Cryptocurrency – A new-age currency

Cryptocurrency – A new-age currency
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Have we ever wondered how money can be digitalized? Or the saying that we all have heard from our parents that “Paise ped pe nahi ugate (Money doesn’t grow on trees)” will ever come true, even without seeing or touching it?? Yes… this all happened quite a few years back with the starting of digitalization all over the world when some of the great yet changing the world kind of mindset people decided to give a shot to something unusual that can redefine the language of Money.

Emergence

From the beginning of our lives, our relationship with money is of a thin lightweight paper engraved with some information and a picture of a great leader that can easily rest in our pockets, wallets, and purses, through which we can buy anything for us. However, with the passage of time and changing era, we were introduced to the “Swipe and Pay” lifestyle where a simple yet small card (Debit/Credit) allows us to make our lives much easier and our pockets even more lightweight. Then we moved towards using our mobile phones as a medium of monetary exchange using various new age methods such as Wallets and UPI but one quite an old method was hidden somewhere in these changes and that was Cryptocurrency.

First introduced back in 2009 with no background or information on how it works or where we can get this, but the biggest question in everyone’s mind was how this is created. It is created or mined (in crypto terms) with the use of the technology called Blockchain.

Evolution

The first ever mined crypto was Bitcoin aka BTC which began its journey from just fractions of cents and continuously increasing its worth in the market. When it was first introduced, people accepted this and it spread like a forest fire in the worldwide market, leaving behind a question over its existence and the adrenaline to be a part of this.

None of the individuals was aware of this but the fire went so wild that it gives rise to many more such cryptos in the world such as Ethereum (ETH), Tether (USDT), Dogecoin (Doge), Ripple (XRP), and many more in due course of time. Currently, more than one thousand cryptocurrencies are active in the market with a combined worth of more than a hundred billion dollars.

Legality

From the very start of their journey, cryptos carried a big question with them and that is of how legitimate they are and how far they can survive. These questions had gone through many debates and arguments but it didn’t hold back the strong rise of them all over the globe. Even in the present time, where many big giants are still not sure how they can include and regularize them and few nations have accepted it and made it a part of their monetary currency.

Never Ending Journey

In the era where everything is being digitalized, from shopping to education to entertainment. We have also moved from paper currency to paperless currency and cryptos are integral yet questionable players in this. This has been very well said by some great leaders that this might be the next big game changer in the monetary world and would become a leader but that has been proved since the start that as many questions it may arise, this would still alive for a long time as it has been believed that still many pages are to unfold.

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