attracted a growing following in subsequent years, it captured significant investor and media attention in April 2013 when it peaked at a record $266 per bitcoin after surging 10-fold in the preceding two months. Bitcoin sported a market value of over $2 billion at its peak, but a 50% plunge shortly thereafter sparked a raging debate about the future of cryptocurrencies in general and Bitcoin in particular.

Benefits of Cryptocurrency

Fraud: Cryptocurrencies are digital and cannot be copied or upturned randomly by the sender, as with credit card charge-backs.
Identity Theft: When you give your credit card to a merchant, you give him or her admission to your full credit line, even if the transaction is for a small amount. Cryptocurrency use a “push” machinery that allows the cryptocurrency holder to send precisely what he or she wants to the merchant or recipient with no additional information.
Immediate Settlement: Acquiring real property characteristically involves a number of third parties (Lawyers, Notary), delays, and payment of fees. In many ways, the bitcoin/cryptocurrency blockchain is like a “large property rights database,” says Gallippi. Bitcoin contracts can be designed and prescribed to eradicate or add third party approvals, reference external facts, or be completed at a forthcoming date or time for a portion of the expense and time required to complete traditional asset transfers.
Access to Everyone: There are approximately 2.2 billion individuals with access to the Internet or mobile phones who don’t presently have access to traditional exchange systems. These individuals are primed for the Cryptocurrency market.
Lower Fees: There aren’t usually transaction fees for cryptocurrency exchanges because the miners are compensated by the network (Side note: This is the case for now). Even though there’s no bitcoin/cryptocurrency transaction fee, many expect that most users will engage a third-party service, such as Coinbase, making and maintaining their own bitcoin wallets. These services act like Paypal does for cash or credit card users, providing the online exchange system for bitcoin, and as such, they’re likely to charge fees. It’s interesting to note that Paypal does not agree to take or transfer bitcoins.

Now that you have a fair understanding of what blockchain and cryptocurrency are and their benefits, get your hands on some XcelToken Plus and start trading it on one of the 14 exchanges that it is listed on!

XcelToken – Best Utility Token

XcelToken is a digital Decentralized Digital Assets, general-purpose utility token based on the ERC20 Ethereum protocol. It helps hotels, restaurants and marketing partners earn while participating, while travelers enjoy the benefits of a learner eco-system.

But some historical facts can show the revolution of money and digital currency. In 1661, banking institutions and their own state-sponsored banknotes were created in Sweden. Then a bank was created in England. Special laws and policies were created to prevent counterfeiting and various types of fraud. Since then, various world currencies have been used. Subsequently, they began to use digital currencies, e-wallets such as PayPal to streamline transactions and new technologies. And paper currencies were normalized. This is of great importance for reducing paper currencies.

People have shown great interest in using digital money. They are increasingly using electronic wallets and are interested in growth and the market with many options to use them. What is the best time to invest and use cryptocurrency through your digital wallet? Transaction and trading is much safer through the blockchain, through which a cryptocurrency is formed, than through a bank. Now you can use XcelPay Wallet – download XCELPAY APP now and try this multi-currency wallet in order to top up your mobile plans with Ethereum and XcelToken Plus. Are you still thinking about Cryptocurrency and Crypto Investment? Don’t think, buy it! And the best platform for this is XcelTrip, where you can buy XcelToken and other Cryptocurrency.

Earn and use in a growing market and switch to digital currencies. It is convenient, profitable, affordable and easy. With XcelPay, cryptocurrency account users can make payment across the globe by using several cryptocurrencies. For instance, XcelPay can be used to make or receive payment in XcelToken Plus, Bitcoin, Ethereum, and many other ERC20 tokens. Check it with XcelToken.