Since man has evolved, currency has been an integral part of our lives. However, we are not here to discuss history, are we?
The pace at which the world of cryptocurrency is moving is unprecedented. So without wasting a lot of time, let’s get started and look at what a cryptocurrency is and why it is trending.
What Is Cryptocurrency?
Cryptocurrency can be coined as “digital money,” based on the internet or the world wide web as a medium of exchange. Cryptocurrency attracts many people, and the reason behind it is its decentralized nature.
Decentralization concerning cryptocurrency would imply that no central or managerial authority comes into the picture while keeping the value of the cryptocurrency. If this has to be put in simpler terms, it means there is no third-party intervention.
Fundamental aspects of cryptocurrency –
Mining – Mining is nothing but a method to earn digital currency without needing to put in your money for it.
BlockChains – Blockchains can be referred to as a ledger and database that stores and keeps a record of the transactions.
Miners – Execution of the particular tasks that make the transactions possible is done by the nodes termed as miners.
Here’s something fascinating about cryptocurrency – Cryptocurrency is said to be anonymous; however, it is pseudonymous, which means there is absolutely no need to give any personal information to earn or use cryptocurrency.
Top Five Cryptocurrencies
Various reports regularly put up different data and statistics. However, the rank of these top 5 currencies tends to remain the same.
The charts have always been led by Bitcoin, followed by Etherum, Ripple, Bitcoin Cash, and EOS. Bitcoin is the market leader, with a price of one bitcoin being $44,794.30 (at the time of writing circa 2021), which is practically huge. The other exchange mediums have their market capitals ranging from $7 billion to somewhere around $50 billion.
Quick question for you
Which cryptocurrency do you think is the original one?
If you’re not sure about it, the answer is Bitcoin.
Does Cryptocurrency Have A Future?
This question gives birth to a lot of debate and ambiguity. Even though cryptocurrencies are on their way to becoming a significant global phenomenon its future remains uncertain. On the one hand, we have the public claiming that the market capital for cryptocurrency will boost and reach unanticipated heights in the next five years. On the other hand, a lot of people call it a scam.
Some experts have also asserted that a significant share of the most famous cryptocurrency, Bitcoin, is Chinese. Their government could make amendments at any time, which would only be in their favor. The future of cryptocurrency for sure beholds umpteen challenges from the rules and regulations to the lack of financial literacy in the developing demography, including the various mechanisms that have to be dealt with.
This shows how the reviews are full of ambiguity, where some are concerned about the risks that lie ahead. In contrast, some are dauntlessly betting on the stability of cryptocurrency in the near future. Of course, the ones who’ve been backing the future of cryptocurrency have a legitimate and well-grounded reason. Even in the worst times, when a pandemic hit the world, Bitcoin had reached new heights and surpassed all its previous records.
The Reason Behind The Massive Success Of Cryptocurrency?
Trust plays a significant role when dealing with any sort of finances, be it traditional investment instruments or cryptocurrency. So this is how the best in the market, Bitcoin worked things out. They brought into existence a whole system where the users could establish a level of trust in arenas like these. Bitcoin aided the users to make easy, secured, and full-proof transactions without the shadow of any doubt.
This whole process of having faith in currencies like these is built based on technology. The rapidly growing interest of the youth in fields like technology demonstrates the augmenting popularity of cryptocurrency. Hence, the hype about it is real and viable!
Cryptocurrency And Its Relations With The Indian Market
Indians are said to have invested millions in cryptocurrency, even after knowing that it might just get banned but allow me to tell you another unknown fact. They spend more on cryptocurrency than anything else in the world. Cryptocurrency can never actually or physically be banned in any country. Experts also believe that this market will notice a tremendous surge shortly.
Fascinating Facts About Cryptocurrency
- We just know about a few cryptocurrencies, but the world has around 5000 different cryptocurrencies.
- On record, the most expensive purchase made through cryptocurrency is a pizza.
- Crypto-jacking, where malicious codes try to steal your crypto and cause harm, is a real thing.
- Cryptocurrency mining is said to have its largest industry player as China is responsible for over 75% of the mining network.
- Globally 4.68% of youngsters have invested in cryptocurrency.
We hope you now know more about cryptocurrencies than you knew 10 minutes ago. If you’re interested in learning something new, don’t forget to check out Book A Workshop, where we offer unique learning experiences driven by celebrities + experts.