The definition of currency seems to be a system of public money in a particular country. Even modern currencies, precious materials, such as gold, silver, and copper, were mined in the form of coins in the way of the official currency system in the kingdom of kings who ruled the world in previous years. Once a bag of gold was used as a form of exchange of goods.
Another form of exchange existed in Roman times when goods and services were exchanged with bronze metals. It has been called fiduciary currency. That was before 1500 AD, and we traveled a long way in 2000 AD, but it is right and proper that we now live in the 21st century, equipped with comprehensive digital information technology, as we manage nearby ATMs.
ATM is a type of electromechanical device used to make financial transactions from our bank account. To support the heavy use of ATMs, we have plastic money in the form of credit and debit cards that make our lives easier, depriving us of additional security when we handle cash. Satoshi Nakamoto invented Bitcoin in 2009.
Here, the transaction fees charged by banks and card companies are canceled. Some have an idea about btc since it takes away the monetary power from banks and the government. We can take the example of Argentina, where inflation of 11% is attributed to the extensive use of currencies.
The decentralized digital peer-to-peer currency of Internet money is controlled by cryptography, as when creating your bitcoin digital wallet; This is given to you in two parts.
The checkbook form, the deposit, and the withdrawal of traditional bank checks were replaced in Bitcoin through the address and password. One of them is known as the open part, that is, the address that usually gives the other person to know where to send the money, and the secret part is the key.
What is Key secret here?
The Bitcoin digital asset is a key used to “sign” transactions using open source software that solves mathematical problems. Take the amount, the sender’s address, the recipient’s address, and a password mix it with the math and issue a signature. The nodes of the network verify the transactions and written in a distributed public register, called blockchain.