What is cryptocurrency and What would be the cryptocurrency future?
Cryptocurrency has a quite fascinating history. But how fascinating would the Cryptocurrency future be? Cryptocurrency is known as digital or virtual currency, a decentralized digital currency, which means that this is not under the control of any government or financial institution. Cryptocurrency doesn’t rely on any bank. it’s a peer-to-peer system that allows anyone to send it anywhere and receive it from anyone. The owner of the cryptocurrency can use their cryptocurrency for any purpose.
Bitcoin as a Cryptocurrency was first introduced by Satoshi Nakamoto in 2008. When cryptocurrency was launched it started grabbing people’s interest because it was something new to them without any government or financial institution. And they started to invest a huge amount in cryptocurrency.
Top 3 cryptocurrencies to invest in 2023
There are over 18,000 cryptocurrencies up till now, it’s difficult to mention their names as well. Let’s talk about some highest growing cryptocurrencies from the past which could be the future of cryptocurrency.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
What is the future of cryptocurrency?
Bitcoin as a Cryptocurrency was first introduced by Satoshi Nakamoto in 2008. In 2021, cryptocurrency hits the highest price of $68,000 investors got too much profit, and their profit touched the sky but in May 2022, Bitcoin prices tumbled to $36,000. The sudden drawback in the prices of bitcoin was unpredictable and make shocked all the investors their huge amount of investment got plunged.
According to experts the sudden drawback of Bitcoin doesn’t affect much to the investors because Bitcoin price is still in profit. This is the reason the investors are satisfied to invest in cryptocurrency.
After Bitcoin, Ethereum is the second-largest cryptocurrency it is launched in 2015, and its price is around $2,565. This is most popular after Bitcoin and it is block chain process with its cryptocurrency called Ether.
In 2011, Litecoin was launched, created by Charlie Lee and it is the third-largest cryptocurrency, its price is around $106. Litecoin has faster payments and transaction processes, that’s why Litecoin is most similar to Bitcoin. These top three cryptocurrencies would be the future of cryptocurrency as per their dominancy
Before the fall of Bitcoin in 2022, Bitcoin was sitting on top of all the cryptocurrencies and was hitting the market with profit, the investors of bitcoin skyrocketed and are still in profit. As per experts, cryptocurrency is like stock markets, ups and downs are possible.
That’s why it’s difficult to predict the accurate cryptocurrency future. But according to the experts, investors should take cryptocurrency as the stock market. Where shares go through ups, downs, and sometimes market crashes.
Everything is possible, there could be more profits for the investors in the future because it has beneficial history, but it is difficult to predict the actual future because there are no such laws on international forums.
There are so many conflicts around cryptocurrency worldwide, some countries are accepting and some are not. Like this, the owner of the cryptocurrency is difficult when owners want to buy something or trade from cryptocurrency but another party is not acceptable because it is still approved by the less majority.
There are some important concerns related to cryptocurrency other than ups and downs. Let’s look at them.
Up till now, there is no such rules and regulation to save cryptocurrency from cybercriminals and scammers as they are not under any government or financial institution.
As there are above 18,000 cryptocurrencies people easily got scammed by scammers because of lacking knowledge. That’s why it’s becoming unsafe for investors in the future. There should be some authentic institution under the government to guide people.
There are some illegal usages of cryptocurrency that are also noticed such as dark markets. Because of illegal usage, it’s possible to get banned in the future. There should be some laws on the international forums around cryptocurrency to save the investor’s investments and to prevent our society from crimes.
Tips to save your investment
Cryptocurrency investment is beneficial when investors invest for a long-term period rather than a short-term period. If you invest in cryptocurrency, these tips can save your investment in the future.
- Do your research, take online courses, and discuss with experts before you invest.
- Don’t invest your whole money, only invest that amount that you are prepared to lose.
- Don’t share your password with anyone.
According to some experts only invest 10% of your amount, in this way you could be stable if cryptocurrency will crash.
The Cryptocurrency future is bright as we discussed above but, before investing you should do homework on those little points which are of great significance in cryptocurrency.