Is the whole digital currency world a fantasy bubble?
Bitcoin and Altcoin review along with personal analysis on their situation
Introduction
Digital currency first came as an idea in the 20th century in 1980. it suggested untraceable currency without governmental backing. But time went on, and the first digital form of payment was invented by Chaum, in which banks use a kind of money transferring using cryptographic logic named Digicash. After sometimes finally, Bitcoin was created by Satoshi Nakamoto, who is still unknown after 13 years. The inspiration behind this E-money was the same as what Chaum discussed as common currency issues that needed to be resolved. But Bitcoin went much further as it intended to be fully anonymous but enough public to bypass any obstacle on the way.
Bitcoin
Today, cryptocurrencies are an unavoidable part of the financial markets. Growing rapidly, they provide some new features and options that resolve not only financial issues but things that seem unrelated as well. As we all know, the cryptocurrency industry initiated with Bitcoin providing a basis on which any user could make a transaction simply by pressing a send or receive button with no restrictions. After a short while, many people in the world engaged in these kinds of currencies philosophy decided to give it a try. Thus Bitcoin flattened a way for other digital currencies to show up in the virtual world.
Altcoin
After Bitcoin was designed and introduced to the world, in 2011 Litecoin, a Fork of Bitcoin Blockchain, was launched. But Litecoin used a different PoW named script. 2nd altcoin that joined the cryptocurrency world was Ethereum. Though it was the second altcoin, found a good reputation early on. Although the Bitcoin creator is still unknown, the Ethereum founder Vitalik Butterin always kept changing the project to resolve the bugs. Soon Ethereum found many strong followers in crypto communities attracting authorities attention to it.
Cryptocurrency price trend in history
High and lows in currency prices show buyers’ and sellers’ interest in a particular currency. When BTC released, the price was only 0.09$, which is unbelievably far different from what we know as its price today. This case shows the power of BTC and any currency backed well and is necessary to any financial market. About market volatility, which is highly more than Forex, crypto has just started, and according to financial points, whales try to gain the most profit at first not giving the chance to anyone gaining a significant profit. With all these in mind, the cryptocurrency price trend always remained positive and made a weird growth compared to any other assets in the world.
Conclusion
There are many rumors about the cryptocurrency’s failure, but no one can ignore its progress constantly going on. Today, cryptocurrency is more worldwide than 2 or 3 years ago, as it came to famous people’s core attention. Up and down trends are very common in financial markets showing bugs and also the power of this industry. Any pullback or fall is not supposed to be an end. Cryptocurrency has just started to revolutionize the traditional world conducted by some limited power around the world. We need to be optimistic because the world is going to be more digitalized not bringing back a kind of old version. I understand that there are a lot of obstacles on the way since it’s been just a decade of crypto emerging, but the changes occur constantly and with rapid signs of progress making shows us a fairer world of wealth.
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
