Money Evolution: From Appearance to Cryptocurrency

The money is the most genius invention of mankind. During its long history, it has repeatedly changed its conceptual design. And each stage was accompanied by a qualitative leap in the development of human civilization. In this article we will talk in detail about money, its history and future prospects.

1. The main functions of money

The Money is fairly universal tool with the help of which you can perform many tasks.

  • Circulation tool. In turnover, money is a mediator. In order to effectively perform this function, money should be easy to deal with, and its transfer from one person to another should be fulfilled as soon as possible.
  • Payment tool. Each product has its own price, money allows to simplify the process of exchange of goods and services significantly.
  • Accumulation tool. Some of the unused funds can be accumulated for the future, but it is very important to diversify risks and not to keep money in one currency, because, in terms of inflation, its purchasing power in future may significantly decrease.

2. The origin of money and its evolution

The money origin is rooted to the times of primitive people. The development of money can be divided into several stages.

  • The first money. The money did not exist as such in human civilization at an early stage of its formation, at that time primitive people had barter. The first elementary monetary funds began to appear at the time of the division of labor. Different tribes used the various goods which were available to them  as the money. For example, cocoa beans in Mexico, animal skins in Siberia, pearls in South America were used as currency, etc. Salt was another valuable resource.
  • Metal money. With the development of civilization, money acquires a metallic form. In the VII century B.C. the first coinage appeared. This format of monetary funds becomes very popular all over the world. The primary materials of which were gold, silver, copper and bronze. This type of money significantly increased the sales turnover between people and brought human civilization to a fundamentally new level. During this period begins the accumulation of large capitals.
  • Paper money. In 910 A.D, in China, the first paper money appeared. The appearance of banks marked the beginning of a new era of market relations. Banks have become major custodians of values. People handed them their money, and received paper certificates in return. This format have become so popular that over the time these certificates began to be considered as money, which we can observe nowadays.
  • Electronic money. A year of 1991 becomes a critical point in history, this is the year when the Internet begins to function. Banks actively pick up this technology and begin to use it after a couple of years. Digital money is much faster and more secure than paper analogues. They are still the most common type of monetary funds.
  • Bank cards. The world’s first plastic card was issued back in 1950, it was  used in order to pay for dinner in certain restaurants. And only in two years after that, the first bank credit card was issued  in the USA.
  • Digital coins. The history of cryptocurrencies begins in the end of 2008, it was the first time when people heard the word Bitcoin. The main feature of cryptocurrency is the lack of a single center that controls emissions and acts as an intermediary in the course of transactions, digital coins also can be mined, i.e., engaged in mining.

3. Prospects of cryptocurrencies

Some experts predict a total collapse of cryptocurrencies, other experts predict the world recognition and almost the transfer of all the wealth of mankind into blockchain. What does really awaits the cryptocurrency industry in the future? In fact, there is not a single person who will be able to predict its further development by 100%. We can only assume certain scenarios based on certain facts.

  • It should be noted that a very technological and a universal technology such as  blockchain lies at the roots of cryptocurrencies. Potentially, it can be used in almost any field of activity.
  • Cryptocurrencies have altered the very essence of the money: no one controls them, they can not be banned or blocked.
  • Even against the background of the deep correction of 2018, large companies, funds and private investors are beginning to be interested in cryptocurrencies.
  • The governments of the largest countries are developing a legal framework for the market. This will allow to promote cryptocurrencies  massively.

Along with that, the mass media is overloaded by bad news which is one of the reasons for the protracted correction. If you look at the cryptocurrency chart in longer term, you can clearly see the liquidity of cryptocurrency assets (20x growth), even taking into account their rollback from peak values by 70-90%.

Source: CoinMarketCap

4. Conclusion

Money is the greatest invention of mankind, they became the catalyst of the progress of human civilization. We are witnessing the formation of a new type of money such as digital coins. Only time will tell whether cryptocurrencies will be able to take a palm of victory and push out paper and electronic money. But it is worth noting that in the long run they have all the chances to do that.

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Malware From The Pirate Bay May Hijack Website To Steal Crypto

The movies downloaded from The Pirate Bay bring a malware to the user’s computer. That was the conclusion reached by a security researcher, with the nickname  0xffff0800 in Twitter. He told that when he downloaded a movie ‘The Girl In The Spider’s Web’ from TPB, a .LNK shortcut with CozyBear malware got to his computer.

However, the Cozy Bear malware is just a decoy, the real thing that brings damages is Powershell commands. Once the malware reaches the computer, it carries out malicious actions, like disabling Windows Defender and installing viral extensions in Firefox and Chrome browsers. Moreover, it edits the appearance of the website on the user’s computer.

The movie is an application itself which links the computer to the external malicious servers.

Source: Bleeping Computer

Moreover, the newly installed viral extensions can modify the JavaScript code and add some advertisements to the main page, like it is shown below.

Source: Bleeping Computer

What is the most dangerous is that the malware can edit the appearance of the web page and add or change the information without the user’s awareness, this ability allows the malware to steal the crypto. For example, if the user open Wikipedia page on a compromised system, he/she is likely to see the message saying “Wikipedia now accepts donations in form of bitcoin” and a ‘DONATE’ sign. All the donations will go to the hacker.

Source: Bleeping Computer

In addition, the malware is able to change crypto wallet addresses provided on the pages. Unfortunately, you will not even notice how the hacker stole your money.

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Cryptocurrency Prices Today, January 18: Cryptocurrencies Are Relatively Stable

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coingecko online platform, Bitcoin (BTC) added 1% over the past 24 hours. The price at the time of writing is $3611 per coin.

Cryptocurrencies are demonstrating both slight increase and decrease:

Bitcoin Cash added 0.61% over the past 24 hours and costs $129 per coin;

Ripple grew by 0.21% and costs $0.32;

EOS increased by 2.72%, and its price is $2.51;

Litecoin gained 1.1%, and its value is $31;

Cardano added 1.62%, and its cost is $0.046;

Stellar gained 2.44% and costs $0.10;

IOTA increased by 5.41%, and its cost is $0.31;

Dash grew by 2.21%, and its price $72;

Monero became more expensive by 0.35% and costs $45.

Over the past 24 hours, Ethereum added 0.66%. The rate of the coin is $123.

The total market capitalization is $122 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, this is $64 billion.

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BitPay Transactions Surpasses $1B in 2018, B2B Payments Records 225% Increase

BitPay is a US-based bitcoin payment provider which has recently announced its financial results of the past year. The company has processed over $1 billion in transactions alone. Moreover, its B2B payments record 225% increase in compare to 2017.

The main reason of such a lift-off is that Bitpay added a lot of new clients, like Dish Networks, HackerOne, and the State of Ohio, as well as many other law firms, data center providers, and IT vendors.

The CEO of BitPay, Stephen Pair, commented on this development:

“BitPay’s B2B business continues to grow rapidly as our solution is cheaper and quicker than a bank wire from most regions of the world. To process over a $1 Billion for the second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.”

BitPay mostly supports Bitcoin transactions, however, it also supports payments with Bitcoin Cash, Gemini, and Paxos. During that year a lot of companies had to lay off their employees due to the market situation, yet, Bitpay conversely increased its manpower by 78 percent in the past year.

In addition, BitPay is attractive to the investors, in 2018, it raised $40 million in Series B funding round taking the total raised capital to $70 million.

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Cryptocurrency Prices Today, January 17: Cryptocurrencies Are on the Border of the Red and Green Zones

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the online platform Coingecko, Bitcoin (BTC) lost 0.8% over the past 24 hours. The price at the time of writing is $3582 per coin.

Some cryptocurrencies slightly decreased, others added in price a little:

Bitcoin Cash lost 2.6% over the past 24 hours and costs $126 per coin;

Ripple dropped by 1.1% and is $0.32 in rate;

EOS added 0.34%, and its price is $2.44;

Litecoin decreased by 2.66%, and its value is $30;

Cardano grew by 1.3%, and its cost is $0.044;

Stellar fell by 1.73% and costs $0.10;

IOTA lost 3.42%, and its value is $0.29;

Dash dropped by 0.52,% and its price is $71;

Monero became more expensive by 1.21% and costs $45.

Over the past 24 hours, Ethereum lost 2.17%. The exchange rate of the coin is $121.

The total market capitalization rose to $121 billion. Bitcoin accounts for 52.4% of the total volume. In monetary terms, it is $63 billion.

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Crypto Exchange Bittrex Partners With Bitsdaq To Conquer Asia Market

One of the biggest US-based cryptocurrency exchanges, Bittrex, announced that it was partnering with Bitsdaq to open a special trading platform in Asia. This platform will provide different digital assets to the Asian investors.

Moreover, Bitsdaq will operate on Bittrex technology and will be built based on Bittrex’s experience in the blockchain.The platform will allow users to trade various digital tokens, including tokens a available on the Bittrex exchange.

The Chairman and CEO of Bitsdaq, Ricky Ng, said:

“We are honored to bring Bittrex’s extensive cryptocurrency options to the Asia market.….It takes a unique combination of advanced technology and financial expertise to launch an efficient, reliable and secure platform for trading digital assets in Asia. We found the ideal partner to help provide a safe environment for our customers and the entire community.”

In accordance with the statement, the Bitsdaq platform will control a lot of things connected to the management of the platform, such as customer support, marketing, sales and customised development. In addition, it will take care of customer operations.

The day of the launch is yet to be announced, though customers can pre-register for an account on Bitsdaq’s website.

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Coingecko Publishes Its Annual Crypto Report for 2018

The online platform Coingecko published it crypto report for the passed year of 2018, where it analyzed the most important events in the crypto industry, including the market trends, crypto thefts, ICO news, stablecoins, Bitcoin Cash wars etc.

As for the market tendencies, there is no doubt that 2018 was the year of collapse. The total market capitalization decreased by whopping 78.85%, with the main period of decrease falling onto Q4. Meanwhile, the trading volumes remained quite stable.

Regarding the top-5 coins in the rating, they decreased as follows:

  • BTC – by 73%;
  • XRP – by 82%;
  • ETH – by 84%;
  • BCH – by 93%;
  • EOS – by 66%

The largest crypto exchange by the end of 2018, according to the trading volumes, turned out to be Bithumb, followed closely by ZB.com and Binance.

As for stealing cryptocurrency, the estimated money loss from criminals and scammers amounted to around $867.45 million. The biggest crypto theft was Zaif hack which took place in September and resulted in the theft of $23.5 million.

The most popular blockchain platforms for creating decentralized apps became Ethereum, EOS, Steem and Tron.

The synopsis of the stablecoin development in 2018 looks the following way:

Thus, we can definitely see that though 2018 was a hard year for crypto and there were much more downs than ups, the industry is still afloat and developing. Hopefully, 2019 will be a better year.

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