Blockchain is not a household term anymore, like the internet. Cryptocurrency is highly altering things that we used to do earlier. Today you can trade in cryptocurrency. You can pay for all the goods and services in crypto. We can conveniently say that it is a part of a fully digitalized nation—the way we do things. Both Crypto and Blockchain are ruling the digital market with vigour and rage.
A lot of individuals at first thought that the first-ever cryptocurrency that came into existence was Bitcoin, and that was where the whole story began. The theory of cryptocurrency was first established by David Chaum in 1983, who came up with ecash, Or electronic cash. After that, in 1996, the National Security Agency launched a document on electronic money that was protected by cryptography. After two years, Nick Szabo put the name ‘bit gold’ used as a proof-of-work to generate coins.
In 2009, Bitcoin joined the league. Satoshi Nakamoto released the first-ever cryptocurrency globally, and that is where all the digital evolution began.
While technology was quickly embraced, a lot of people were still not sure about cryptocurrency. For a lot of years, Bitcoin didn’t seem to be reliable much. However, after a lot of revolutionary methods, people used to trade Bitcoin to earn money.
Present Scenario Of Cryptocurrency
In 2020, there were around 2,000 cryptocurrencies that were being released in the market every day. Some were popular, successful and widely utilized, while others were not too renowned. The top crypto’s around the globe include Litecoin, Bitcoin, Ripple, Bitcoin Cash, Ethereum Tron, tether, and Binance. Few nations also launched their coins, such as YuanPay Group Token, by China.
An increasing number of ecommerce sites and online merchants now validate cryptocurrency payments, and individuals can pay for a number of services using crypto coins. Crypto has also accepted in-home locations, and debit and credit card processing giants like MasterCard and Visa seek to facilitate cryptocurrency payments.
However, beyond crypto, the technology that unfolds is blockchain. Blockchain permits transactions to be carried out safely. They cannot be hacked and are 100% secured. The utilization of smart contracts can trigger the actions of blockchain. A lot of renowned banks and institutions are today utilizing blockchain technology. These are the same companies that were skeptical about using crypto coins and blockchain technology. Blockchain has changed the way people look up to digitalization.
Future Of Cryptocurrency & Blockchain
A lot can be predicted about the future of cryptocurrency and blockchain. Some people believe that Bitcoin can cross the 200000 dollars mark and others believe that a lot of people can leave using this currency. The dilemma is that blockchain and cryptocurrency are here to make their place. It looks like these coins will be supreme in the market. These cryptocurrencies can be easily pegged with a fiat currency such as dollars or the Euro. It can also help all the developing nations to have a bank account.
Note that cryptocurrency will continue to move towards a digitized society. There has been a huge growth in the utilization of electronic currencies lately. And this will continue as people today’s look for private, secured and low-cost ways for the transaction of funds. Bitcoin is one of the greatest innovations of computer science. And, blockchain can hold any authorized document such as birth certificates and marriage licenses.
This was all about the digitalization of blockchain and cryptocurrency. Let us know how you liked this article. Drop your thoughts in the comments section below. Our team will get back to you as soon as possible.