Cryptoblog.net.au is an Australian based news and information site that takes the complexity and jargon out of crypto currencies, trading and mining, allowing you to make sense out of what can sometimes be complex topics. Each week, we update the site with new and informative material so that you can make informed decisions concerning all things crypto.
Let’s see what the dictionary says about currency:
cur·ren·cy | ˈkər-ən(t)-sē , ˈkə-rən(t)-
a: something (such as coins, treasury notes, and banknotes) that is in circulation as a medium of exchange
b: paper money in circulation
c: a common article for bartering
d: Furs were once used as currency.
The invention of currency and trade dates to before we humans had a written language. At first, we traded or bartered with goods and services.
Joseph trades the canoe he made for nine bags of apples that Lagathar picked.
We quickly realised that not everyone needs canoes or likes apples, so we came up with another way where we could trade common ‘things of value’. These ‘things of value’ were sometimes clay tokens, sometimes pieces of metal, like bronze, silver, or gold. These ‘things of value’ we now called currency.
Joseph trades the canoe he made for 15 pieces of bronze. Joseph then trades one piece of bronze for a bag of apples. Lagarthar trades the remaining bags of apples with other people for bronze. Joseph is happy he doesn’t have to eat only apples for a week.
We progressed from clay tokens, to gold and silver pieces through to Dollars, Rubles, Euros, Yen, Pounds, and lots more.
We now have Crypto. And lots of different types of crypto, it can get overwhelming.
A cryptocurrency, crypto-currency, or crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerised database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
In January 2009, the Bitcoin network was made public and the birth of crypto-currencies ensued.
The total market capitalisation of all crypto-currencies as at May 2021 is a staggering:
We will get more into the detail of who, how, why and what this all means, how this might affect you.
So welcome aboard. Please stick around because we are still at the very beginning stages of the crypto journey.