What is a cryptocurrency?
“A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.” (FrankenFeild 2021). Cryptocurrency is a new revolution that will change the world as we know it. The different types of cryptocurrencies, just like there are different currencies in the world. The leader of all currencies, though, is called bitcoin. Right now, one Bitcoin holds a value of around $50,000 $USD. It is a cryptocurrency used to sell or trade Exchange for a certain amount of bitcoin, just like regular trade. “The idea behind Bitcoin was introduced to the world on Oct. 31, 2008, at the depth of the financial crisis by a pseudonymous person called Satoshi Nakamoto,” says Chetan Chawla, assistant professor of entrepreneurship at North Central College in Naperville, Illinois, who studies cryptocurrencies and blockchain (Hicks 2020). Bitcoin’s original creator uses an alias so he or she can protect his identity. Cryptocurrencies are paving the way for the new market as they positively affect our society as long as everyone has an equal chance to obtain them.
Bitcoin and other cryptocurrencies have been controversial since their birth of them, which happened in the mid-2000s. Bitcoin has either been praised as the next best thing that will change the world for the better or something that is going to divide the masses and destroy countries’ currencies. Earlier this year, “the People’s Bank of China and the National Development and Reform Commission outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal.” (Rapoza 2021). Not only is bitcoin a new technology That impacts future technology. It is affecting our society sooner than ever imagined. They called me and shut down the country of China. This causes missing voices that are going to not have a say or impact on the market anymore as it will not be attainable under law.
Future of cryptocurrencies
The future of cryptocurrencies is always unpredictable to the average person. The market seems so volatile and could switch off at any moment. After seeing that cryptocurrencies could be banned from certain countries, people expect the price to drop. On the contrary of the belief, “China banned crypto last month. And what happened? Bitcoin prices rose.” (Rapoza 2021). After seeing this, economists Struggled to understand what the future of crypto could hold. The argument of whether cryptocurrency is going to continue to bloom or KaBloom, well, will be held up to see if people want to continue to buy it. The market is volatile. It needs to be watched constantly to make sure on when to sell and go to buy, so do not think that it will see any accurate predictions of bitcoin come true for years to come.
Nothing from this world is all good or all bad. Cryptocurrencies either Bring excitement and joy to the people that are for it or bring great fear into people that see it as a scam. What are you are for it or against it for the time being it is here to say I’m going to have a great impact on our world? Stay informed and do your research on whether you want to buy crypto or stay away from it.
References:Rapoza, Kenneth. “China ‘Banned’ Crypto. Can the SEC Try Doing the Same?” Forbes, Forbes Magazine, 12 Oct. 2021, https://www.forbes.com/sites/kenrapoza/2021/10/11/china-banned-crypto-can-the-sec-try-doing-the-same/?sh=3c956dab455c.
Frankenfield, Jake. “What Is Cryptocurrency?” Investopedia, Investopedia, 7 Dec. 2021, https://www.investopedia.com/terms/c/cryptocurrency.asp.
The History of Bitcoin | Investing | US News. https://money.usnews.com/investing/articles/the-history-of-bitcoin.