Internet money generation and development of the Internet society, the inevitable trend of economic development. More than 3 billion Internet users in the world have made a large amount of freely circulatable monetary demand in the social and economic activities on the Internet. Internet money has broken through the limitation of time and space and the exchange control of existing currencies based on national credit, and is in line with the characteristics of social and economic activities in the Internet era. From the current development point of view, the Internet can be roughly divided into two types of currency, one is issued by the Internet community, and was accepted by community members and members of the community circulation of virtual currency, such as Tencent's Q coins, This kind of community virtual currency has been recognized and used by more and more people along with the expansion of the scale and community influence of the Internet community. However, its currency value is often fixed current currency and does not have an impact on the existing monetary system; the other is emerging Encrypted virtual currency based on Internet information technology such as blockchain, such as bitcoin, etc. This encrypted virtual currency has the characteristics of decentralization and anonymous circulation compared with the current legal tender currency, and often does not have the central issuing authority but It is run by computers in network nodes based on software-specific algorithms, generated through a large number of calculations, and can be distributed anonymously worldwide.
Bitcoin, which was born in 2009, is the earliest cryptocurrency generated. It is a revolutionary exploration of the function of Internet money. Its issuance and circulation system has, to a certain extent, broken the monopoly of current currency issuance and is considered as the future currency. After bitcoin, various kinds of virtual cryptocurrencies based on bitcoin-related principles have emerged. Although virtual cryptocurrency, represented by bitcoin, still can not shake the current legal tender's position, it has built an Internet-based currency issuance and circulation system and started to practice in the Internet society. A growing number of countries and financial institutions have realized the impact of Internet currency principles, technologies, innovations and trends on the existing monetary system. Japan formally adopted Bitcoin as a legal payment method in April this year to further promote the legalization of the Internet currency. Japan has become the largest Bitcoin trading nation in the world. RIPPLE Open Payment Network based on blockchain technology has been increasingly used Of large financial institutions to accept for cross-border payments, reduce transaction costs; Bitcoin and other Internet currencies. Related venture enterprises have also become the focus of venture capital investment. Although the current Internet currency is still marginalized and still in its infancy, showing the characteristics of brutal growth, but the innovation it brings is of great significance to the future financial development.
The most remarkable innovation in the history of currency when virtual currency existed. Digital currency brings change in the global economy. During old times, transactions are too hassle. It counts million times just to transfer money to your love ones. Fortunately, the use of digital currency makes transaction easy, fast and more secured.
Nowadays, digital currency becomes reliable and safe. Numerous of people have trust on how it works. Specially when bitcoin comes and blockchains were made. Bitcoin helps poor people to become successful, makes poor country develop and ease the global problems regarding in financial and economics.
I believe that time by time we will see the development of our world by the help of internet currency and internet trends will be more useful than what I saw from the past few years. A lot of thanks for those who sacrificed just to move us in upcoming global crisis.
