History of Financial App
Today there are hundreds of apps that allow users to perform hundreds of financial tasks from their phone. It used to be that every transaction done with a bank had to be carried out in the lobby of the bank with a banker face-to-face. Then the iPhone and other Android smartphones entered the market. Today, almost any conceivable transaction can be done on someone’s smartphone.
Today we are living in a digital world where even our money system is being challenged by a de-centralized computer system that is replacing the source where our financial transactions are being recognized and recorded. Our cryptocurrency transactions can be performed on a bitcoin app that records all of our purchases, sells, uses and transfers in real time. Apps like Coinbase allow cryptocurrency investors to purchase bitcoin and record them in their bitcoin wallet. A bitcoin wallet is very much like a wallet used to put cash, credit cards and other items of value while you are away from home. The bitcoin wallet acts in the same way, except that every transaction you make is recorded and anyone’s operations can be traced as a public transaction.
In the beginning, before there were 1625 registered bitcoins on the international market, there was a sole person named Satoshi Nakamoto, who was not out to invent a cryptocurrency, but in his own words a “peer to peer electronic cash system.” The idea was important to Nakamoto that he didn’t want to keep the idea as his own but released the code in the public domain so that other developers could improve upon the system. Now this was just recently in 2008. The concept of having a de-centralized form of currency caught on and the original work of Nakamoto began to develop. The first development of Nakamoto’s ideas came from the granddaddy of all cryptocurrencies, Bitcoin itself. You can’t hold a piece of cryptocurrency, since it is in an electronic format, though every transaction is totally transparent to all cryptocurrency users. Thought the first developers of Nakamoto’s ideas, the makers of Bitcoin, didn’t want to take credit for Bitcoin, they credited Nakamoto. Bitcoin came about in 2009. What followed was a plethora of bitcoins that number 1625 as of April 2018.
Once a person creates a crypto wallet and has access to a cryptocurrency database like Coinbase he can own as many kinds of cryptocercids as he wants to invest. The Crypto Wallet contains both a private key and a public key. The private key allows the owner of the cryptocurrency to make a transaction, while the public key is a key which opens the wallet to others to make a transaction with the owner of the wallet. There are also new online brokers where a person can open an account and purchases cryptocurrencies from his brokerage account. Robin Hood, a relatively new concept of trading online, doesn’t charge per trade, but uses advertisements to fund itself. Almost daily there are new cryptocurrencies that are being released and come to market. Many of the expert financial experts of our day say that cryptocurrency will in a few years change the way institutions as well as individuals do business and make financial transactions with one another.