Cryptocurrency is a “cryptocurrency” and money is a compound word of “currency”, distributed in books (distributed book), which means a public key cryptocurrency that is transmitted securely through a virtual or digital asset that can be easily used to prove ownership.
Generally, cryptocurrencies operate in a chain block or in a book distributed based on a DAG (Live Live Chart).
Bitcoin’s first cryptocurrency, messages posted October 31, 2008: Became based on the first block “Bitcoin A Peer-to-Peer Electronic Cash System” on January 3, 2009.
The technical background of Bitcoin dates back to 1983. David Chaim, a cryptologist at the University of California, Berkeley, developed a formula for encrypting the currency using RSA cryptography. To put this concept into practice, my friend and I founded a company called Digi Cash, but the business ended in 1999 due to a lack of management skills.
In 1998, an article on decentralized electronic money, b-money, was published under the name Wei Dai. # Shortly after the paper was published, a computer engineer named Nick Szabo created Bit Gold, which is the basis of Bitcoin’s blockchain crypto and verification architecture.
Satoshi Nakamoto refers to that theory of electronic money games using the Director of Seigniorage Distributed Technology that will create the first cash system with consistency of resistance and decentralized control. [1 in
In the early days, cryptocurrencies like Bitcoin were previously referred to as “electronic money” like b-money or Bit Gold, but since 2013, when Bitcoin was first introduced to the public, Bitcoin has been used as the virtual currency. It started to be called (virtual currency, virtual currency) and it is a word that was born from the point where Bitcoin’s features were incompatible with this virtual currency. Starting with Litecoin
First released on October 7, 2011, it has produced many digital assets inspired by Bitcoin, starting with cryptocurrencies that have undergone many modifications to their Bitcoin token base. It was called altcoin because it had a personality. It was later designed in 1994 by Vitaly Buttering E. Nick Szabo
The idea of implementing a smart contract – a collection of promises expressed in digital form – on the block and Ethereum was born.
2.1 Comparison with the use cases of the terms in each country
In Japan, cryptocurrencies are mainly used on exchanges, but the term virtual currency is officially named in the money settlement method. Although the transaction was formalized in law, it was not recognized as currency but treated as a method of payment. Then, with the amendment of the law in March 2019, the term changed from virtual currency to cryptocurrency and the trend was shifting towards a further distance from the meaning of the currency or currency.
In China, the Heidi coin is called (a “virtual family doctor”). For reference, the Chinese government is so negative about cryptocurrency that it directly prohibits cryptocurrency transactions.
Like Japan, the Korean government used the name the virtual currency until 2018, but in 2019, it has changed.
Until now, the Korean government and the Bank of Korea have used the name virtual currency. Like Japan, this literally translates into “virtual currency” in the early days, and the “cryptocurrency” used alongside it is the correct term for “cryptocurrency”. “Cryptocurrency” is a sub-concept of “virtual currency”. Generally speaking, in local terms, currency refers to legal tender such as bills and coins, and currency is a broader concept.
However, by 2018, the FATF began discussing the name and in February 2019, the consolidated term was used as a hypothetical asset, and accordingly, the government or the Bank of Korea changed the term to an ‘active asset’. I’m on the road.
It is not an officially known term that used the term virtual currency in internal exchanges and changed its name arbitrarily with an emphasis on the monetary nature of “cryptocurrency”, minus the false nuances presented by virtualization as it was the main focus of internal exchange in the second half of 2017.
The value of the cryptocurrency
The expected value of cryptocurrencies is the role of an independent and secure objective asset that escapes from manipulation of the exchange rate at the national level. Existing country dependent currencies may manipulate the exchange rate due to national conditions. , the cryptocurrency is independent of the artificial manipulation of these national units. It inherits the safe haven role of precious metals, including gold and silver, but is distinguished by the freedom of bodily harm, preservation, and direct theft.  Of course, this is a story in which a cryptocurrency product has been universally accepted and accepted so that everyone can use it naturally in everyday life.
Some people believe that a cryptocurrency has no value in the untouchable, but it does not matter whether it is tangible or not. As a simple example, the notes and cash we use are just pieces of in-kind paper. However, it is guaranteed by the state and its value is recognized because it has a global interest. If the state does not guarantee this and loses credibility globally, then money loses its value. Therefore, it is important to determine how many states, companies and individuals recognize and guarantee value, and whether or not it is tangible, that is a problem.
However, when a country or a global market system such as war or disaster collapses and turns into a primitive market form, precious metals such as gold can recover the market easily as in nature, but in the case of cryptocurrency, it may be difficult to restore the market because it requires high technology such as Exchange, computer and mining systems.
In the early days, when it started to gain attention, benchmarks and value ratings were divided into different classes, there are also people who take advantage of this to cause artificially increased and steep declines, so they just don’t play the safety the asset they expect. If time passes and many countries recognize it and merge into life, then the big capitalized countries will ultimately drive the right price through reflection.