Frederick Jace
The state of the cryptocurrency market is quite commendable at the moment. Even a few years ago, the market was not a common household name as it is now. It is undeniably true that cryptocurrency has been able to create a very strong impact on the market. Bitcoin is considered one of the most common forms of cryptocurrency. The prices were set at $70 for Bitcoins in 2013. And presently, the rise has been so great that you can think of getting real estate with just a few Bitcoins in your wallet. Let us check out the ways in which cryptocurrency is covering every base in the market.
Apparent dissatisfaction with cryptocurrency:
The currencies usually gain their values when they are backed by the federal government or financial bodies like banks. The same concept has been applied in case of the cryptocurrencies but there is one crucial difference as well. The value is not decided by the government but by the people who are dealing with it. There are different types of cryptocurrencies in the market that include but are not limited to Bitcoin, Ethereum, and Litecoin.
These have become quite mainstream and are more popular among public users. They have almost declared an open battle with the traditional financial systems. The banking institutions are pushed back right now for major acceptance of these currencies among the users.
State of the most popular cryptocurrency:
It is quite apparent that the world of cryptocurrency is dominated mainly by bitcoin and the pack has grown quite a lot over the last few years. The values of Bitcoins became triple of their values in 2017. The values have now reached a startling $20,000 in the present market. There are about 1400 types of cryptocurrencies in the market. The combined value of all these cryptocurrencies is about $300 billion.
Cboe Futures Exchange has now informed that they will be listing the future of bitcoin on their platform as well. The value of the entire cryptocurrency industry will come up to $5 trillion by the end of 2022. This is an estimated value though and the extreme volatility of the market may lead to lower values as well. You have to keep an eye on the external factors which are responsible for the price rise and fall in the market.
Skepticism on Cryptocurrency
There have been some nasty rumors that digital currencies are used only in the world of the dark web for criminal purposes. Nothing can be further away from the truth. It is true that many forms of cryptocurrencies are used in the market of the dark web for criminal activities but this is not the only use of cryptocurrency.
Many organizations have started to accept cryptocurrency as one of their best mediums of payment using various platforms like Bitcoin Price. There have been some controversies as well. The cyber regulators are continuously trying to propagate the terms of anonymity that support crime in cryptocurrency.
Russia and China have been very outspoken about their views against the cryptocurrency market because of the lack of monetary regulation. The Islamic countries do not accept this kind of currency due to some of the integral religious reasons as well. Therefore, although the acceptance of cryptocurrency is increasing among the common people, the governments are still reluctant about their use in the public sector due to a lack of monetary regulation.
Bitcoin is growing and it will continue to grow. The federal bodies should start thinking of ways with which these can be included within their monetary curriculum in the upcoming days.
Conclusion
The world of cryptocurrency is increasing at a rapid rate and it is indeed very endearing to watch the escalation of a people’s currency. However, until and unless the governmental bodies provide their acceptance for this kind of currency, it might not be possible to include the market in day-to-day lives.
