Bitboy will take you through a brief evolution of currencies
Click to watch the video here!
In the past, people used commodities such as shells and jewellery as currency. Due to their rarity, they were used as a store of value.
We then moved on to using banknotes. Banknotes are cheap to produce, yet can be traded for high valued goods. This is because they are backed by the government. With the rise of the internet, we went from banknotes to money of account. In our bank account, figures are added or subtracted when we receive salary or make purchases. Only banks have the right to alter our bank accounts.
During the 2008 global financial crisis, the Federal Reserve used its power to increase the supply and circulation of money.
Satoshi Nakamoto found this unreliable and worked on the creation of a new payment system where everyone has bookkeeping rights, controlled currency supply and a completely fair and transparent ledger system.
That is the driving force behind the birth of Bitcoin.
Huobi Pro will post a question in our Tweet via our Twitter account each time we put up an episode of Blockchain 101 post on our Twitter account, first 20 people who answered in the format [UIDxxxxxxxx, correct answer] and retweet our post will be entitled to 1 HT each. Note that the UID entered MUST be a valid Huobi registered account.
What are you waiting for? Fastest fingers first! Grab your HT now!
Official Twitter account: https://twitter.com/Huobi_Pro
#100 Things You Should Know About Blockchain