In terms of popularity and value, Bitcoin is the most widely used and valuable digital currency. The cryptocurrency was created in 2008 by an anonymous individual named Satoshi Nakamoto, who published a white paper introducing it to the world. The cryptocurrency market currently comprises thousands of different digital currencies. Each cryptocurrency asserts that it has a distinct function and specification from the rest of the field. In the case of Ethereum’s ether, the cryptocurrency is marketed as “gas” for the smart contract platform that it is built upon. Banks use Ripple’s XRP cryptocurrency to make international money transfers more convenient.
In the digital or virtual currency world, a cryptocurrency is a digital or virtual currency that is protected by cryptography, making it nearly impossible to counterfeit or double spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers—which is used by a large number of cryptocurrencies to operate.
Because cryptocurrencies are not issued by any central authority, they are theoretically immune to interference or manipulation by governments. This is one of the most distinguishing characteristics of cryptocurrency.
In the digital asset world, a cryptocurrency is a digital asset that is created by a network of computers that is distributed across a large number of nodes. As a result of their decentralized structure, they are able to exist independently of governments and other central authorities.
Blockchain and related technologies, according to industry experts, will disrupt a wide range of industries, including finance and law. Cheaper and faster money transfers, as well as decentralized systems that do not collapse in the event of a single point of failure, are some of the benefits of cryptocurrency use.
A few of the disadvantages of cryptocurrencies are their price volatility, the high energy consumption associated with mining activities, and their use in illegal activities.
Cryptocurrencies are digital or virtual currencies that are underpinned by cryptographic systems, such as the Bitcoin blockchain. They make it possible to make secure online payments without the involvement of a third-party intermediary. Crypto refers to the various encryption algorithms and cryptographic techniques that protect these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.
Digital currencies such as bitcoin and Ethereum can be mined or purchased from cryptocurrency exchanges. Not all e-commerce websites accept payments in cryptocurrencies as a form of payment. In reality, cryptocurrencies, even the most well-known ones such as Bitcoin, are rarely used for everyday transactions.
However, as a result of their soaring value, cryptocurrencies have become increasingly popular as trading instruments. They are also used for cross-border transfers, though only to a limited extent.
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Types of Cryptocurrency
In terms of popularity and value, Bitcoin is the most widely used and valuable digital currency. The cryptocurrency was created in 2008 by an anonymous individual named Satoshi Nakamoto, who published a white paper introducing it to the world. The cryptocurrency market currently comprises thousands of different digital currencies.
Each cryptocurrency asserts that it has a distinct function and specification from the rest of the field. In the case of Ethereum’s ether, the cryptocurrency is marketed as “gas” for the smart contract platform that it is built upon. Banks use Ripple’s XRP cryptocurrency to make international money transfers more convenient.
Despite the fact that Bitcoin was first made available to the public in 2009, it is still the most widely traded and covered cryptocurrency. At the end of November 2021, there were approximately $1.2 trillion worth of bitcoins in circulation, representing a total market capitalization of over 18.8 million units. There will only ever be 21 million bitcoins created in the entire history of the world.
Numerous cryptocurrencies, known as “altcoins,” have been launched in the aftermath of Bitcoin’s success. The majority of these currencies are forks or clones of Bitcoin, with the exception of a few that are entirely new creations. Solana, Litecoin, Ethereum, Cardano, and EOS are just a few of the cryptocurrencies that are available. When all of the cryptocurrencies in existence were added together, the total value of all of them reached over $2.1 trillion in November 2021, with Bitcoin accounting for approximately 41% of that total value.
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The Hype Behind Cryptocurrency
Ads for blockchain technology, non-fiat currencies, and cryptocurrencies such as Bitcoin appear to be everywhere. Cryptocurrency technologies are being marketed as a potential replacement for banks, as a new method of purchasing art, as the next big investment opportunity, and as an essential component of the virtual world known as the metaverse.
Many people find these technologies to be confusing or even dangerous. However, they are vigorously promoted by their supporters. In their discussions about cryptocurrency, these crypto enthusiasts frequently bring up examples of what they consider to be government and corporate corruption.
They acknowledge that governments and corporations are responsible for establishing and enforcing rules, but they express dissatisfaction with the fact that people are forced to deal with these “corrupt” institutions. They claim that corruption is an unavoidable flaw in human nature that leads to attempts to control and mistreat others in various ways.
Bitcoin, blockchain, and other crypto technologies, in the opinion of enthusiasts, provide an alternative to corrupt government practices. They contend that these new technologies are “trustless” and do not rely on institutions for their operation. Using bitcoin, you can buy and sell items without the need to go through a bank or use government-issued cash.
These two beliefs – that governments are corrupt and that cryptography protects people from corruption – are shared by the crypto enthusiasts who participated in our study. However, those who are enthusiastic go one step further.
They are on the lookout for change. They want to alter the balance of power between those in positions of authority and those who do not. They assert that cryptocurrency is the means by which this transformation will take place. For crypto enthusiasts, using cryptocurrency is more than just a means of purchasing and selling goods.
Their argument is that by utilizing cryptographic technologies, society will become less reliant on governments and corporations. That is, using the cryptocurrency – and encouraging as many people as possible to use it as much as possible – is a way to change the world and deprive governments of their ability to control their citizens.
The world of cryptocurrency is a completely different world. Enthusiasts have a unique way of expressing themselves, as evidenced by the phrases and acronyms they employ, such as “gm” (good morning), “wagmi” (we’re all going to make it), “ngmi” (we’re not going to make it), and its corollary “hfsp” (high-frequency trading strategy) (have fun staying poor).
Sources & Attribution
- Author: Sarah Resnick – https://www.scmp.com/magazines/post-magazine/long-reads/article/3175053/deep-dive-mysterious-subcultures-cryptocurrency
- Author: Rick Wash – https://www.investopedia.com/terms/c/cryptocurrency.asp
- Author: Jake Frankenfield – https://theconversation.com/behind-the-crypto-hype-is-an-ideology-of-social-change-177981
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