Name: Hassam Durrani
Roll Number: 21110102
Islamabad: May 28, 2022 (TNS): “THE IMMATERIAL IS BECOMING, THE IMMATERIAL” was said by a great viceroy Lord Mount Baton of East India Company approximately two centuries ago. It can be applied in today’s world. Since the bronze age, the money used was made of metallic coins, primarily gold and silver. Then the Chinese used the first paper money in the 7th century, invented by Tang Dynasty. However, the actual application of paper money was not started until the 11th century by the Chinese Song Dynasty. This step was an invention of breaking down the value of gold into some papers that still represent the gold. It is the basic fundamental of calculating the strength of any currency used by the countries.
Crypto-currency is an innovation in the paper-form tangible currency through which daily and large sums of transactions can also be performed. Cryptocurrency, sometimes known as crypto-currency or crypto, is any digital or virtual currency that employs to protect transactions; encryption is used. Cryptocurrencies do not have a centralized issuing or regulatory authority. They have to rely on a decentralized system to track transactions and create new units.
Cryptocurrencies are based on the blockchain, which is a distributed public database that keeps track of all transactions and is updated by currency holders. Cryptocurrency is generated via a process known as mining, which involves employing computer processing power to solve complex mathematical problems that result in coins. Users may also purchase the currencies via brokers, then store and spend them using encrypted wallets.
One does not possess anything concrete if he holds a bitcoin. One has a key that enables him to transfer a record or a unit of measurement from one person to another without the involvement of a trusted third party. In terms of financial applications, cryptocurrencies and blockchain technologies are still in their infancy, with more to come. Bonds, stocks, and other financial assets might all be traded in the future using technology.
Different types of cryptocurrencies:
Bitcoin was the first cryptocurrency that was introduced to the world, and still, it is currently the most widely traded, having been launched in 2009. Satoshi Nakamoto created the currency, commonly assumed to be a pseudonym for a person or group of individuals whose true identity is unknown.
Ethereum is a blockchain setup, and its cryptocurrency is called Ether (ETH) or Ethereum. The company started its operations in 2015. This is the second most famous crypto coin after bitcoin.
This money is the most comparable to bitcoin, but it has moved quickly to create innovations, such as speedier payments and procedures that allow for more transactions.
The Ripple coin was found in 2012. Ripple may monitor a variety of transactions, not simply bitcoin transactions. It was developed in collaboration with several banks and financial organizations.
As per the analysis of the researchers, Crypto-currencies are the future commodities as real estate is to this era. In the futureone will have to hold a crypto-coin along with a real estate or any other fixed asset in order to survive. Banks and other financial institutions will have to start investing in the crypto-start-ups, which basically are Unicorn start-ups, if they want to survive after 100 years. Company like Tesla accepts (or used to accept) Bitcoins as a payment made against procurement of their vehicle.
A great Leader once said “Nations who do not take care of their middle class, are the one which fall the earliest”. Pakistan is called 3rd world country because of its lack of finances. The interest rates given by the IMF are increasing day by day hence depreciating the Pakistani Rupee. The buying power of Pakistani Rupee is depleting; hence the prices of daily needs are being increased on a daily routine.
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If Pakistan had the potential to produce Oil, Gas or Gold, it would had done in the 70’s or 80’s. Financial Innovation has given the Pakistani’s a new chance of building their economy and move towards the 1st world country list. If our Leaders and Financial Diplomats fail to understand and see the future, our survival would be nothing but “GOD’s Will”. Our Leaders should support the individuals who are fighting for the legalization of Crypto-currencies and should start investing in it as well.