Cryptocurrency is a new asset class with multiple use cases. The initial use case was a store of value that can be sent to anyone around the world, at any time and without anyone’s permission. Other cryptocurrencies derive their value from the utility they provide within the digital ecosystems being built around them. Some other use cases include being used as collateral, increasing user benefits, increasing the yield you earn, governance over protocol changes, giving value to unique assets known as NFTs, issuing insurance contracts, remaining stable for payments or even being pegged to another asset’s price.
In January of 2009, right after the Global Financial Crisis, a person known only as Satoshi Nakamoto, invented an open-source peer-to-peer digital asset system called Bitcoin. This new technology finally made it possible to have a decentralized, global asset that no intermediary, bank, lending institution or single nation could control. The incredible idea ignited the hearts and minds of brilliant people from all around the world. As the years moved on, new ideas for how this technology could be used exploded and innovation took off like a rocket!
Cryptocurrency is one of the most revolutionary inventions of our time and will drastically change the way we trade and establish trust between each other. To verify and record each transaction, these systems use a distributed ledger technology known as the Blockchain. The Blockchain is a decentralized, publicly distributed ledger system that tracks and secures every crypto transaction around the world.
This technology has the potential to create a new Global Monetary System controlled by transparent code instead of corrupt governments. Governance models are already being built into these protocols to help democratize any changes that need to be made to them in the future. This further empowers individuals to have more control over the creation and distribution of the assets they choose to use.
Now is the time to learn, to invest, and to prepare.
Check out these great Cryptocurrency videos to learn more:
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What you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.