The most beautiful definition of a cryptocurrency suggests that it is a digital currency, which is crafted utilizing the medley of advanced encryption techniques known as cryptography.
This very platform started its journey in the year 2009 and with the constant growth, it captured the attention of the established enterprises and promising startups too and peaked the record.
To help you understand what actually this platform has submerged within its model, we have brought this post today. Just get a quick look at how Cryptocurrency has crossed the journey from just being a fad to instant flame in the financial world.
A Quick Review of Cryptocurrency
Well, you would be surprised to know that cryptocurrency is not the latest trend, but has a long proven history, that extends back to the 1980s. Since that time, there have been relentless advancements made in cryptography that have led to the formation of encryption techniques, which were further designed to secure the cryptocurrency network.
In the year 2009, Satoshi Nakamoto developed the very first Bitcoin, and it was based on the decentralized network. Then it led to the launch of Litecoin in the year 2011. And consequently, there was Ripple founded in 2012, followed by Dogecoin in the year 2013.
What You Should Know About Bitcoin?
Soon after its launch, Bitcoin became popular and its price reached one Bitcoin= $1,000. Further, there was the technological advancement integration that led to the building of Smart contracts in the crypto ecosystem. And in the year 2015, Ethereum was launched, this didn’t stop here, and by 2017, there were more than 1,000 cryptocurrencies listed and in the same year, the price of one Bitcoin crossed $10,000 for the first time in its history.
How enticing it was?
But there was much more to be explored…when the price of a single Bitcoin reached $20,000 during 2017. This ensured EOS to offer an incredible infrastructure based on blockchain for DApps.
Cryptocurrency is the Revolutionary Financial Mode
Today, there are more than 5,000 cryptocurrencies available in the market. DeFi- decentralized finance is an investment in the emerging financial system. It is purely built on the public blockchain, letting higher accessibility to anyone to stay connected with the system.
Some of the most popular cryptocurrencies to be used for buying products, without the integration of third-party in the transaction. These are Bitcoin, Stellar, and Ripple which are used worldwide.
Now the bigger question comes, what will be the future of Cryptocurrency?
Our world is going through a massive shift that is ruled by the digital paradigm. In such an environment, it is very much mandatory for every individual to embrace the digital identity of every possible industry.
In this run, crypto is creating credibility to the blockchain, which is used as a trending alternative to conventional currency or transaction systems. Although, there have been predictions across the world that crypto needs to be verified by the ETF, which would make it easier for the users to invest in Bitcoin.
But above all, everyone wants to know what is the future of cryptocurrency and what it will take to generate the fund automatically using this technology.
Just scroll it further and get the answer to your all queries in this post further…
What 2020 will bring into existence?
As expected, there will be many startups trying their hands in the cryptocurrency, and it is a rough order of magnitude, that every tech startup will be indulging in a crypto startup. They would not just be initiating the startup, but also will raise money using crypto, and further, it will use the cryptocurrency to achieve a product-market.
This can easily be achieved by issuing tokens to early adopters of the product. Also, there will be global communities and marketplaces to witness channelized payment methods. Indeed, there is a huge glut of regulatory advantages that have to be considered within the crypto world-building.
This will help the market to flourish and grow at a faster pace and opens a new floodgate of opportunities for the users.
Challenges That Have to be Addressed
With every crypto startup, there will be a series of challenges, however, the bigger one would be how to provide users a platform that really suffices their needs.
It would be highly necessary for the users to understand the context of crypto, and they need to take it as a source of their living, not just entertainment. And they must know that by using cryptocurrency, it becomes easy to manage their transactions. And this is where your app features and functionalities need to come forward to address the issue.
Emerging Markets Will Boost the Financial System
The emerging-market has embraced the crypto platform very well, letting different countries dealing with the high pricing issues to create one particular transaction system.
The countries which are dealing with the high inflation rates and large remittance markets, the crypto market will be proven as a blessing. In such countries, one particular transaction can be done with the usability in emerging markets, and it will open a new door to the opportunities. However, in this run, businesses need to keep a check that this very technology is understood and well taken by the users.
Failing to comprehend its steps will open a wrong impression on the users, and the majority of their transactions can be found using the wrong technology.
Will Cryptocurrency Lead the Future?
Of course, it will! There will be many new technologies that will come up and will bring a change in the cryptocurrency. Many new predictions are going to come up and will ensure to bring reality into the picture.
In the year 2020, there will be several new trends that would shift cryptocurrency from being trading material to the real-world utility. And this will increase the number of people using cryptocurrency, which will redefine the global economic freedom.
With this hope that there will be new and trending technologies for the Bitcoin industry, I bid adieu to you all. Just keep watching this space for more trending updates related to cryptocurrency.
Author Bio – Ankit Singh is a seasoned entrepreneur, who has crafted a niche for himself at such a young age. He is a COO and Founder of Techugo. Apart from holding expertise in business operations, he has a keen interest in sharing knowledge about mobile app development through his writing skills. Apart from sailing his business to 4 different countries; India, USA, Canada & UAE, he has catered the app development services with his team to Fortune 200, Global 2000 companies, along with some of the most promising startups as well.
Previous Articles:
- 35 Basic Crypto-related Terms Every Newbie Should Know
- Facebook’s Digital Wallet Name is Changing – From Calibra becomes Novi
- A Cryptocurrency Buying and Storage Guide For Newbies
- What is the Mysterious Pi that Doesn’t Belong to Cryptocurrencies?
- To Kill A Dragon – How To Build An Honest Alternative To Sharing Economy Industry
