The distrust is quite understandable as in general the finance industry digitalization was at its early stage. Originally cryptocurrency and its benefits had purely academic intentions. Impossible to counterfeit, anonymity, peer-to-peer network was clear only to a limited number of crypto enthusiasts. However, very soon the opportunities provided by crypto and Blockchain—a distributed, decentralized ledger where individuals can anonymously transact and maintain records without an intermediary began to gain significant interest.
Since then, Cryptocurrency has steadily been gaining weight in the Finance and Payment sector providing unique, not seen before opportunities for speeding up the payments digitalization. Despite controversies caused by such reasons as instability, volatility and environmental impact in the course of mining, cryptocurrencies started to show durability and day by day improve their position as a solid viable alternative form of currency.
Probably one of the best success stories is Bitcoin. Previously neglected, the asset has passed one trillion dollars market cap and is considered the most reliable and popular crypto currency. The reason is Tesla's 1. Cryptocurrencies offer a decentralized form of transaction without the involvement of any intermediaries, making it more convenient, fast and transparent. Due decentralization provided by blockchain crypto transactions presents a more secure way for a peer-to-peer direct transaction at lower cost by eliminating the third banked party and exchanging money directly.
Another point is that cryptocurrency enabled unbanked layers to get access to payments and credits. Globally in fact, the number of people having access to the internet exceeds those who have access to banks or other currency exchange systems. This opens the opportunity for underprivileged people to establish credit. One more reason is that cryptocurrency offers an opportunity for international business to make one-on-one exchanges online without the complications and added fees that traditionally come with international currency exchanges involving third parties.
Surely the advantages make governments and businesses pay more attention to the opportunities offered by this disrupting technology. Still, despite the decentralised nature of cryptocurrency and its strong security in itself, the interaction of crypto with external circumstances still requires the regulations to stabilize the fluctuating young crypto market and provide more solid adoption of technology.
Both fiat money and crypto, when assessing as the form of exchange medium, follow the same purpose. In terms of delivering the value both fiat and cryptocurrency deliver utility, not value, unlike intrinsic assets gold, oil that present perceivable value. Fiat currency delivers its value from governments decision while crypto is fully dependable on decentralized ledger. Decentralization of cryptocurrency is the reason for concerns from governments as it means no authority can interfere in issuance and change its value.
However, taking into account the potential that most widely used cryptocurrencies like Bitcoin, Ethereum, Ripple hold in themselves, governments are on the verge of adopting this financially revolutionary form of assets. The use of crypto related transactions increases day by day. Governments and large corporations are now much warmer to the idea of the cryptocurrency market and evaluating the most beneficial, and risk-averse way to facilitate crypto transactions. The cryptocurrencies are finding mainstream interest and adoption.
The adoption process started from the private sector when major banks and financial institutions such as JPMorgan and Morgan Stanley started offering crypto products, backed up the crypto sector and began to introduce crypto-related transactions. The cryptocurrency market size is expected to grow from USD 1.
Another example is El Salvador. One of the significant steps is the research of opportunities for launching Britcoin after British Government asked the Bank of England to explore the possibilities of introducing the British cryptocurrency to use alongside the Sterling.
There is a long way to go but undoubtedly these opportunities presented by Britcoin outweigh the associated difficulties and unavoidable risks. Another example of growing interest in cryptocurrency from the mainstream financial sector is Visa, one of the major systems, that announced the settlement of transactions with the use of USD Coin USDC , a stablecoin, backed by the US dollar.
Surely adoption needs decisive measures to build a more sustainable future. Still, the most important fact is that the digitalization and following it the development of cryptocurrency adoption is inevitable as it evolves taking into account the profound opportunities offered by disrupting technologies. Jimmy Huang. Ivan Aleksandrov. For one, investors are starting to view it as digital gold that can hedge inflation because there is a finite amount of only 21 million tokens that can be mined.
It is becoming more ingrained in our financial system every day. Custodians are now willing to hold and transfer Bitcoin, wealth managers are offering clients exposure to Bitcoin through formal investing, and even a few banks are collateralizing loans with Bitcoin. If you couldn't tell, Bitcoin already has a big role in our society. Rick Munarriz : Ethereum didn't plant the blockchain flag on the moon. It's just there to colonize it. Ethereum has elevated blockchain functionality beyond its original role as a decentralized ledger to track Bitcoin financial transactions.
Ethereum made smart contracts possible, and now they are at the heart of most of the leading decentralized apps dApps. From NFTs to digital marketplaces to in-game virtual currency, Ethereum's platform is raising the bar as the smart contracts solution of choice for roughly 3, dApps.
We're just getting started. Ethereum has a promising future in disrupting real-world platforms covering everything from healthcare to ID management. Your bearish friend -- the one that is brutally bearish on cryptocurrency -- loves to say that digital currencies are just vaporware. How will that friend feel when Ethereum fuels more everyday businesses? Ethereum is a winner.
For those that weathered through the rocky volatility inherent in the cryptocurrency space, Ethereum has appreciated sixfold over the past year. It's even easier to see the potential for bigger gains in the year ahead. Ethereum is in the process of making its already useful platform even more of a game-changer. At some point in the next few months, Ethereum will migrate from a proof-of-work model to proof-of-stake protocols. This transition will silence concerns about the energy-draining nature of mining for proof-of-work denominations.
The Ethereum 2. There are plenty of great cryptocurrencies out there, but none of them can match Bitcoin and Ethereum. Bitcoin is used by people all over the world to gain access to the financial system while also gaining more traction on Wall Street every day.
Ethereum has made smart contracts possible and allowed people and businesses to deploy blockchain technology to make many industries more efficient. Buy and hold Bitcoin and Ethereum forever because they aren't going anywhere. Cost basis and return based on previous market day close.
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