History Of The Crypto Market, Present And Future

 

The topic of cryptocurrency has been trending among every updated individual in recent months. These digital assets are an opportunity for the past few years and are now in the rave.

A cryptocurrency is described as a collection of binary data that serves as a medium of trade and allows for the ownership of coins by a single person in a computerized database. Cryptography is used to safeguard transaction records, create new coins, and confirm ownership transfers.

Although Bitcoin is considered to be the first established cryptocurrency it wasn't the first attempt to try out such online currencies. B-Money and Bit Gold are examples of concepts that were formulated but never fully developed.

The History 

It was in 2008 that an anonymous and mysterious Mr. Nakamoto posted a paper called Bitcoin. That is an Electronic Cash System posted on a mailing list discussion of cryptography. The identification of this man still remains a mystery.

The journey of Bitcoin begins in the year 2009  and it was in this year that it was made available to the public. And mining, which is the method used to create new Bitcoins and record and validate transactions on the blockchain began. 

It wasn't till the year 2010 that Bitcoin was actually valued as it was not till this year that trading of the Bitcoin was started and it was just mined till then. For the first time, someone chose to sell theirs in 2010, exchanging 10,000 of them for two pizzas. At today's pricing, the buyer's Bitcoins would be worth more than $100 million if they had been kept.

Also Read About: A Comprehensive Guide On NFT

The Present

As there was a gradual increase in where the cryptocurrency could be spent on top of it the technological innovations led to a surge in the valuation and the usage of this currency. 

According to a Carmen Reinicke article published on CNBC on August 24, 2021, cryptocurrencies are becoming more and more popular, with one in ten people presently investing in them. The Los Angeles Staples Center was just dubbed the Crypto.com Arena, heightening the excitement. The biggest reason for love towards cryptocurrency is that it doesn't fall to the subject of inflation unlike any other currency and can hold its value. This gives it a peaceful present to grow and a fruitful future. 

As there is a limit of bitcoins in the market to be precise 21 million the demand ever-increasing making the value of 1 bitcoin to be 16,158.80in Dollars and  13,20,615.10 in Indian rupees. 

The Future Ahead,  

When talking about this particular currency there is a very visible divide in the world. They have advocates like Al Gore, Bill Gates, and Richard Branson who believe in the idea that cryptocurrencies are superior to any other currency. Whereas there is also the opponent's list which also includes some strong names like Warren Buffet, Paul Krugman, and Robert Shiller. Krugman and Shiller who are Nobel prize winners in Economics believe that it is a Ponzi scheme

The future is bound to see a clash between regulation and anonymity. Governments would want to control how cryptocurrencies operate because many have been associated with terrorist activities. Cryptocurrencies, however, are primarily focused on ensuring user anonymity.

But there are also futurists who believe that by the year 2030, cryptocurrencies quill be occupying 25% of the National currencies. That only leads to one conclusion the majority chunk of people will start believing in cryptocurrency as the mode of monetary transaction. And it will be highly accepted by all the customers and merchants as well. Though it is said that it will remain volatile in nature and that only means one thing the price of the currency will keep fluctuating, as they are being doing in the current years.

Conclusion, 

The conclusion remains that whether you like them or not cryptocurrency is here to stay and will take a huge place in our lives in the future. So we should gear up and learn about them as much as we can.