When it comes to the world of Cryptocurrencies it is divided into three types. Many people are still oblivious to the existence of cryptocurrencies and the rest to the half, it’s just about Bitcoin while the rest are all aware of the trending coins. Definitely, the existence of cryptocurrency came to light when Bitcoin came into circulation way back in 2009. Some called it a hoax, some claimed it will be a short-lived idea while some just took a chance and put in some money into it. But here we are today, a decade later, where some have made a fortune out of the chance they took and some are scarred with a lifelong disappointment of wasting a quadruple fortune on just a pizza and coke.
So, what is cryptocurrency? Let us have a closer look. To start with, it is a decentralized currency that is not regulated by any Country, Government, or Financial institution. But where did this idea come from? It was back during the great depression when people realized that their hard-earned money was no longer their own. Rumored to have been created amidst the 2008 Global Financial Crisis as a way for people to control their money themselves, without having to rely on Companies, Banks, or governments and their fees and controls.
The idea was to give the people electronic token money that they could transfer between individuals safely and privately without any external interferences. It was a revolutionary idea formed around blockchain technology. The question that arises here is “What is Blockchain?”. It is a system that records information in a way that makes it tough or impossible to modify, hack, or fraud the system. Sounds secure already? Nonetheless, the idea being great and having a high chance of revolutionizing the mode of payment, there are quite a few drawbacks of the crypto world. People not only use cryptocurrency as a mode of buying goods and services but they also find it as a great investment opportunity. Now the price of a cryptocurrency is volatile, not having any inherent value. Something as little as a tweet from a famous billionaire can topple the market.
The question to ponder upon is if the Crypto Market is so fragile that it breaks or is made upon a Tweet? And then comes the bigger question is your money really safe amidst all this safety? After all it is termed a gamble than an investment.