When the world was facing GFC (Global Financial Crisis), the trust of the people in banks and other such financial institution got knocked down. And, it was somewhat these circumstances which encouraged a coder named Satoshi Nakamoto to discover a form of decentralized, fully secure, and a digital currency that is now particularly known as a cryptocurrency. Post a year of all this fuss, the first fifty units of this specific currency was developed which was termed as Bitcoin. Within a period of nine years, this cryptocurrency evolved to such an extent where its value was boosted by as much as 48 times.
However, it is really surprising to say that even after the rapid growth of Cryptocurrency; it is still taken as a new concept by many people out there. So what exactly the cryptocurrency is? And what is the predicted future of the same? Prior to heading to the details, let’s have a glimpse at the basics of cryptocurrency.
What Exactly does the term ‘Cryptocurrency’ Means?
A computerized program that is specially designed to prevent the hackers and any third party to get access to your confidential details is what refers to Cryptocurrency or a currency which is encrypted. In simple terms, it is the mode of payment that a majority of the users are adopting to make transactions which remain anonymous and highly secured. It is often believed that introducing a money-raising scheme in the market was one of the major reasons behind the creation of cryptocurrency.
Cryptocurrencies contribute to a wide variety of functions with the encrypted and secure form of money being one of its main traits.
Is Bitcoin nothing but one of the several types of Cryptocurrencies?
Now coming to the Bitcoin, it is a secret type of money that is neither managed by the financial institutions nor are issued by government authorities.
As discussed above, the first fifty crypto coins were named as Bitcoin so probably, Bitcoin is the very first creation by the coder. Ever since the creation of Bitcoin, a plethora of cryptocurrencies (that had the same purpose of enabling users to process anonymous and secure transactions) was introduced in the global market. These coins are also known as altcoins.
What is the expected future of Cryptocurrency?
Though no one knows if cryptocurrency would completely take over the entire monetary system that is presently used by individuals, companies, and banks, the Crypto market is evolving. In fact, a majority of people today prefers to process their online transaction in the form of cryptocurrency. And, bingo gaming is the best example here. Usually, online gambling sites allow users to keep their details confidential as well as secure by allowing cryptocurrencies. So all you need to do is deposit crypto coins and get your winnings (in the form of cryptocurrency) deposited into your bank account.
Cryptocurrency – particularly Bitcoin – has faced a lot of condemnation for being one of the unpredictable modes of payment that is managed by developers who don’t work under the government. But as cryptocurrencies are expanding, analysts believe that it would overcome this criticism sooner or later.