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Cryptocurrency – The Future

"Cryptocurrency is such a powerful concept that it can almost overturn governments." – Charles Lee, Founder of Lite Coin

"Cryptocurrency", a prevalent word these days. People are going gaga over it, but WHAT IS IT? Let's dive into the insights…

Introduction to Cryptocurrency

In centralized banking, Governments control the money supply, whereas Cryptocurrency is intangible money that exists only virtually and is secured with cryptography. Some cryptocurrencies are decentralized networks based on Blockchain. Cryptocurrency is a P2P system. Unlike NFT, Cryptocurrency is fungible and has an economic value.

History of Cryptocurrency

Though this Cryptocurrency gained massive popularity in 2008, the history of these currencies can be traced to the 1980s when they were called Cyber currencies.

A cryptographer and computer scientist, David Chaum is widely credited with creating Cryptocurrency's philosophical and technological foundations in 1983. Nick Szabo in 1998, created a decentralized currency with its own proof-of-work consensus mechanism. Satoshi Nakamoto, a supposedly pseudonymous developer, established the first decentralized Cryptocurrency, Bitcoin, in 2009.

The first bitcoin transaction took place between Nakamoto and Hal Finney on 12th January, 2009.

Popular Cryptocurrencies

There are some cryptocurrencies that got more popularity than others.

Bitcoin (BTC)

Once Bill Gates said, "Bitcoin is exciting me because it shows how cheap transactions can be." This is the most popular Cryptocurrency. As of May 3, 2022, a single Bitcoin price is $38,511, and the market cap is almost $733B

Ethereum (ETH)

Ethereum is very popular among developers as it has applications like smart contracts. As of MAY 3, 2022, a single ETH price is $2842.06 and the market cap is almost $342B.

Binance Coin (BNB)

Binance Coin can use to trade and pay fees on the world's largest exchange platform, Binance. A single Binance price on May 3, 2022, is $389.39 and the market cap is almost $65B.

Tether (USDT)

Tether is backed by fiat currencies like US Dollar and Euro, so it's more consistent than the other currencies. As of May 3, 2022, a single USDT price is $1, and the market cap is $83B.

Solana (SOL)

Solana has been developed to help DeFi uses, DApps, and Smart Contracts. It launched in 2020. As of May 3, 2022, a single SOL price is $88.43, and the market cap is almost $29.5B.

Is Cryptocurrency secure?

It's the most critical question for anyone interested in investing in crypto. Transactions on cryptocurrencies are very secure due to their decentralized nature, which is encrypted and secure. However, it's always advisable to follow precautions before purchase and use.

Problems with Cryptocurrency

Cryptocurrencies haven't proven themselves as the best long-term investment yet: Cryptocurrencies are prevalent and growing day by day. But is it a worthy long-term investment? Not proven yet. We know Gold is the best investment as custodians of value for millennia have proved it.

Cryptocurrency has serious scalability issues: The crypto providers even admitted this issue. People behind ETH say that the Blockchain has a specific capacity, and after that capacity, the transaction rate gets slow.

Understanding crypto security is complex: If someone is a digital naïve, new to this Blockchain, DLT concepts, then this thing will take quite a little time to get into the head.

Future of Cryptocurrency

Though Cryptocurrency is still a new and speculative investment but seeing the pricing jumping day by day, we can say it'll be huge in the future.

Many cryptocurrency projects will come to an end. Unfortunately, many of today's top ventures will suffer the same fate.

Yes, crypto will be part of our future.and we are still in the later stages of the beginning.

"Start the day with Coffee, end the day with Cryptocurrency" – Satoshi Nakamoto


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