Like today, in the past, no society has been prearranged all the requirements, therefore, they obliged to back to Swap of additional products, which can be called the beginning of marketing in history. Then human beings have made money to avoid dangers, create alliances and friendships, and respond to the new situation.
The history of Money
Six hundred years ago, King Lydia Elitts made the first official currency and spread it as a mixture of gold and silver. In the history, the value of this currency is different, some say; it was valued to seven sheep. In the year (1200 BC), the Chinese distributed various kinds of coins and money. The idea of printing paper money happened when merchants placed money in banks, instead of gold and silver coins, they receive paper money because it was easier to carry and use. Later, money printing has changed to the way that is seen and use today.
What is E-Money?
Electronic Money “digital cash or e-money” refers to the money or assets that is sold electronically, the dealings are working through computers, the Internet and that program that can be used on a computer. The exchanges include electronic money, sending electronic currency and the delivery will be direct.
The history of electronic currency
Bitcoinis the first electronic money distributed for the first time in 2008 by a person or group called “Satoshi Nakamoto”, a major Australian businessman in 2016 claiming that he was the first Bitcoin founder. In 2009, Bitcoin was dealt with for the first time. The Bitcoin’s observers say the goal of changing the world economy is how the Internet has changed its way of publication. Currently, 5,800,000 people deal with Bitcoin.
1)Bitcoin’s custom is very low because the third party is not participated in exchanges and transactions.
2)The secret of its transfer is kept secret because no bank or financial institution can monitor the dealings.
3)It is a global currency, Bitcoin and similar currencies have no geographical boundaries.
4)The risk of inflation is low, because until now only twenty-one millions of it has been produced.
5)Easy to carry, one billion dollars can be saved in a tiny flash memory.
The future of Bitcoin currency
Deciding on the destiny and future of Bitcoin is impossible, by way of most countries around the world prohibit the use of this currency by law, such as; The United States of America, Britain, Switzerland, Saudi Arabia and etc. The Kurdistan Region Government (KRG) has also banned dealing of “Bitcoin” and similar currencies through the interior ministry. Nevertheless Germany has only introduced this currency by law, thus through this way they can be able to impose taxes on the profits of the transaction. Additionally, this currency affects the dealing of The World.
The important question here is what will happen, if the entire twenty-one million Bitcoin are used? Bitcoin is produced only this amount. Moreover, it is very expensive to match because it used (110 Terawatt) electricity per year, which is the same as the electricity of Sweden and Malaysia.