The World with Digital Currency (Cryptocurrency)

Change is the one constant that the world observes, and it is unavoidable. The information technology phenomena had the globe linked together by the end of the 1990s, and the Internet has undoubtedly altered the globe. Given that it is just about 20 years old, another paradigm revolution is on the way in the shape of the Internet of value or data technology. The world’s economies are taking a look at each other what may be the end of the world’s major financial intermediaries, banks? It was a frightening concept, but so were palmtops, where IT experts projected that everyone would be going about with a computer in their hands. Many people dismissed the idea, yet it became a reality sooner than expected. Nakamoto, a mysterious developer, created it in 2008. Bitcoin, a cryptocurrency, was introduced to the world. A ‘virtual currency, which is defined as any type of digital unit, used as a medium of exchange, a unit of account, or a form of stored value. The idea was close to the gold standard but with an alternative view. To tackle inflation and its value, Bitcoins have a predetermined number of having 120 million Bitcoins in circulation around the world for the next 25 years. At the moment, 16.5 million Bitcoins have already been mined. So, is this the currency of the world, without having any central authority?