Introduction

My topic is on cryptocurrency and how it's the future of money. Our current monetary system has numerous troubles including inflation and being controlled by a central government. Digital currency was created to solve these issues. The history starts in 2009. Learning about cryptocurrency is important because understanding the tools we use to exchange value are critical to freedom. The adoption and growth of cryptocurrency are expanding on an exponential curve. Cryptocurrencies are a fast, digital, and secure means of storing and moving value. In addition to being used as a currency and store of value, there are many other uses which are redefining entire industries in real time. Smart contracts, decentralized finance, and decentralized autonomous organizations(DAO) are three of the more promising uses. As currency, it will disrupt the traditional roles of banks and central banks. DAO’s will disrupt corporate governance, structure, and ownership. Decentralized finance will disrupt traditional lending and investments. Smart contracts will disrupt real estate, legal, insurance, and many governmental and commercial functions.

Now for a little history on cryptocurrency. Since it only started in 2009, the timeline for this digital money is relatively short, but the breakthroughs are many. First in 2010 when the system was still new, one of the major exchanges was hacked. Millions of dollars in cryptocurrency was stolen. Still, the Bitcoin blockchain has never been hacked . Then in 2011, rival cryptocurrencies began to emerge like Litecoin and Swiftcoin. Later in 2016, adoption of cryptocurrencies increased. Many more bitcoin ATMs start appearing and many countries start accepting the currency. Just in the next year a “Bitcoin cash hard fork' occurs. This splits Bitcoin in half, BTC and Bitcoin cash. During this year, Bitcoin became worth more than gold. In 2018 the biggest crash in the cryptomarket hits. Now, in the future researchers say that replace more than 25% of national currencies. As the functions, stability, and understanding continue to increase in the crypto space, our monetary landscape will transform. The separation between those who understand and use this technology versus those who don't will become vast and real life consequences will result. The reason I wanted to research cryptocurrency is because it is a very interesting topic as well as my financial future depending on it. I think that it's important not only as a form of currency but will fundamentally change many aspects of business, government and life.