The market for cryptocurrencies is a growing space and in today’s world, it’s growing at a rapid rate. Using computer network software, these digital assets enable secure trading and ownership. You might have heard of the term ‘bitcoin’. Bitcoin and other cryptocurrencies are supported by a technology known as ‘blockchain’. The special feature about blockchain is that it keeps track of every transaction made, in a tamper-resistant record. Public blockchains are usually decentralized and they operate without a central authority, unlike what is seen in a traditional economy.
In the new era of internet usage, people are building on the cryptocurrency space and discovering what they can and cannot trust. The ushering of new digital spaces leaves room for everything we know to be tokenized in the form of cryptocurrencies. These have multiple uses – as units of exchange for goods and services, stores of value and to assist networks to carry out complex financial transactions.
Cryptocurrencies are created by a process known as mining. Mining, an energy-intensive method, enables computers to solve complex puzzles and codes to verify the authenticity of all the transactions on the computer network. As a reward to solving the complex puzzles, the owners of those computers receive a newly created cryptocurrency that they can use or store for various different purposes. The creation and distribution of a token economy is said to have a lighter impact on the economy, making the cryptocurrency space a special one.
The ethos of cryptocurrency lies in the ecosystem that has been created by the market. It is a niche market and anybody can come into this tokenized economy, invest in it and feel like a part of it. In today’s data-driven world, few companies holding a lot of data have the power to censor many ideas and concepts. The decentralization process enabled by the cryptocurrency space aims to make the world a censorship-resistant one. This puts cryptocurrency among one of the greatest sociopolitical and economic revolutions that the world has seen.
Nithin Eapen, one of the most established crypto evangelist in the industry spoke at length about Cryptocurrencies and the advantages of using a more democratic currency in a conversation with Vinay Mahajan on our webinar platform The Technology Crystal Ball. The curiosity in cryptocurrencies was evident with the fact that questions from the participants overtook the conversations of the panelists. Nithin addressed several topics patiently and with equal enthusiasm.
And why not, the revolution is just beginning. Cryptocurrency has a huge valuation for the future. It is even expected to reach eight trillion dollars. In just a year and a half, the crypto market has gone from 6 billion dollars to 500 billion dollars. Everything we do ultimately boils down to our need for money. But there are several issues that come with money. Suppose you have cash in your pocket and it falls down. It becomes the bearer’s asset. A token like bitcoin solves that issue because there is no way for the money to fall in the crypto space. The same applies for a registered asset, where any robbery of it is decentralized in the cryptocurrency space. Such a market has the potential to create wealth in newer and more unique ways.
And that’s what makes cryptocurrency so powerful – a person investing in the space gets the chance to be in an economy that generates wealth without any centralized organization and the space is constantly growing. Watch the webinar by
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