Money is driving toward the future. Cryptocurrency is the future of currency systems.
Cryptocurrency is your digital asset. Technology has taken us too far with its blessings. Nowadays, people search for highly secured and highly encrypted money exchanges.
Table of Contents
THE TOPIC YOU WILL FIND IN THIS ARTICLE:
1 . What Is Cryptocurrency?
2 . What Are The Types of Cryptocurrencies?
3 . #7 Advantages And 6 Disadvantages Of Cryptocurrency That Had Gone Way Too Far.
4 . How Cryptocurrency Is Going To Change Your Business Strategies.
BONUS: This Is What Cryptocurrency Will Look Like In 10 Years.
Without wasting any time. Let’s start the discussion…
1 . What is Cryptocurrency?
Here in this part of the article, I have added a researched based understanding of cryptocurrency. The full article including this part took a lot of hard work and research. I believe you will love to read the article.
Cryptocurrency uses cryptographic techniques to enable people to buy, sell, or trade goods and services. The reason why cryptocurrency is safe is that you have total control of your currency. There is no monitoring authority such as the central bank or national government over your money.
There will be many cryptocurrencies in 2022. But among all of them, bitcoin is well-known and famous. These cryptocurrencies are supported by technology. This technology is called the blockchain.
Each unit of cryptocurrency can be considered a coin or a token. The type of consideration depends on how you are using them. You can use this cryptocurrency to buy goods and different services. The more Cryptocurrency you have the more value you are storing.
Cryptocurrency is not like the old and traditional currency system. The value of Cryptocurrency depends on the availability of that currency. The big question is, “How can you create Cryptocurrency?” Cryptocurrency such as Bitcoin is created using a process known as mining. It is an energy-intensive process.
In this mining process, your computer has to solve some complex puzzles. To solve these complex puzzles you have to verify the authenticity of transactions on that particular network. Your computer will also receive some reward to solve these puzzles. And the reward your computer will receive is the newly generated cryptocurrency.
Alongside Bitcoin, there are many cryptocurrencies. Different cryptocurrency has different methods to generate and distribute tokens.
2 . What Are The Types of Cryptocurrencies?
In this part of the article, I will discuss various types of cryptocurrency.
There are around 10000 types of cryptocurrency. Every type of cryptocurrency is not famous. I have only added 6 famous types of cryptocurrencies and 20 different types of cryptocurrencies.
6 famous types of cryptocurrencies are
1 . Bitcoin (BTC):
Bitcoin or BTC is considered the original cryptocurrency. BTC was founded in 2009. BTC is the first and most applicable cryptocurrency. Still, in the market, his crypto is most commonly traded.
Satoshi Nakamoto is the developer of this crypto. Bitcoin has gone through a huge change in value since its first launch. In 2016 you can buy bitcoin for $500. A recent report from November 2022 says that the price of a single bitcoin is around $16,936. The growth rate is nearly 3,287%
According to the last update of Nov 18, 2022, the market cap of bitcoin is at 320.38B.
Bitcoin Market Cap Daily update
Rather than other cryptocurrencies, Bitcoin is ruling the crypto market. We can assume that bitcoin has a very good future in the crypto industry. BTC is considered the largest cryptocurrency. The current price of a single bitcoin is around $17,811(November 2022)
2 . Ethereum (ETH)
Ethereum (ETH) is a famous cryptocurrency nowadays. The market cap of ETH is around $157.28 billion (recent update). It can be considered an alternative to bitcoin. ETH is a decentralized software platform, This platform uses smart contracts and decentralized applications to run and build without any downtime issues, third-party control, or influence.
ETH has gone through surprising growth from April 2016 until now. At the end of November 2022, its price was near $1,547. In April 2016, its value was near $11. So, value increasing rate is nearly 13,965%.
Learn How to buy Ethereum (ETH)
Behind the creation of Ethereum, there is a certain goal. They want to make a suitable financial product that anyone, anywhere in any part of the world, can access. As a result, there will be a regardless of nationality, ethnicity, or faith due to the use of this cryptocurrency.
But many countries are worried about the use of this cryptocurrency. Because you can get access to any bank accounts, loans, insurance, or a variety of your financial product without your country’s infrastructure and identifications. Like a coming has both sides, the opportunity of using ETH without anyone’s control can generate crime and disharmony.
3 . Tether (USDT)
Tether is a stablecoin and safe digital asset. Tether’s market cap is $69.789B according to recent updates. It is said that Tether’s value is supposed to be more consistent compared to other cryptocurrencies. 1 Tether can always be traded for $1.
According to the Tether website, they claim Tether is a more widely adopted stable coin than other cryptocurrencies. This approach has more simplicity and has the innovative nature of the famous blockchain technology. You can consider the Tether token as real-time currency.
A business or individual can transfer flat currency to a Tether bank account. You can store, save, and transfer this cryptocurrency. With Tether, you can purchase goods and services for yourself. To maintain system solvency, they issue trader tokens into circulation and take them out of circulation.
4 . Solana (SOL)
Solana or SOL is a blockchain platform. The current market cap of Solana is $4.87B Solana is well known for its speed and efficiency. SOL token is considered a local cryptic currency. The users of SQL use their currency to pay the transaction fee.
From the year 2017 Solana is considered the growing cryptocurrency in the crypto industry. Anatoly Yakovenko A Russian computer engineer was the founder of the Solana project or Solana or SOL. There is smart contract capability in the Solana blockchain. Developers use it to build decentralized apps (dApps).
Solana has some good features that make Solana a unique cryptocurrency. Solana is capable of handling 65,000 transactions in a single second. The average cost of a transaction is nearly $0.00025 per transaction. Solana is considered less decentralized than other cryptocurrency networks like Bitcoin, Ethereum and Cardano, and whatnot.
The use of a unique algorithm has made Solana strong, powerful, and user-friendly. For even faster processing, Solana uses a hybrid protocol. This protocol combines proof of stakes and proof of history for faster processing. Research shows that in March 2023 SOL’s price would be near $185.80. The price range will be from $198.81 and $172.80. In April 2022, the OpenSea marketplace added support for SOL on their platform.
5 . Dogecoin (DOGE):
Dogecoin is an open-source and peer-to-peer cryptocurrency. Many crypto industry analysts say that Dogecoin is still worth investing in 2022. From the beginning of October until November 2022, DOGE’s market cap increased by around 144%. Dogecoin is one of the leading cryptocurrencies in today’s crypto industry.
Although it is said that this currency is created as a joke for crypto enthusiasts. But this currency is ruling in the market now. Dogecoin was created in 2013 by two genius software engineers, Bill Marcus and Jackson Palmer.
The symbol of Dogecoin is a famous meme dog. The dog is a Japanese dog breed, the Shiba Inu. This cryptocurrency runs on the same basis as other cryptocurrencies like Bitcoin and so on. Dogecoin was first created as an alternative to Bitcoin.
Fortunately, Dogecoin has faster access speeds and more affordable transactions. In the year 2021, Dogecoin was the 9th largest cryptocurrency. Dogecoin was capable of raising public awareness about the capabilities of blockchain technology. In 2018, Dogecoin reached a market capitalization of $1 billion. One of the most successful businessmen and entrepreneur Elon Musk showed huge interest in Dogecoin.
See the current market price update of Dogecoin.
If you are a beginner in the crypto industry, Dogecoin is the best choice for you to invest in and taste the crypto world for the first time. Dogecoin is not worth as huge value as Bitcoin or ETH.
6 . Polkadot (DOT):
Polkadot is designed as a fast and scalable blockchain by using many parallel blockchains, or we can say parachains. technology-based cryptocurrency system. The DOT token is used for staking and government. You can buy or sell Polkadot on another exchange platform.
In 2022 the price of Polkadot is, for 1 DOT to 5.98 USD. There is a chance in the future the value will reach high. There is also a chance that the value of the Polkadot will reach nearby 2027. But it all depends on the acceptance rate of Polkadot til that time.
current market condition of polka dot
Other 11 different types of cryptocurrencies.
- Tether (USDT)
- USD Coin
- Binance Coin
- Binance USD
- Cardano
- Polygon (MATIC)
- Terra
- Avalanche
- BNB
- Dai (DAI)
- Ripple (XRP)
3 . #7 Advantages And 6 Disadvantages Of Cryptocurrency That Had Gone Way Too Far.
In this part of the article, I will discuss the Advantages And Disadvantages Of Cryptocurrency That Had Gone Way Too Far.
I have added 7 advantages and 6 disadvantages of cryptocurrencies.
Advantages of cryptocurrency
Advantage # 1 – Quick and Straightforward Transition Process
Cryptocurrency has a quick and straightforward transition process. You can easily transfer Bitcoin from one wallet to another using your smartphone or a computer.
Advantage # 2 – Crypto uses the most trustworthy blockchain technology.
All cryptocurrencies use blockchain encryption methods. Blockchain technology is based on principles of cryptography, decentralization, and consensus. Blockchains are considered a secure and safe technology for cryptocurrency. Every cryptocurrency transaction is recorded in a public ledger called the blockchain.
You can easily trace the history of bitcoin and decide whether to invest in cryptocurrency or not. But keep in mind that blockchain has issues with crypto loss. So, you have to be secure with your password and all the information that you are using.
Advantage # 3 – Crypto uses have not 3rd party interference.
Cryptocurrency is a real-time transaction without any third-party interference. So, you do not need t pay any fees or extra payments to the bank or the marketplace for the transaction.
Advantage # 4 – Crypto uses as currency is the future for your business.
In many businesses, large organizations, and many transactional processes you will discover that they prefer cryptic currency as accepted currency system. This is because crypto is fast to transfer and easy to use.
Advantage # 5 – Unlimited possibilities for transaction
You just need to have a cryptocurrency wallet to do the transaction and keep your cryptocurrency. With the wallet, you can pay or receive currency from anyone, anywhere, at any time.
Advantage # 6 – High risk but high reward.
In today’s cryptocurrency market, every currency has unique importance. There are around 10,000 cryptocurrencies on the market in 2022. The price of each cryptocurrency depends on the supply and demand of the coin in the market. In general, we know in business that supply and demand are interconnected.
This demand and supply control the value of almost everything in the market. Some variables control the price of the cryptocurrency in the market. Such as the cost of producing the cryptocurrency, the number of competitors in the cryptocurrency market, regulations governing its sale and use, news influence, and media influence.
Now for example, if the price of dogecoin falls for a long time the dogecoin holder will face a high risk of losing their digital asset. At the same time if the price of Bi coin goes high eh users will get a high reward.
Advantage # 7 – Investors beat inflation
Cryptocurrency has an opportunity to save investors from inflation. Inflation happens when the value of the currency decreases and, as a result, the cost of goods and services increases over time. But cryptocurrency is not a regular currency. Cryptocurrency is not tied to a single currency system.
The price of cryptocurrency does not reflect national inflation. Instead, the price of cryptocurrency reflects the global price. So investors can easily invest in cryptocurrencies.
Disadvantages of Cryptocurrency
Disadvantage # 1 – Lack of Proper Regulation
Cryptocurrency is a third-party, control-free digital currency. This can be considered an opportunity at first glance. But having no monetization of any part and not having enough regulation is one of the basic problems with cryptocurrency. As a result, investors feel insecure and stressed due to the lack of regulatory authority and control.
Famous investor and businessman Warren Buffet said such insecurity can let crypto currency lose the main focus of cryptocurrency. Users will feel less motivated to transfer their one using crypto currently.
Disadvantage # 2 – lose your virtual wallet or delete your currency
You have to be very careful with your virtual wallet. If you lose your phone, you can still recover your wallet. Nowadays, many thieves try to seal your virtual wallet.
Disadvantage # 3 – can be the currency for illegal activities.
Cryptocurrency has become a popular tool for criminals, hackers, human trafficking, cybercrime, terror funding, fraud, and drug dealers to transfer currency from one place to another. In blockchain technology, the history of the transactions is open to all but the identity of the user is unknown. So, transaction data is public, but the transaction maker always remains anonymous.
Unfortunately, cryptocurrencies have become a favorite among hackers nowadays. Many dark or deep web activities run over the transactions of cryptocurrencies. Because no government or authority can interfere with the transaction flow of cryptocurrencies. Where a bank needs intensity, banks do delays for transferring money and there is always a record of money transfer by using a bank or other money transforming process.
But in cryptocurrency, there is no central authority, and no need to delay the transaction of currency or its equivalent in monetary value. For example, the hacking of Twitter in 2020. There was around $100,000 worth of Bitcoins through hundreds of transactions. The transaction was so fast that it was difficult to take an instant action in such hacking activity.
Disadvantage # 4 – Price Crash
Many famous cryptocurrencies face price or value crashes from time to time. This creates a huge loss for some businesses. For example, due to Covid-19 monetary values have gone through huge ups and downs.
Big organizations and businesses that transfer currency using cryptocurrency have faced losses in the meantime. A drop of over 10% in a valuable cryptocurrency can hamper the market on a large scale.
Disadvantage # 5 -Serious scalability issues
Scalability means how well a system can manage increasing amounts of data. In cryptocurrency, the data is the number of transactions, users’ wallet information, and so on. The scalability issue with Blockchain happens mostly when there is an increased number of nodes and transactions.
Each node must store and execute a computational activity to ensure the validity of each transaction. In major public blockchain systems, for example, Bitcoin, Ethereum, and so on, this scalability issue exists.
Disadvantage # 6 – Cybersecurity issues
Cryptocurrency may be the subject of cybersecurity breaches. Hackers use phishing scams to convince crypto users to turn over their digital assets. DNS hacking, fake browser extensions, phishing bots, and whatnot are examples of common phishing attacks hackers will use to take advantage of crypto investors.
4 . How Cryptocurrency Is Going To Change Your Business Strategies.
Now let’s talk about an important topic. The topic is, “How Cryptocurrency Is Going To Change Your Business Strategies.”
Businesses always move toward change from time to time. By introducing cryptocurrency into the business, you may get access to a new demographic group of customers. Research shows that 40% of customers who are paying with crypto are new customers. They even buy more products than the general customer and credit card users. So, there is a chance that your business will grow and generate more sales if you introduce a cryptocurrency to it. A business that uses crypto as currency is often considered modern. There is a high chance that future currency processing will heavily depend on other digital currencies and cryptocurrencies.
With cryptocurrency, you can access new capital and at the same time liquidity through traditional investment. For businesses, cryptocurrency is considered a simple, secure money transfer. It is real-time currency and there is a chance of any issue. The business owner can have full control over his/her cryptocurrency. Cryptocurrency can be an alternative if using cash in a business.
Crypto is a valuable asset to any business. Although there is always a risk in crypto, I have already shown 7 disadvantages of cryptocurrency. In our future blogs, I will add other disadvantages of cryptocurrencies. Despite having risk, investing in crypto can give a good opportunity of getting a high cash flow after a limited period.
If a business invests in proper cryptocurrency, the chance of suffering from crypto will be very low. So, businesses need to have a clear idea of how the crypto market works and which crypto will be best for them to invest in. By using crypto, you do not need to pay any extra fees with every transaction.
As a result, businesses can save money with cryptocurrency. You can transfer money in no time. You do not need to rely on the bank to transfer money to your client’s provider or receive money from your client.
Here are 11 reasons why businesses need to think about introducing crypto to their operations.
1 . Crypto will make sure your asset is safe.
2 . Crypto magically extends your reach to new customer
3 . Crypto provides quick and instant currency transfer.
3 . Crypto is not a stable currency. It is acceptable worldwide.
5 . If businesses do proper research, they can easily avoid fraud in cryptocurrency and do business transactions easily.
6 . Crypto is easy to use
7 . Crypto provides deep security to your currency
8 . Crypto and black chain technology create trust.
9 . The blockchain technology that is used in crypto provides proper visibility and traceability.
10 . Inflation will not hamper your cash.
11 . Crypto ensures the protection of the privacy of your clients.
Here are some major companies that accept payment in Bitcoin as a cryptocurrency:
- Microsoft
- PayPal
- Overstock
- Whole Food
- Starbucks
- Newegg
- CheapAir.com
- Home Depot
- AMC Theatres
- Etsy
- Twitch
- AT&T
- Dish Network
BONUS: This Is What Cryptocurrency Will Look Like In 10 Years.
Now I will talk about our expectations for cryptocurrency 10 years from now.
Cryptocurrency is always a hot topic among investors and classy people. The successful journey of crypto currency started with the famous Bitcoin. Later we have seen other successful cryptocurrencies nowadays. In the middle of 2021, cryptocurrency went through a very bad market experience.
Most famous and trustworthy cryptocurrencies like Bitcoin, and ETH had gone 50% down rating. 2022 was a turning year for cryptocurrency. Still, it is difficult to predict the long-term condition of cryptocurrency. We can hope that compared to the record cryptocurrency will grow higher and higher than before.
Experts say that it is better to invest in crypto and risk more than you are prepared to lose. But there is also a chance that this asset can generate huge cash profits for you later. So, the best idea will be to keep making small investments in cryptocurrency.
After 10 years in 2030, we have many events in hand. With the recent financial condition of the world, many countries are announcing bankruptcy can have a huge impact on future cryptocurrency conditions. But researchers are saying that in the future there can be different and more updated types of cryptocurrency.
Cardano (ADA) and Solana (SOL) are doing remarkable things in the world of cryptocurrency. Still, from the point of view of value, trustability, and dependency we have Bitcoin. But as many other cryptocurrencies are improving day by day. We will soon get a new type of cryptocurrency.
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