Though cryptocurrency has been around for a while now, some people still have absolutely no clue what it really is and that is a fairly common thing. Essentially, cryptocurrency is a form of digital asset/currency that is rising significantly in popularity over time. This specific form of currency also helps in controlling the creation of any more additional currency.
Not many people are actually aware of cryptocurrency and businesses especially are definitely sleeping on how well it actually performs. It is definitely important that people begin to recognise the impact and significance of it in today’s society. Bitcoin was the first on the scene when it was launched in 2009 by a mystery billionaire known as Satoshi Nakamoto.
It has since seen a large uprise in popularity, though it has still had its fair share of downfalls, but what good product hasn’t seen dark periods. Since the inception of Bitcoin, several other cryptocurrencies have made their way onto the scene, including Litecoin which is essentially the little brother of Bitcoin. So, with all this in mind, is cryptocurrency really the future of money?
How does cryptocurrency work?
Cryptocurrency is quite similar to real money; the only difference is that it’s a highly encrypted and smart form of digital money. It can be used for trading, purchasing goods and services, and as a medium of exchange. All of the transactions are monitored and recorded using intelligent blockchain technology which is one reason people idealize it so much and like to use it.
It is incredibly safe and can be traded from one wallet to another which is stored either in your mobile phone, computer, or somewhere in the cloud. Bitcoin is intelligent and safe and because it is so complex, it is basically impossible to manipulate the system.
Bitcoin was a lone soldier when it first came to light way back in 2009, however, now there are over 3000 types of cryptocurrency being used all over the world. Cryptocurrency is favoured because you are enabled to transfer money anywhere regardless of geographical boundaries. One after the other, new cryptocurrencies made their way onto the scene and apparently more are still coming.
With over 3000 cryptocurrencies being used worldwide, there are definitely a good amount to choose from, and some of the most popular ones include:
While there is no real way to tell what the future looks like for cryptocurrency, everyone is hopeful that it will continue to skyrocket and become integrated into normal society as an everyday form of payment. While it is highly volatile, more and more people are becoming aware of it an implementing it into their world. However, here are some little insights that may help us judge the future of cryptocurrency.
- Jeremy Liew, the inventor of Snapchat, estimates that by the year 2030, Bitcoin will hit a massive 500,000.
- Bitcoin is showing a huge increase in popularity, and users are predicting that by 2024, 94% of different types of Bitcoin will be released.
- The popularity is expected to grow significantly due to how it has performed previously.
If you’re interested in joining the cryptocurrency world, check out the Bitcoin Equaliser official website.