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Introduction
The history of cryptocurrency is clear to some and mystery to many because it is just few that have time for cryptocurrency. The result now is that, you have to make out time to explain and explain to someone who want to know and to understand. Many people believe what people say instead of making personal research about cryptocurrency. When they hear is high, they will jump into the market and buy only to come again to sell when it is low so their Conclusion is that, you can be rich in crypto. Is that true?
Cryptocurrency timeline
Cryptocurrency currency is not a new thing, for several decades, there has been concept of cryptocurrency. For example, an American computer scientist in 1983 founded a company called Digital Cash. He developed a currency called eCash, then in 1995 National Security Agency published a paper entitledHow to make a Mint, this also described the system of cryptocurrency.
The timeline goes till 2008, Satoshi Nakamoto published white paper titled Bitcoin. This white paper described the creation of Bitcoin and also mentioned that it is peer2peer Electronic Cash System. Satoshi Nakamoto mined the the first Bitcoin in Bitcoin Blockchain in January, 3/2009 which was known as Genesis block.
Bitcoin Blockchain
Bitcoin Blockchain is like a record book . If you have a record book, you record page by page, in Bitcoin Blockchain, it is block by block, it collects transaction information and store it in a block of 4MB file and once is full, it will form another block. This record can not be erased. You can trace transaction from the latest block to the first block. This is what makes this decentralized currency different from others.
Is cryptocurrency future money?
Since the creation of Bitcoin, thousands of cryptocurrency has been created on decentralized blockchain and transaction has been on since then. Cryptocurrency is decentralized, it operates independently without the help of banks it is peer-to-peer.
Cryptocurrency is native to internet, that is why it is suitable for online transaction. As long as there is Internet, cryptocurrency remain a digital currency. Cryptocurrency has the ability to transform different businesses beyond finance.
No matter where your business is, where your company is located, type of currency you have in your country, you can buy and sell with cryptocurrency. There is no need for bank, easy transaction, it is fast, you don't need to wait for days again to receive cash or exchange but in less than an hour, you will receive your cryptocurrency right in your wallet.
Potential future of cryptocurrency
Although cryptocurrency is volatile in nature, cryptocurrency like Bitcoin has maintained resilience for years now. Let's see the future of cryptocurrency.
- Massive adaption
- Stable coins
- Central Bank Digital Currency
When Bitcoin came into existence as future money, it faced a lot of challenges that would have buried it but the reality is the opposite. Cryptocurrency will have massive adoption soon because the masses have seen the potential of cryptocurrency. It allow them to have authority over their money, they are now in control unlike when it was bank alone that handles and control money. As I mentioned earlier, it has helped companies to take their business to so many countries without thinking how to exchange their money.
Today we have some pegged Cryptocurrencies that are stable like $HBD, $USDT and many more. Central Banks too are working on digital currency, we hope that one day, they will create their own cryptocurrency. See different tokens we have on #hive Blockchain alone, this will help one to see that cryptocurrency is the future money. Now people are not afraid of cryptocurrency again rather they are embracing it.
Speculative Bubble?
In the past, crypto currencies exhibited characteristics of speculative bubble, the price will go so high and it will drop so dip. Some investors had short term goals, only to sell of their crypto once is high forgetting that it will bring the market down. Some too hype a particular cryptocurrency which they don't really know people behind the project, on the long run, people will invest blindly hopping that they will make fortune in a short time.
In 2022, a friend told me about a cryptocurrency project called hyperfund, I don't know much about it but he is a trusted friend who claimed that he knows cryptocurrency very well. I asked him, are you really sure it will work and he said yes. I didn't do more again than to buy for $300 dollar hopping to sell it high when the time come. To my surprise it was network marketing business using cryptocurrency to pay.
At first I was happy that now I have business that pays in crypto not knowing it going to be audio money. You can't even withdraw all that they are paying you and each they the leaders of that business in Nigeria were busy hyping it and more people were investing in it until it gets to the point they they can't lie again to people and that was the end of the business.
So many project like that has come and go and many just like any other business will also come and go and that does not make Cryptocurrency a speculative bubble. Cryptocurrency is not what you see on social media , Market hype and optimism, all this has contributed to high price of some crypto currencies even they don't have enough community for the crypto, at the end,they will close it after dumping the crypto.
All this was in the past, those hype doesn't work again as many who lost their hard earn money are buying out time now to study cryptocurrency, the people behind the project, the community and what they have to offer before investing in them. Many do not invest just because of what they heard but after their research so cryptocurrency is not a speculative bubble but future money.
Conclusion
Now is the right time to dive into cryptocurrency, to buy and hold after investigating the project. Cryptocurrency is the future money not speculative bubble.
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