Crypto CurrenciesMBMX Metal Backed Money
Crypto currencies is a method allowing parties to send and receive secure, unchangeable data, laying the groundwork for future electronic cash transfers.
Before the advent of crypto currencies, the technical foundations of crypto currencies can be traced back to the early 1980s, when David Chaum, an American crypto curriences, developed a “blinding” method that is still used in modern web-based encryption.
The method allowed parties to send and receive secure, unchangeable data, laying the groundwork for future electronic cash transfers.
About 15 years later, an accomplished software developer named Wei Dai published a white paper on b-money, a virtual currency design that included many of the essential components of modern crypto currencies, such as extensive anonymity safeguards and decentralization.
Other Crypto Currencies
In contrast, B-money was never used as a medium of exchange. In the late 1990s and early 2000s, more traditional digital finance intermediaries arose.
One of them was PayPal, which made Elon Musk, the Tesla founder and noted crypto currencies enthusiast, his first fortune and proved to be a forerunner of today’s mobile payment technologies, which have grown in popularity over the past decade. However, there was no actual crypto money until the late 2000s, when Bitcoin appeared on the scene.
Crypto Currencies Boom
Bitcoin is usually considered the first contemporary crypto, as it was the first publicly used method of trade to combine decentralized control, user privacy, blockchain-based record-keeping, and built-in scarcity.
Satoshi Nakamoto, a pseudonymous person or group, first proposed it in a white paper published in 2008. In early 2009, Satoshi Nakamoto made Bitcoin available to the general public, and a small core of ardent believers began exchanging and mining the crypto currencies.
By late 2010, the first of dozens of copycat crypto currencies — including popular alternatives like Litecoin — had begun to emerge. Around the same time, the first public Bitcoin exchanges formed. WordPress became the first major shop to accept Bitcoin payments in late 2012. Others followed, including Newegg.com, Expedia, Microsoft, and Tesla, an online electronics shop. Thousands of merchants now accept the world’s most popular crypto currency as a valid payment method.
New Crypto Currencies
New crypto currencies applications appear regularly.
Even though few cryptocurrencies other than Bitcoin are generally accepted for merchant payments, a rising number of active exchanges allow holders to trade their coins for Bitcoin or fiat currencies, offering crucial liquidity and flexibility. Big business and institutional investors have been keeping a close eye on the “crypto area” since the late 2010s.
The History of Crypto Currencies
David Chaum, an American cryptographer, invented ecash, an anonymous cryptographic electronic money, in 1983. Later, in 1995, he put it into practice with Digicash, an early form of cryptographic electronic payments that required user software to withdraw banknotes and designate specific encrypted keys before sending them to a recipient. This made it impossible for the issuing bank, the government, or any other third party to track the digital currency.
The National Security Agency published a paper, How to Make a Mint: The Cryptography of Anonymous Electronic Cash, in 1996, describing a system first on an MIT mailing list.
Satoshi Nakamoto, a presumably pseudonymous developer, created the first decentralized crypto, bitcoin, in 2009.
In its proof-of-work scheme, it used SHA-256, a cryptographic hash function. Namecoin was created in April 2011 as an attempt to create a decentralized DNS that would make internet censorship extremely difficult.
Litecoin was launched shortly after, in October 2011. Instead of SHA-256, it used script as its hash function. Peercoin, another well-known cryptocurrency, used a proof-of-work/proof-of-stake hybrid.
The UK Treasury announced on August 6th, 2014 that it had commissioned a study into crypto currencies and what role, if any, they might play in the UK economy. The goal of the study was to see if regulation should be considered. Its final report was published in 2018, and it issued a consultation on crypto currencies assets and stablecoins in January 2021.
El Salvador became the first country to accept crypto as legal tender in June 2021, after the Legislative Assembly voted 62–22 in favor of a bill introduced by President Nayib Bukele to classify the crypto as such.
Cuba followed up with Resolution 215 in August 2021, recognizing and regulating crypto currencies like bitcoin.
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Buy, sell, and trade on the go.
Take control of your wealth.
Only you have access to your funds.
Move money freely.
Send / receive anytime, anywhere.
No questions asked.