Change they say is inevitable and we have all seen and watched this assertion come into play in the financial sector today. Finance simply has to with money and anything accepted as a means of exchange. Before delving into the why and how Satoshi Nakamoto has changed finance, let's digress a bit to the origin and evolution of finance/ money. Way back in the stone ages, there were no such thing as paper money, credit cards, automated teller machines (ATM), online banking or cryptocurrency. History has it that the world then adopted the use of cowries and beads as a medium of exchange.
As time went on, they moved away from cowries and beads to the trade-by-barter system and then the use of coins. In the trade-by-barter era, people exchanged what they had for what they needed at the moment. So, in case you had rice but no stew, all you needed to do is simply locating a person that had stew and initiate the exchange. That appears to be a lot of work for me. Still in the money evolution, the world then migrated from coins to use of paper money, online banking, credit cards and gradually, it is moving completely to cryptocurrencies.
Truth is, no one person or entity to stop this from happening. It may take time but there'll definitely come a time where there'll be no paper money in existence. Technology cannot be stopped so, it's best to get positioned for this paradigm shift.
The Beginning of Cryptocurrency and it's Impact on Finance
In 2008, a person or a group of persons with the pseudonym Satoshi Nakamoto saw flaws in the Fiat system and then decided to adopted blockchain technology in creating the father of cryptocurrency - Bitcoin. Ever since the creation of Bitcoin, we have seen thousands of alternative coins being created for the purpose of exchanging value. Cryptocurrency makes transactions easier when compared to the centralized banking and fiat system.
With Fiats, a middleman was always needed in the entity of banks to complete a transaction from person A to Person B whereas with cryptocurrency, transactions is simply peer-to-peer with the aid of blockchain technology; no banks needed. Cryptocurrency has changed finance in so many ways. In time past, it was usually a tedious and Herculean task when trying to send funds from a person country to another country. But today, with just few clicks on your phone or any internet connected device, you can transfer any amount to wherever you want to.
Stress has been eliminated as cryptocurrency makes transacting simpler and easier. Also, banks only offered a little percent returns on funds locked in an account but with cryptocurrency, there are many opportunities to invest your funds and get better returns daily, weekly, monthly and yearly. This change has come to stay; they earlier some persons understand this, the better.
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