History of currency changes

History of currency changes

1st Generation : Gold

Electrum coin was made from Lydia 3,000 years ago

2nd Generation : Paper Money

Bank and paper money appeared in Europe1800s.

3rd Generation : Credit Card

Credit card was used in online market

4th Generation : Digital Coin

Digital currency such as UTA CASH, Bitcoin etc

Appearance and Progress of virtual currency

Total circulation of cash in the world is 450 trillion dollars in 2006 and 600 trillion dollars in 2015.
Cash and coins that are circulated are 6 trillion dollars(USD) only, 10% of total. The rest, 90%, only exists in numbers in computer.

Background of virtual currency’s appearance

With development of digital civilization, problems with the exisitng currency system appeared. A need for more evolved currency that is suitable for digital civilization of more convenient and safe format that can satisfy the fast changing world major industries.

Developed to trading and investment

Diversificatoin of investment in assets including realestate, bonds, securities, gold, commodities, and foreign currency. Investment concentrated on virtual currency which is an alternative currency as futuristic investment products

Types of virtual currency

Point

Cannot be exchanged with actual currency and used to buy products and services at designated places

Cyber Money

Can buy virtual currency with actual currency, but virtual currency cannot be exchanged to actual currency

Alternative currency

This is a type that can be inter-exchanged with actual currency, and virtual currency falls into this category.

Global financial world and virtual currency

American global investment banks betting strongly on “virtual currency”
Expected to invest 23 trillion won by 2022. Major American Investment banks started to invest in virtual currency in earnest
American global investment banks
American global investment
Goldman Sachs, applied for a patent for virtual currency payment system
Goldman Sachs is planning to make it possible not only for simple transfers but also for trading securities and bonds through virtual currency.
Goldman Sachs
Goldman Sachs
Virtual currency international standardization process
30 global investment banks including Citi group, HSBC, and JP Morgan to form an R3CEV consortium to start the process for development of transfer and payment systems and international standardization for virtual currency.
including Citi group,
including Citi group.

Characteristic of virtual currency

EVERYWHARE

Encrypted virtual currency can be transferred to anywhere in the world by internet and can be used anywyere

ENCASHMENT

Can be used anywhere in the world, and can be exchange and transferred from the exclusive ATM machines

ANYTIME

Without limitations with time, it can be transferred and used between individual without going through banks and financial institution

GLOBAL AFFILIATES

Can be used at online and offline affiliated member stores around the world including shopping malls, department stores, convenient stores, big discount stores, cafes, and restaurants.

Virtual Currency Success Story (BITCOIN)

The revolution of digital currency is presumed to have been started by ‘Satoshi Nakamoto” in 2009

Became a millionaire with a purchase of Bitcoin

Kristoffer Koch of Norway is a young man who became a millionaire after casually buying 5,000 BTC with 27 USD

Jumped from 177 USD to 400 USD

The value of virtual currency has increased due to massive investment of Chinese people who felt uncertain about the economy of their country and the influence of European Court of Justice ruling that recognized virtual currency such as Bitcoin as one of the currencies.

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