Will cryptocurrency be the future?

The journey of altcoin and bitcoin, forms of cryptocurrency exchange, started in 2009. It was used for peer-to-peer transactions without the involvement of a third party such as a central bank. People who made transactions through digital currency in early times earned millions owing to value fluctuations. Thus, the price reached about $19.783 (around €16.17) per bitcoin in late 2017. This effect was called the “price bubble” by critics. This created a trend of buying, selling and trading bitcoin. New cryptocurriences were also introduced- Litherium in 2011, Ripple in 2012, Ethereum in 2015.

Over the time span, digital transactions have created their way to success. A huge shift from traditional monetary system of exchange to digital currency has been seen. The significant rise in cryptocurrencies results from the failures in existing financial system. The new system of digital payments is not only easy to execute, but transparent too. The cost of financial transactions through cryptocurrency exchange is much lower in comparison to the traditional methods of payment.

Cryptocurrencies have revolutionized the way monetary exchange took place in early times as it gave people the right to be their own bank. The year 2021 brought a new wave of success as bitcoin broke through $30,000 for the first time on 2 Jan. Few hours later, it turned $32,000. On Jan 7, it hit $40,000.

Recently, the operator of the world's largest Bitcoin (BTC) mining facility signed a deal with japanese mega-firms SBI and GMO. McGlone on this news commented “ Bitcoin is attracting more institutional investors and with the notion of limited supply and mass adoption- Bitcoin is winning this race.”

This wave also lifted altcoin, which brought the overall crypto market cap above $1 trillion for the first time. Looking at the way bitcoin is setting new record highs each day, it won’t be wrong to say that cryptocurrency is the future of new age trading.

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