In this growing ecosystem of finance, cryptocurrency has definitely made its mark in the last few years. The rise in the use of Bitcoin for transactions made online has been on a steep rise in the last decade. Across the busin4ess sector many companies have now opened up their doors to multiple types of cryptocurrency like Bitcoin, Ethereum, Ripple and Stellar besides Bitcoin which is a huge achievement in terms of the cryptocurrency concept. For more information, you can check out www.readersdigest.co.uk
This sudden rise and use of cryptocurrency have been a widely accepted theory that has been accepted as the most prominent new feature of the current financial sector all around the world. The recent rise in popularity of Bitcoin also proves the same which has now risen to an average of 60% use in comparison to the time when it was first launched.
This is now an industry worth 200 billion USD. Advancements in cryptography were observed in the late 1980s when major encryption techniques were conceived. These techniques were then formulated to provide security to the network of cryptocurrencies.
It was back in 2009 when the first Bitcoin was mined. It was Satoshi Nakamoto who first initiated this. This was done on a decentralized network. This event was followed by the advent of Litecoin in 2011 and Ripple in 2012. It was back in 2013 that Bitcoin gained its popularity and it had peaked at a price of 1000 USD. Following this event in 2015, smart contracts were being launched and Ethereum was launched in the same year.
2017 was the year that witnessed the list of thousand cryptocurrencies wherein the price of Bitcoin reached a new astounding high of 10,000 USD. This was truly a historical event in the financial sector all around the globe. Later that year came the even bigger shock besides surprise when Bitcoin doubled its value to a whopping 20,000 USD. This was a new record for decentralized applications that use blockchain technology. At present, the number of cryptocurrencies in the market has crossed the barrier of 1,000 and has reached around five thousand.
There are some very new features that have attracted people towards cryptocurrencies, especially its decentralized feature which doesn’t allow a third party to have a hold on these cryptocurrencies. It is hence now being considered as an investment in the financial sector and is perceived to have a great capacity for future investments. One most prominent feature of this is the fact that there is now an alternative financial system that is built on blockchain technology and is traced with the help of it. Although it doesn’t have a physical form its importance is not devalued because of the same. It has been powered with high accessibility which makes it one of the most prominent marks in the history of the financial sector.
Some of the most practical advantages of this are what makes cryptocurrencies the future of finance as believed by many economists and experts in the financial sector. You can find out more about this from sources like bitcoin gemini website which deals with some big brand names invested in such services.
Another prominent feature for this is that there is a limitation in the supply of Bitcoins and other cryptocurrencies like Litecoin. This scarcity is directly related to the value of these cryptocurrencies. There are various others like Gemini USD, USDC and DAI which are some of the digital resources that are now being considered as great a commodity like gold. The technology with which it is traced and tracked ins blockchain and the use of such currencies online remain completely anonymous which makes it more preferable to users.
People who do not have accounts in banks can also use these cryptocurrencies online and Bitcoin has the same attributes as standard physical forms of money, except the fact that it doesn’t exist in the physical form. It is expected that with the growth of the financial sector and advancements in technology such demand for cryptocurrencies will be on the rise and hence the valuation of these are predicted to increase to new highs in the future making it the new future of the financial sector.