The Rise Of Cryptocurrency

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The Rise of Crypto currency

Source: Tradingview (free)

Cryptocurrency is a digital asset that operates as a medium of financial exchange. Basically, it is like owning digital Gold and Diamonds. Its benefits lie in the fact that it is decentralized. This means that unlike the Dollar, which is issued by the Fed (Federal Reserve Bank), cryptocurrency is not issued by any such entity. Rather, it is shared via distributed control or Blockchain technology. This is basically a ledger that acts as a transaction database for the exchange. The advent of Cryptocurrency in our economy has created a medium of exchange that we can use freely.

Being based on a decentralized network, your crypto money is actually impossible to track or even regulate. More and more businesses have begun accepting crypto payments in the US. Cryptocurrency is rarely regulated at a central government level. In the case of the US, the Fed has advised their lenders and customers to supervise and regulate crypto transactions. However, there is no regulation pending to take effect that regulates your individual use of cryptocurrency. The only way a crypto transaction can be tracked is if the currency is exchanged for Dollars via banking accounts.

Bitcoin was the first form of Cryptocurrency. Released in 2009, Bitcoin has since skyrocketed in value by a staggering 50,000% (as of May 17, 2019). .

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The prosperity of bitcoin created an independent economy of Bitcoin miners. These miners mine the internet and obtain Bitcoin. Bitcoin’s value peaked in 2018 when it achieved a valuation nearly double of its present value (a jaw dropping $ 19000). However, it has recovered by almost 100% from recent lows and has displayed an upwards facing trajectory in 2019. Bitcoin’s success has also lead to the formation of Altcoins which are basically other cryptocurrency exchange methods that work on the same decentralized network (Blockchain) principles. The most popular ones are Etherium, Bitcoin Cash and Ripple. You can learn more about Cryptocurrencies here.
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