The emergence of the cryptocurrency in the 21st century as a result of the continuance in the growth and enhancement of technology in the world has similarly changed the way of which money had been used and regarded in the 20th century and other previous centuries as well.


The cryptocurrency first emerged into the world in 2008 when a young Japanese inventor known as Satoshi Nakamura, invented the digital money by accident. The inventor was trying to create a kind of peer to peer platform before he accidentally created the cryptocurrency by accident. However before this time even in the 1980s, the creation of cryptocurrency saw a lot of defeat as many people tried and failed a lot of times.


The reason for this their failure was as a result of them trying to create the digital money in a kind of way of which the digital money would be controlled by a single or central authority, hence this system was not conducive for the environment or the government regulations of that time, thus the idea was rejected by the authorities, who did not want to accept the fact that the money system of the world should be regulated to one central authority.


However this failure went on as many new inventors tried their best to bring the digital money to life until, the fateful year of 200s when a young inventor named Satoshi Nakamura, tried to create a peer to peer donation currency platform and then he created something which the inventors of the past were unable to accomplish which gave birth to the cryptocurrency we all know today.


The cryptocurrency is not regulated by any monetary agency, government or even regulatory bodies, there is no control system for the cryptocurrency, the digital money is only transacted between people of the world and the digital money just like the cfd trading system, and it is only regulated by the growth of buyers and sellers of the cryptocurrencies. The bitcoin price of sale is regulated by the owners of the bitcoin themselves who can sell the bitcoin and buy at the price of the dealers they desire to purchase from.

The cryptocurrency is a general name for all digital money created on the internet and there are a lot of many cryptocurrencies trending the internet today. To mention a many few, there is the bitcoin which is the most popular form of cryptocurrency and it is the most widely bought digital money on the internet today. The bitcoin just like normal physical money is meant to be stored in a place for safekeeping because just like normal cash you hold, you need to store it in the bank for safe keeping.

Thus the creation of the cryptocurrency has allowed for the creations of many online banks of which these cryptocurrencies can be stored hence the creation of the Blockchain account for the storage of bitcoin and other cryptocurrencies, just like the normal banks the blockchain charge you for keeping digital money and at same time add interest for you depending on how the bitcoin market progresses. There are other online banks in which you can store your cryptocurrencies others like Luno and a host of many others.

There are also other crypto currencies which although not as popular as the bitcoin yet, is gaining a wide range of popularity as more and more people invest into the digital money market. To mention a few, like the Dogecoin, lite coin, etherum, TBC and a host of many others. As of today there are over 100 digital currencies and counting since 2008 when it was first initiated into the world.

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The cryptocurrencies can be employed for a wide range of use and one of its uses is for the investment of the digital money, it can be used for online shopping, it can be used for payment on sites which permit for its use, it can be converted into normal currency and used for exchange. The introduction of the cryptocurrency into the world has sure transformed a lot of things especially on the way of which the use of money is being viewed. Some time ago it would have been an impossibility for there to exist a kind of money which would not be regulated by the government or the International Monetary Fund (IMF) as a whole. But the trends are changing because the 21st century has similarly changed the way the control of money is being viewed.


Thus it is no surprise that the IMF has no say on the stay of cryptocurrencies and are making more researches into how it can be used for future benefits. The managing executive of the IMF has given reasons on why the use of bitcoin might displace the normal traditional money in time to come. A research made by the IMF has given a future foretelling that before the year 2040, the cryptocurrency market may exceed that of the traditional money market, given to the continuous advance in the development of technology and the widespread increase which the bitcoin market is currently receiving.


The reason for this as they stated is that many people in the future would possess more digital money rather the normal paper money of dollars, euro or sterling, Dutchman, pounds and much other paper money. The demand for the digital money would be on the rise as a result of the fact that people would prefer to make use of virtual or digital currencies rather than the paper money especially in isolated regions of the world.


The main reasons why the IMF stated for the widespread of the adoption of bitcoin in the nearest future is as a result of these reasons, which are; the virtual or digital currencies is not all about virtual or digital payments in already surviving currencies but, the payment can be made through PayPal and other e-money providers such as Alipay or M-Pesa.

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