Wednesday, 6 April 2016

OUGD505 Brief 1 - Brief overview of Currency

There are approximately 182 currencies across the world, most specifically the most popular currencies include the; Euro, Pound, Dollar, Yen

Currency is particularly important to everyone to create peace between sales and trades, money was first introduced decades & decades ago not necessarily in the form as we know it today as at first money was theoritacally something a person felt was as equal value for example 'ill give you my horse for 4 chickens' this then progressed into the form of valuable stones and elements such as silver, gold, rubys etc. Money became more advanced to what is now coins and notes which have been around again a fair few decades.

Over the years many currencies have disappeared and formulated collectively such as the euro this is bonded by countries in europe before this each country had their own currency there only few in europe who have their own currency still such as the UK.

Although currencies are typically physical this is no longer the only option it can now be used digitally with the use of bank cards, paypal, apple pay and loads more. Inparticualrly a digital currency this is extremely popular to the gaming world is 'bitcoin'

Bitcoin is a form of virtual money as explained on Bitcoins website: "Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet." Because of such freedom in this currency there are many pros and cons to the systems such as sense of security, illegal activities, no bank holidays - always available, still developing and so much more. Although this is still relatively new in the history of money it could possibly one of the possible futures of currency 'Digital/Virtual Money'

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