Economy evolved, so did the needs of mankind !!

When the winds of change blow, some build walls while others build windmills and we were no different. Few were able to match up the pace while the ones who lagged got withered away with time

 

barter-to-bitcoin-infog

In the long history of Humankind those who learn to collaborate and improvise most effectively have prevailed.
CHARLES DARWIN

Neolithic to Chrometophobic

The journey from the caves to advanced economic corridors has been both edifying and guilt-ridden at the same time. We as human race have experienced both the Zenith and the Nadir of our economic times.

Ever would have, an Egyptian peasant in 9000 B.C., had imagined in his wierdest dreams that the cows he flaunted as his economic asset would be replaced by digital coins some day or could have an artisan imagined of selling his artifacts over a virtual network, around the world and that wouldn’t be more than- A piece of a cake!

..To their amaze time did not tickle much when the kingdom of Lydia (Now a part of Turkey), emerged with the dawn of a new economic era.


Coins for the first time, though irregular in shape and size, were considered as valuables and were used as a mode of exchange for goods and services.

Yet the world at this time was oblivious of the fact that on the other half of the planet , prevailed a much advanced monetary system in the form of paper currency.

This was none other than China itself, though Sweden was the swiftest in embracing the idea.

Eventually this concept of paper currency flooded the entire earth and transactions became much more compatible in comparison to Barter age.

Paper notes became the denomination for value and accepted as the mode of exchange, giving birth to a more complex yet convenient, form of economy.

Everyday is a bank account, and time is our currency

Ever since then, human race evolved to be much more civilized and social, and so did their financial system.With sudden increase in exchange denominations there emerged a necessity of storing them as well as strengthening them.

Its an accepted fact that Strength comes from multitude. As they grew in number fortune turned out to be misfortune. It became a hassle to store the currency since plunders became much more recurrent.

As necessity impregnated by the society gives birth to invention, this era was no different. This led to the idea of creating a site which can hold this fortune and protect it at the same time, on society’s behalf.

They were the first Banks though they were not termed the same. The notion of Warehouses to store and protect this juvenile concept of currency gave the early glimpse of Modern Day Banking System.

This institution soon became the foundation stone for the contemporary society wherein to imagine a society without banks was similar to imagining a castle without a treasure chest .

Banks served there purpose to the fullest but then this “@” century is less about doing more for money and more about making money do for us.

With technological advancements at a harmonic progression it seems to be an yesterday’s affair where the society was struggling to set itself free from the vicious chains of monetary mismanagement enticed by their personal motives.

Those who torment us for our good will torment us without end for they do so with approval of their own conscience.— C.S. LEWIS

The Beginning Of Monetary Menace

Affairs of banks were now not limited to mere banking but instead it got muddled up in vivid affairs, of vast paradigm.

The elementary errant of depositing and lending was now extending to acquire the entire currency in its niche.

With increased stature of banks in monetary system, power of common man over his hard-earned money diminished significantly. They got more centralised and became omniscent in the money market.

This in turn muffled our capacity to transact freely, without these gatekeepers, at our discretion.

Not only we were left to their mercy to allow or deny a particular transaction but also encountered various impediments that are further slowing things down!

How long did it take for the U.S. credit card companies to implement chip and pin?
Half of the U.S credit cards still don’t work in Europe- Who should be held responsible for the friction in the system?

Fiction: If you are a Paypal account holder and it falaciously flags your account as fraud. Your account gets frozen and you can’t get paid though the money they are holding is solely yours.

These institutions are encumbering the pace of innovation!
Think of the aggravation when a group of these institutions, which generally don’t interoperate controls the money supply-

Frequent blocks on payments and spiking transaction cost is all we get in our share.

The Silver Lining

Dark ages didn’t last long with the rapid evolution of internet technology, We were able to come up with a more reliant form of exchange that was completely digital and decentralized in form.

This negated the indulgence of clearing houses in day to day transactions. This helped in filling these social cracks which seeped out our hardearned money.

Yes! You are right, we are talking about Cryptocurrencies.

The emergance of this digital, programmable currency has phaced out our journey into two halves-

The analog phase where we dealt in these fiat currencies which could only matchup the human pace , and that was sluggish!
While in The Digital Phase the pace of money escalated significantly, however we were still at the mercy of these institutions.

Unlike the Fiat currency, cryptocurrency comes with a sway of being more durable and portable in comparison to its paper counterpart demolishing the barriers of Duplicacy, Currency Exchange Problems and Counterfeited Notes.

This is the time wherein we are ingressing towards the future of money. With this unprecedented combination of software and currency money becomes more than just a static unit of value.

This also cuts off the chains of dependability on these third party institutions. In this programmable era we are detaching humans and money from this vicious loop.

Money will be directed by the software and would flow unperturbed.

Cryptocurrency “The Cardinal”

Cryptocurrency is the first product of this evolution.
Digital money devoid of any control by any institution or an individual, designed for the world without intermediaries.

Cryptocurrency are based on a remarkable field of mathematics known as Cryptography. It is a study of how to secure communication.

It deals in two exceptional things-
1. Masking information so it can be hidden in plain site and
2. verifying the source of a particular information.

Cryptography underpins many of the systems around us,
Tracing back its history from World War II where decoding cryptosystems like ENIGMA was critical to decode enemy information and turning the tide of the war.

Contrary to that today anyone with a web browser is running a pretty sophisticated Cryptosystem.

It is being used to secure our interactions on the internet. This makes typing in our password and securing our financial information viable over the virtual network reducing our reliance on these gatekeepers.

Bitcoin “A Boon”!!

Bitcoin is the most prominent of the thousands of cryptocurrencies which already prevail.

The first cryptocurrency to be decentralized was Bitcoin, in the Year 2009 by a single or group of unidentified programmers under the Alias of Satoshi Nakamoto from Japan.

Now, where do Bitcoin come from?

There is a code that creates new Bitcoin as per schedule and to get those Bitcoins you need to crack a puzzle, a random cryptographic puzzle!

These cryptographic puzzles are too intricate for humans thus involving an array of computers to land on a particular number that would solve the puzzle.

The computer that solves the puzzle publishes its solution to rest of the networks and collects its rewards- that is “New Bitcoins”.


The ones who offer their computing powers to solve these intricate problems are known as Miners.

Professional miners use the special hardware that is designed to solve the puzzle at a turbo speed.

In the act of solving the puzzle these computers are indeed helping to secure THE BITCOIN BLOCKCHAIN. A network of incripted transactions that are happening all around the globe.

No sooner a does a transaction occurs than it gets recorded in this virtual network embedded in a block, that represents multiple transactions linked to one another in the form of a chain.

Thus defying all possibilities of alteration with the recorded transactions. This makes the network dead secure with no possibility of any intrusion.

This is a virtual ledger where all itcoins are recorded. This is a unique list of all the transactions that occurs in the entire Bitcoin network.

These records are not in the form of paper but instead these are computer codes running on thousands of networked computers around the world, these computers collectively confirms how many Bitcoins an individual owns.

Thus this Blockchain becomes the core of how Bitcoin works!

These Bitcoins have the virtue of its own. By using Bitcoins all your transactions become tax free since there is no involvement of any third party or intermediatries. Your Bitcoin wealth remains locked in a secure virtual locker that is Blockchain.

This is a dawn of an era with global programmable money, where you can pay without any need to sign up or take permission from a third party.

Now no more frets about conversion rate, and sending money around the world has become effortless!!

This seems to be an astounding idea and innovation of a permissionless environment.
This reminds of the internet that caused an explosion of innovation as it was based on an open architecture and just like the internet changed the way we communicate Bitcoin would change the way we transact.

What kind of world are we heading to?

Imagine a world where you can rent out your healthcare data to pharmaceutical company where they can run large scale data analysis and provide you the cryptographic proof that shows they are using your data in the way that you agreed upon, and they can pay you for the same.

Bitcoin is like the first car which could be slow and cumbersome, on the other hand the digital money is similar to the horse & carriage that works pretty well, with the whole world economy hinged upon it.

Now when we are at the brink of this magnificent era, the wise would be the one who could harness this future fortune and ripe maximum out of it.

What could be a better platform than COINOMIA itself? A platform that can equip you with capabilities to become a virtual miner without actually investing on the expensive hardwares required for mining.

This is an opportunity to secure your position in this evolving virtual economy through COINOMIA. This would be the dais that can fetch you millions while others would be striving to accustom themselves to this flood of change that is at the door.

While you are reading this, there are millions of transactions happening over the internet through these cryptocurrencies. Thousands of miners are regressively mining in various cryptocurrencies.

16 million Bitcoins have already been mined and are being used for various transactions worth millions. While miners are working heads down to secure the remaining 5.8 million Bitcoins, yet to be released. Its high time to set your sails correct, as time is flying way faster than we can assume.

So don’t be a downline of this brewing economy but instead be a miner of your own fortune.Secure a place of your own in this mining field just by joining COINOMIA.

Here in COINOMIA you would have an opportunity to become a virtual miner and start mining for your own Bitcoins, without bearing the hassle of maintaining expensive mining equipments.

So lets not miss the Bandwagon!! Be a virtual miner at COINOMIA. It’s time to strike on the iron, Believe me it’s HOT!!

Civilization is the limitless multiplication of unnecessary necessities.
-MARK TWAIN

Written by coinomia