Over the last few years, cryptocurrency has grown in popularity, and as of 2018, there were over 1,600 different cryptocurrencies! And it’s only getting bigger. As a result, the need for blockchain developers has increased (the underlying technology of cryptocurrencies such as bitcoin).
Whether you’re considering a job as a blockchain developer or simply want to stay current on the newest technological advancements, this article will explain what cryptocurrency is and why it is significant, which will get you started on the right foot.
Cryptocurrency’s Brief History
During the prehistoric age, individuals used the barter system to exchange goods and services. For example, seven apples for seven oranges. The barter system fell out of favor due to flaws:
A few changes were made when the barter system failed: From 1600 to 1900, the paper currency became widely popular and was used all over the world. This is how modern money came about.
Modern money comprises cash, coins, credit cards, and digital wallets like Apple Pay, Amazon Pay, Paytm, and PayPal. Banks and governments control it all, limiting the use of paper money and credit cards.
Let’s Define Cryptocurrency
A cryptocurrency is a type of digital or virtual currency designed to be used as a medium of exchange. It is remarkably similar to conventional cash, except that it lacks a physical form and operates via encryption.
Due to the decentralized nature of cryptocurrencies, which operate independently of a bank or central authority, new units can be introduced only when specific conditions are met. For example, with Bitcoin, the miner gets rewarded with bitcoins only once a block is uploaded to the blockchain, and this is the only way new bitcoins may be generated. Bitcoins have a limited supply of 21 million; after that, no additional bitcoins will be created.
Unlike, for example, the price for moving money from a digital wallet to a bank account, the transaction cost with cryptocurrency is low to nothing at all. At any time of day or night, there are no limits on the amount of money you can buy and take out of the system. Anyone may use cryptocurrencies, unlike opening a bank account, which necessitates documentation and paperwork.
International cryptocurrency transactions are also more rapid than traditional wire transfer methods. Typically, wire transfers take around a half-day to send money from one location to another. Cryptocurrencies allow for transactions to be completed in a matter of minutes, if not seconds.
The Future of Cryptocurrency
Cryptocurrencies have obviously split the world. Some, including Bill Gates, Al Gore, and Richard Branson, believe cryptocurrencies are superior to fiat money. Those opposed include Warren Buffet, Paul Krugman, and Robert Shiller. Economists Krugman and Shiller label it a Ponzi scheme and a tool for criminal activity.
In the future, regulation and anonymity will clash. Because cryptocurrencies have been linked to terrorist attacks, governments want to control their use. However, cryptocurrencies are designed to keep users anonymous.
By 2030, futurists anticipate that cryptocurrencies would account for 25% of national currencies, implying that a sizable portion of the world will use bitcoin as a medium of payment. It will continue to gain merchant and customer acceptance, and its volatile nature will imply that prices will continue to vary, as they have for the last few years.
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