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With the world entering the digital age, it was only a matter of time before the idea of a digital currency started gaining speed. Whilst the creation of digital currencies started about ten to fifteen years ago, their usage at the time was discouraged. Therefore it did not receive the attention it should have. This was because at the time, and as it still is today, the United States Dollar was the most famous and prevalent currency in the world. Every trade and exchange of money was carried out on the basis of the US Dollar. Any attempts to challenge the US Dollar would have met a fatal end. US Dollar currency enjoyed immense strength and popularity as the worldwide currency for all commerce and business the world over.
The imminence of Crypto Concept
However, the concept of digital currencies was one that seemed imminent, with the world moving at a rapid pace towards digitalization. Companies like Amazon and Alibaba, which exclusively traded online without the need for physical stores helped, build foundations for this concept. People began developing a propensity for opting to buy online rather than visiting stores to buy and sell, like the old-fashioned way. This led to rising awareness for digital currencies. A concept where, as the concept of Amazon, there would be no need for physical notes of currencies. Instead, one could buy and sell using money they had never seen or ever would see. The reason was that there was no need to see it as long as it served its purpose of paying for goods and services.
Slow Start But Fiery Middle Inning
Initially, digital currencies did not achieve much popularity, as the world remained fixated on the United States Dollar. Furthermore, people preferred investing in items of trading that had been around for centuries, like gold. Of course, they knew their investment would be safe, easily able to be monitored, and keep them steady in rapidly changing economies. However, the world was taken aback and turned on its head within the past four years. At that time one particular cryptocurrency’s value skyrocketed, providing returns that made the stockbrokers sitting in Wall Street go green with envy.
A Trail of Huge Fortune
Bitcoin, arguably the world’s most popular digital currency now, shot to fame in 2017 when its value propelled to unimaginable amounts. Those who had been aware of it in yesteryears had seen the potential for it and had bought it during its early years. Bitcoin reaped immense awards, seeing their investments multiply by the hundreds, thereby leaving in its trail a multitude of millionaires and billionaires. Others, looking at the rewards reaped by the few, decided to follow suit, and started investing in Bitcoin and other currencies. Investments into digital currencies started pouring in, and this piqued the interest of not only investors but everyday people worldwide as well.
There came a time when world economies were being ravaged. People were looking to make a quick buck in order to keep themselves and their families afloat. The thought of investing in crypto and seeing huge amounts of return in a short period of time appealed to the populaces. As more money started flowing into digital currencies, more digital currencies started popping up, giving people more options to invest in. In this way, a cycle was created; the more people invested, the more currencies started entering the market, and so forth.
Time Changed Quickly Around Bitcoin
Those who had managed to get onto this bandwagon in its early stages, are today reaping the rewards of their forward-thinking. For example, there was a time when 600 dollars were enough for buying 2 bitcoins back in 2016. At that particular time, Bitcoin’s value was marked at $300 per bitcoin unit. However, today, Bitcoin sits on an astronomical value of Forty Thousand Dollars ($40,000). Yes, you read that right, that amounts to more than a twenty thousand percent increase on their initial investments.
Today, digital currencies have finally gained the attention and consideration that they have deserved. At present, almost ten thousand cryptocurrencies are publicly traded online. In May 2021, it was calculated that cryptocurrencies enjoyed a total value of $1.7 trillion. Of this amount, the valuation of Bitcoin was $735 billion, a lion’s share in the total amount. The number of cryptocurrencies, and the total market value, continues to increase rapidly today through Initial Coin Offerings, the Digital Currency Market’s equivalent of an Initial Public Offering.
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