CRYPTO

Bitcoin and Altcoins

Bitcoin is the world’s first successful decentralized cryptocurrency and payment system, launched in 2009 by a my sterious creator known only as Satoshi Nakamoto. The word “cryptocurrency” refers to a group of digital assets where transactions are secured and verified using cryptography – a scientific practice of encoding and decoding data. Those transactions are often stored on computers distributed all over the world via a distributed ledger technology called blockchain.

Bitcoin can be divided into smaller units known as “satoshis” (up to 8 decimal places) and used for payments, but it’s also considered a store of value like gold. This is because the price of a single bitcoin has increased considerably since its inception – from less than a cent to tens of thousands of dollars. When discussed as a market asset, bitcoin is represented by the ticker symbol BTC (source: coindesk.com) Some of the most prominent altcoins today are Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Chainlink (LINK), Litecoin (LTC), Polkadot (DOT), Tether (USDT), Uniswap (UNI), etc.

After Bitcoin’s immense success as the first cryptocurrency, programmers started inventing other cryptocurrencies that were based on Bitcoin’s features. Moreover, Russian-Canadian programmer Vitalik Buterin came with the idea that other services besides transactions

can be decentralized as well. Hence, he invented Ethereum, the first network that offered decentralized services in programming (by launching and running decentralized applications), finance (DeFi), voting systems, medical databases, etc. Ever since that, various cryptocurrencies with various services in their respective blockchains have been invented and implemented in the crypto market. Some of these altcoins have experienced a huge increase in price. For instance, Ether (ETH) was around $0.70 in 2015. As of January 2022, Ether

(ETH) has a price of $2500, which is a drastic appreciation.5 reasons why crypto is the future

1 — INSANE growth rates:

The crypto market has added a non-linear average of $250 billion per year to the industry’s market cap, making the total current valuation a whopping $2.1 Trillion United States Dollars.

2 — Decentralization is the next step in the evolution of

civilization:

The Technological Revolution we are currently in now, the world population grew exponentially from just 450 Million into now 7.9 Billion people, and with this growth came new economic models, political structures, and working-class cultures. In the past decade, the internet has enabled entrepreneurs, freelancers, and remote workers to thrive in what has been labelled a “gig-economy.” This gig economy however, is the just tip of the iceberg in what a decentralized economy looks like, and cryptocurrency investors are at the forefront of those in line to benefit from this rapidly growing industry.

3 — Supply Transparency:

If you’ve heard about the rapid increase in the monetary supply of the US Dollar, you’ll have likely heard about the growing concerns surrounding Hyper Inflation and the threat of a Fiat Currency Collapse. In many cryptocurrencies, such as Bitcoin, the Inflation Rate has been pre-determined from the very beginning and such information has been made publicly available. With this, you know the exact yearly coin inflation rate and the exact total number of coins that will ever exist in the cryptocurrency. It is important to note that NOT all cryptocurrencies are transparent about their supply inflation rate — Do your own research accordingly.4 — Your Keys, Your Coins: Decentralized currencies like Bitcoin provide the owners 100% control over their wealth. The only person with power and access to your coins is the person with the keys to access your crypto wallet; Needless to say, the only person that should be is YOU. This ecosystem is made possible by Key Cryptography and Decentralized Machine Consensus systems.

4 — Your Keys, Your Coins:

Decentralized currencies like Bitcoin provide the owners 100% control over their wealth. The

only person with power and access to your coins is the person with the keys to access your

crypto wallet; Needless to say, the only person that should be is YOU. This ecosystem is made

possible by Key Cryptography and Decentralized Machine Consensus systems.

5 — Financial Inclusion. Banking the unbanked:

If you’re reading this, it probably doesn’t affect you directly, but it will affect you indirectly. You clearly have access to the internet, and like most people, you are probably paying for that internet from money sitting in your bank account — This is normal for 6 Billion people, but it might surprise you that even today, 1.7 Billion people do not have a bank account at a financial institution or a mobile money provider. This financial exclusion severely limits their capability to contribute to society. Cryptocurrencies change this. Anybody can have a Bitcoin address, even if they don’t have internet access. This makes Cryptocurrency, not just the only banking option for these 1.7 Billion people but also the BEST option — The result: a more inclusive, more efficient global economy.