Bitcoin Forum

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Overview

Crypto world has been around ever since the first token was released on blockchain technology and in 2017 there has been a large surge in demand for anything that has something to do with either crypto, blockchain or ICO. This shows that the world had been craving for a technological breakthrough that would bring about a fundamental change to our everyday lives on a more global scale, as well as on a micro level where new technology can enable firms and governments to be more transparent and efficient. The first blockchain was conceptualized in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented the following year as a core component of bitcoin where it serves as the public ledger for all transactions. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for many other developers which gave way to more crypto currencies which followed the same principle of peer to peer secure connections that are checked by millions of miners throughout the world.

 

The old-fashioned way to acquire bitcoins

Many people who are new to the crypto world are tempted to use bitcoin because they assume that they are completely anonymous, so no one will know who they are or where are they paying from. However, this is only partly true because, yes, on the one hand you can create a bitcoin wallet without any personal details, and yes you can buy bitcoins from anyone without needing an ID, but all transactions are free for everyone to see on public ledger, so even if you don’t have a real ID under the wallet’s number, they can see who you received coins from and who did you deposit coins to. Due to cryptocurrency’s rapid growth many new platforms are being created which help to optimise and improve the current infrastructure which in turn facilitates crypto’s further growth as it becomes more mainstream and convenient to use. The old-fashioned way to acquire bitcoins was to pay somebody in cash and wait until bitcoins arrive, unsurprisingly- this was very off-putting to most people because you would hardly want to trust your money to a complete stranger, but today- platforms like coinbase are operating in the open by putting some regulations in place in order to build more trust in the system. This is exactly why if you want to use a trading platform or you want to buy crypto in the first place, you need an ID for the wallet.

How big is crypto world?

But let’s speak numbers, how big is crypto world? How big is this bitcoin thing? The combined market capitalisation of all digital currencies reached an all-time high of more than $500 billion as of 14th December, according to CryptoCoinsNews. This figure is worked out by multiplying the prices of cryptocurrencies by the total volume of those digital currencies in circulation. The number of merchants accepting cryptocurrencies and especially bitcoin has been booming because it is becoming increasingly common for giants like Microsoft to adopt cryptocurrency which has already helped it to surpass the market value of JPMorgan which currently stands at 366.8 billion and will struggle to grow further due to immense competition from digital currencies. This is reminiscent of the early internet in the 1990s when the .com market was on the rise and new companies like Google were taking over older established companies that struggled and refused to adapt. Blockchain-related projects had raised more than $1.6 billion via ICOs before June 2017 while venture capitalists had raised only $550 million for crypto related companies.

 

What to expect

Also, such a huge price increase in bitcoin going from a penny upon creation to being $19627 as of 17/12/2017 can be justified not only by speculation, but by supply/demand and because of limits on issuance which will be capped at 21 million by 2140.

 

So, this is the world of crypto. New. Impulsive. Crazy. And very hungry for innovation and huge returns.

To read it on our website and follow for updates go to : https://quantor.co/crypto-market-and-what-to-eat-it-with/

A very entertaining article.. thanks for sharing.

Thank you for reading :)