The Fortune of Cryptocurrency: A Game Changer or a Damp Squib?
In the early years, when the notion of cryptocurrencies didn't exist, discussing it always seemed like more of a joke, or the person talking about it was considered a con artist. You cannot deny the fact that the world has come a long way when you hear that one buzzword that changed the fintech world in the last decade and has had a powerful impact on the people, businesses, and especially the economy of a country.
A Little History of Cryptocurrency
Along with the development of technology, the internet, and currency, the concept of crypto was introduced. The term "crypto" came into and gained its traction in the boom of 90s tech, where multiple organizations and programmers ventured to create a line of currency outside of the central authority's reach.
Later on, the currency was riddled with fraud and other challenges which led it to a lost cause. For a long time since then, the currency was not used until the idea was falsified and introduced by Satoshi Nakamoto as a cryptocurrency, Bitcoin, in 2009.
Introduction of Cryptocurrency
Cryptocurrency is a virtual line of currency in the form of tokens and coins that operates on a cryptographic system backed by blockchain technology. It functions as a decentralized means of exchange in which all transactions in a limited network are recorded in a shared public ledger.
Used as a network to mediate or facilitate digital bartering, cryptocurrency is nowhere near to replacing and finding existence under the umbrella of traditional money, known as fiat currency. With the power to change the internet-connected global market, cryptocurrency now has wide acceptance across the world. Cryptocurrency is primarily used in two ways:
As a mode of payment: From its time of existence, crypto was not that valuable as a mode of payment, but with time, several restaurants, flights, and others accepted it as a viable payment method. There are several Best Cryptocurrency Payment Gateways that can be used.
As a mode of investment: Currently, crypto is considered the most lucrative method of investment and is appreciated supremely for capital expansion.
If you are a crypto geek possessing great knowledge about cryptocurrency, its basics, types of currencies offered, and others, Have you ever noticed and asked what Vladimir Putin and Burger King have in common? Their eponymous cryptocurrencies, PutinCoin and WhopperCoin, are the answers. Similar to the above-mentioned cryptocurrencies, there are different virtual currencies growing and grabbing the marketplace.
With very little value and unclear potential in the field of cryptocurrency, there are thousands of cryptocurrencies that have their own technical properties and unique backstories. A few of them are popular and used worldwide, whereas a few are still struggling to make their pathway clear.
With a market capitalization that continues to grow, Bitcoin is widely regarded as the undisputed king of cryptocurrency. Bitcoin is the most popular and valuable cryptocurrency in history. It was created on the blockchain by Satoshi Nakomoto in the year 2009 as a form of digital payment system.
Bitcoin’s first alternative and second-largest crypto-asset were developed on the Ethereum network in 2014 by Vitalik Buterin; it is a decentralised platform that assists with free access to financial products.
Dogecoin is just that: a dogecoin. Created as a meme and as a joke in 2013, Dogecoin is based on a viral internet meme of a Shiba Inu dog that is now considered a peer-to-peer digital currency.
4. USD Coin
Described as the world’s digital dollar, a USD coin is a cryptocurrency created by the global financial firm Circle. Because the crypto USD currency is tied to the US dollar, its price is more steady than that of other cryptocurrencies.
The cryptocurrency by Ripple digital payment method was originally built to provide easy digital payments by operating on an open-source and peer-to-peer decentralized platform. XRP facilitates the transfer of money in any form, including dollars, cryptos, euros, and other currencies.
The future of cryptocurrency is still up in the air, with proponents seeing boundless possibilities and sceptics seeing just a sense of risk. According to reports, bitcoin is the future of online payment due to its global popularity and the availability of millions of online cloud services. However, it is still thought to be a long way from replacing institutionalized cash.
Posted By: Mrmmbs Vision