Decades ago the invention of a Wheel was considered to be one of the greatest milestones ever achieved by any human being. (Museum, 2021) If we could move back in those times and ask a person of that era if any further conception could be expected from a human the answer would most likely have resulted in a disagreement. Each century marks its own astonishing development that appears to be an end of the achievements of a common man.
But the reality is in contrast to what we perceive. Talking about the recent past from the introduction of the iPad to the idea of self-driving cars, the human race has come far way ahead. (Inc., 2019). What once was considered a mere collection of thoughts has now amazingly become a need of the times. And this is how the advancement in science & technology is paving the way to the betterment of humankind by breaking all the boundaries of ifs and buts.
Hence here we stand today in an era where making (mining) money on your own via computers, laptops, and mobile phones has become the most debatable and competitive idea one’s mind has come across ever in the form of Digital Currency which I am referring to as Digirrency. Sounds pretty cool ha’an!!
So by digital currency, we mean the monies that are not tangible but are available in electronic versions and can be used normally for buying and selling of goods and services. Since in the case of digital currency no intermediary is involved they are of low cost compared to notes and coins. It is broadly categorized into two types i.e. CBDC (Central Bank Digital Currency) which is the regulated form and the second is the most talked-about ‘Crypto Currency’ that is the unregulated one (Frankenfield, 2021). Over the past couple of years, it has obtained different forms such as Bitcoin, Ethereum, Ripple, Omni, Nxt, Waves, and the list goes on and on. (SoFi, 2021). The procedure and process involved in the mining of these cryptocurrencies are complex enough to be summarized in few words.
Digital currency has initiated seemingly an everlasting battle in the world of not only technology but science as well. On one hand, it provides a new and smart method of dealing with illegitimate means such as terrorist financing through blockchains that record every step in the transaction, on the other hand, it is also feared by the government as it is free from their manipulation leaving the seller and the buyer only to be involved in the transactions and have the actual control. Now only the time yet to come will reveal the dominance of the Digirrency!!!
