Why Cryptocurrency?

The need for cryptocurrency can be understood by
tracing the history of money and the need for money. Human Beings have always relied on trade or exchange to sustain themselves. This is because one person did not have everything that was needed to survive resulting in the need for a system that facilitated easier trade amongst humans. This brought about the introduction of ‘Barter’ system where humans exchanged goods or services for other goods or services without using any medium of exchange. This was purely based on wants and the needs were satisfied if they were lucky to find a person who had what they needed. This was a complex system and it failed leading to a need for medium of exchange of goods. Metals like coppers and other precious metals were used as currency. This was soon changed to coins and as time progressed people started printing paper currency and assigned value to it. Money facilitated seamless transactions between people there boosting trade. This brought about the introduction of Fiat currency — a legal tender that is issued by the respective country’s Govt. whose value is backed by the Govt. providing it and not by any precious metal such as Gold.