Innovative financial instruments, digital money, and digitized assets are transforming before our eyes. New paradigms are created by ever-evolving systems and instruments for financial transactions that have brought us closer to the world of digital financial transformation.
Emergence Of Cryptocurrencies-Success Stories
Cryptocurrencies like bitcoin were initially rejected as insignificant and fad by a lot of people, including some industry and financial experts. However, data suggests otherwise. The combined market value of all cryptocurrencies, as of April 2017, is a whopping $27 billion.
Cryptocurrency market capitalization, during April 2018, increased from $263.9 billion to $438.9 billion, or by 66.3 percent.
The cryptocurrency market thaw can be attributed to many factors such as positive news items on the world stage and the cyclical nature of the market. For example, many countries (France, Germany, the Netherlands, and the United Kingdom, among others) signed a declaration for creating a single digital market and entering into a partnership in the blockchain industry.
Not only this, the emergence and success of cryptocurrency have also assisted hundreds of new business platforms and avenues with significant valuations, which highlights new and different forms of peer-to-peer economic activity.
One of the biggest advantages of Bitcoin is that it has strength by design. The limit of Bitcoin that will exist is fixed and Bitcoin mining happens every four years with diminishing returns until the maximum count of bitcoins reaches a total of 21 million. This unique characteristic makes it a viable currency. It also means that it will never become inflated from bitcoins’ overabundance.
In addition to these advantages, bitcoin is also not influenced by inflation resulting from national government restrictions or changes. In short, bitcoin is a “safe haven” for profit-oriented investors to put their wealth into. In 2015, Bitcoin became the best performing currency in the entire world, despite the fact that global economic powerhouses such as the United States, the United Kingdom, and China were running the landscape.
TYPES OF DIFFERENT CRYPTOCURRENCIES-POPULARITY STATISTICS
Today, there are a number of different cryptocurrencies (such as Ethereum, Dash, Monero, Ripple, and Litecoin) after Bitcoin in terms of market capitalization.
Bitcoin has managed to be the clear leader, both in terms of usage and market capitalization, despite a surge in other cryptocurrencies. It is worth noting here that Bitcoin is used and supported by the overwhelming majority of payment service providers, (that facilitate payments using cryptocurrency), exchanges (that deal in a purchase, trading, and sale of cryptocurrency), and wallets (that facilitate storage of cryptocurrency).
It can also be drawn from the above that Ether, which is the native cryptocurrency of the Ethereum network, has demonstrated itself as the second-largest cryptocurrency. Privacy-focused cryptocurrencies Monero and DASH presently constitute approximately 4 percent of the total cryptocurrency market capitalization. Meanwhile, the combined “other cryptocurrency” category has managed to double its share from 3 percent to 6 percent in terms of total market capitalization.
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