Over the years, money has evolved drastically because of man’s need to constantly buy or sell value. The evolution of money has taken different forms over time ; cowries, coins, paper money and the list goes on.
In present times, money can be divided into three categories : Fiat money (currency) and digital (money) currency.
This is a currency that is government issued. This form of money only has valued based on how the government maintains it’s value.
This gives the central bank so much power over the circulation of money because they get to control how much money is printed.
Most printed money that circulates in any country or nation is referred to as Fiat currency. For example, the Canadian dollar, US dollar, Euro, Naira and the likes.
Digital money (Currency)
With the advent of technology, man had to transact electronically and there is a limit to what fiat currently can do to make these transactions hitch free.
This is where digital currency comes into play. This form of currency is one that is only available in digital /electronic form which means it can only be accessible through electronic gadgets like phones and computers.
It is under this form of currency that we have a type of currency which has gradually gained recognition and value in recent times ‘Cryptocurrency’. Let’s talk about cryptocurrency a little bit.
Cryptocurrency is a type of digital currency that is designed to serve as a medium of exchange. This system uses strong cryptography to secure and verify transactions, control the creation of crypto coins and monitor / verify the transfer of coin ownership.
The difference between this and some other digital currencies is that it is neither issued nor controlled in most cases by a central authority.
It typically makes use of decentralized control and works through a distributed ledger technology known as a ‘blockchain’ and it serves as a public financial transaction database.
There have been different theories that digital currencies especially the likes of cryptocurrency would replace fiat currency in years to come.
As of this writing, there are more than 4,000 cryptocurrencies in the world. This has brought about the fast growing rate of technology and the adoption of man to the new normal which is electronic /digital transactions.
Examples of cryptocurrencies are Bitcoin(which is gradually becoming a crypto asset), Pinkoin, Ethereum amongst many others.
It is important to note that even though all cryptocurrencies are for electronic transactions and can only be acquired electronically, their mode of acquisition and prerequisite for value differ.
There are some coins that are strictly for commercial trade like Bitcoin whose value is based on demand and supply unlike some other coins that are USER BASED like Pinkoin which is backed by human asset.
In reality what determines the value of Pinkoin are human beings. Pinkoin is the first reserve cryptocurrency and the first of its kind
The world of cryptocurrency promises to give to the people “The Power of Money” and the world is beginning to see how powerful the blockchain technology is and we are even yet to see what it can do in it’s fullness.
In the context of solution to the financial sector, Pinkoin has come a long way in solving this monetary problem faced by the whole world today.
It could be used for instant transaction without any fear of price or value fluctuation and it has also proven it’s ability of giving the power of money back to the people as one of the things that the advent of cryptocurrency promised to give back to the people.
Stay tune for our extensive discussion about the Genesis Technology. We are going to explore this amazing technology together and see what it can really and truly do for humans
In some part of the world, people are already building Energy on this Genesis Technology, Multi-billion dollars company are investing heavily on this amazing technology.
Very soon we will look around us and we will realize that everything we use as humans are already built on this Genesis Technology. Stay tune as we explore the new possibilities