Cryptocurrencies are a major shift from the traditional method of currency. There is a major evolution of Crypto Currencies ,they have created a new revolution, a revolution which has completely transformed the cash system .
It all started in October 31, 2008 when someone under the alias of Satoshi Nakamoto released a whitepaper detailing everyone about what would be the first cryptocurrency in the world, Bitcoin.
Bitcoin was released to public in 2009. Satoshi launched bitcoin as an open source software releasing it for everyone to update it. Early investors like Hal Finney (the recipient of the very first bitcoin transaction) were mainly from the cryptography community itself, but soon everyone started to experiment with it and realized the value it held not in terms of money but in terms of having no upper body regulating it. People realized Bitcoin as safe, anonymous, and completely decentralized.
Since then bitcoin has evolved a lot.
Bitcoin is based on the P2P network protocol without any regulatory body, transactions directly takes place between users with the cryptography help and no intermediary body.
All these transactions are registered in the database of the public distributed ledger called blockchain and are verified by network nodes.
Bitcoin holds different meaning to different people, some started to see it as a technology which helps in storing value and improving payment transfer, some use it to buy goods and services.
Bitcoin which now is heavily speculated to reach $20,000 did not even cross $0.39 in 2010.
On May 22, 2010 a developer purchased 2 pizzas for 10,000 bitcoins and did what to be known as the first transaction with bitcoins. Today those 10,000 bitcoins worth in millions.
It has several benefits such as Swift Transactions, Transparent System, Anonymity and Decentralization.
Bitcoin and many other altcoins hold so much to offer in future with the rise in transaction of cryptocurrencies, the buy/sell process will be made simpler, more exchanges to trade cryptos will set up.
There are countries who still lack the person to person payment method , bitcoin would be a much needed change for them in future if the transaction process is made simpler.
Bitcoin along with other cryptos still hasn’t reached its fullest potential as financial institutions from different parts of the world will soon start implementing it as a mode of payment on their website and this will cause a chain reaction and soon e-commerce industries will give bitcoin and other cryptocurrencies a huge boom and this will change everything we knew about cash system in past.
In the next 5 years blockchain technology is highly believed to be adopted by different financial institutions.
A country which lacks in infrastructure but is high in smartphone usage can reap benefit from these coins.
Ban of bitcoins in certain countries as china in 2013 had led to significant depression in the prices of bitcoin which clearly indicated how important worldwide acceptance is to the crypto market and its prices.
However in future Ethereum Network is most likely to grow which would lead to a greater demand of Ethereum , ripple on the other hand is also helping banks have a simpler and cheaper transaction, different currencies are backing up different technologies.
Competitors of Bitcoins are gradually increasing, but bitcoin with the current user base can still continue to grow and stay at top for a long time. Bitcoin with the current market cap of $217.58 billion is leadingg the crypto trend, and with the positive attitude of different financial institutions towards it things don’t seem as bad for bitcoin and other cryptos as one would think.
Everyone was busy with the future, so, i took a glance back in the past.