Growth of Cryptocurrency

What started as a concept in 2008 and first launched in 2009 Cryptocurrency has made its presence known as a method to openly record transactional data, quickly and efficiently for a fraction of the costs of traditional banking. With a steady growth trajectory of thousands of coins for various use cases we are well on our way to the next generation of finance.

Looking at the recent timeline Cryptocurrency has exploded over the last 5 years gaining popularity in over 56 different countries.

Countries that had lower adoption rates like Turkey and Nigeria previously were seeing a 20% range of Cryptocurrency. As we entered 2023 Nigeria and Turkey are almost reaching 47% adoption rate, which shows almost half the country has used or owned cryptocurrency.

So where will crypto be in another 5–10 years?

The growth of the cryptocurrency market is still in its early stages. It is possible that the market will continue to grow rapidly in the years to come. However, it is also possible that the market will experience a period of consolidation as governments struggle on regulation and try to throttle responsible growth by limiting risk.

One thing that recent events have shown is that the more centralized organizations fail, the more currencies get devalued. People will be looking for alternate methods of exchange and turn to non-centralized currencies to do their commerce.

Here is some data on the growth of cryptocurrency from its inception to current day:

• Holdings by individuals: The total number of cryptocurrency holders has grown exponentially since the inception of Bitcoin in 2009. In 2016, there were an estimated 6 million cryptocurrency holders worldwide. By 2021, that number had grown to over 200 million.
• Number of trades per year: The number of cryptocurrency trades has also grown exponentially since 2009. In 2016, there were an estimated 100 million cryptocurrency trades per year. By 2021, that number had grown to over 10 billion.
• Merchant volumes to date: The total volume of cryptocurrency transactions made with merchants has grown significantly since 2016. In 2016, the total merchant volume was estimated to be around $1 billion. By 2021, that number had grown to over $1 trillion.

These figures show that the cryptocurrency market has grown rapidly in recent years. This growth is being driven by a number of factors, including:

• Increased awareness of cryptocurrency: As more people learn about cryptocurrency, they are becoming more interested in investing in it.
• Improved infrastructure: The infrastructure for trading and using cryptocurrency has improved significantly in recent years. This has made it easier for people to buy, sell, and use cryptocurrency.
• Acceptance by merchants: More and more merchants are now accepting cryptocurrency as payment. This makes it easier for people to use cryptocurrency to buy goods and services.

There are solutions and companies who can help you accept and manage your cryptocurrency to help reduce the risk. These companies are on the forefront of innovating solutions to solve today’s problems with cryptocurrency.

Only time will tell how the cryptocurrency market will develop in the future. What we do know is that we are in for a new wave of innovation, and it will be interesting to see what comes next.

We encourage you to do your research and learn more about the future of money. CurPay is here to help.

With state-of-the-art AI Volatility Protection and everything else you need to customize the perfect trading strategy, CurPay is like having a financial advisor in your corner 24/7. If you are ready to start trading crypto, then be sure to check out CurPay today.