SAU1 Blog Post 5: Cryptocurrencies and Blockchain

    People use ''money'', like banknotes, coins or precious metals to trade with others for a long time, we use money to get the stuff that we need in our daily lives. But after the financial crisis, people started thinking about how to improve the monetary system. So that's how more and more people prefer use the cryptocurrencies, as a medium of exchange and blockchain to complete the transaction. 

    Bitcoin is the first decentralized cyptocurrency invented by Satoshi Nakamoto in 2009. It is a kind of  digital coin which store in the digital wallet on computers or smartphones, we can sent it through the internet to buy things. Compare with other currency, bitcoin has a lot of advantages. The first one is, bitcoin is a worldwide payment system, people can use it in every country. The second one is. bitcoins are transferred from person to person through the net, not going through the banks or other agencies. So people don't need to pay for the fees, and also the account won't be frozen. The third one is there are not any limits so everyone can use the bitcoin. And the most important one is, all of the transactions will be recorded in a public ledger to make sure there are not any problem like fiddle the accounts.

    Although there are many virtue of bitcoin, but the development of this rising merchandise way may affect the traditional financial industry, and even cause another kind of industrial disaster. How to get a balance between the new and the old system is a issue that people must think about.