Cryptocurrency is a hot topic. Buying, selling, or investing in Bitcoin (the biggest cryptocurrency) or Ethereum has become a hot commodity in recent years. In 2021, global governments have widely implemented strict regulations to mandate cryptocurrency transactions and exchanges.
However, the virtual currency has certainly maintained a surge in popularity, as both seasoned investors and everyday people scramble to invest. The interest in cryptocurrency, a digital currency which deregulates activities, transactions, and payments, is a curious one, as a wide variety of people (with different expertise) have invested in the currency.
Why is it so popular?
One of the key reasons cryptocurrency is so appealing to content creators, artists, and individuals is decentralisation. The virtual currency is exchanged in an unregulated digital market, in which a group of individuals (rather than a centralised bank, reserve, or entity), monitor transactions.
The removal of a third-party overseer is enticing to many, as wire transfers and daily transactions are managed by blockchain instead.
As companies, businesses, and creators enter an increasingly virtual reality, in which concepts such as The Metaverse and Web 3.0 are mere years from fruition, evolution is necessary. More specifically, evolve or die.
In 2021, cryptocurrency regulations were mandated across the board. The Biden administration strictly applied further restrictions to the digital currency to reduce cybercrime and encourage safe investments in the global market.
The efforts were stringent, and certainly appear promising for the future of cryptocurrency in 2022, as earlier, many risk-averse investors were hesitant to buy Bitcoin. The market was virtually unnavigable, and the risks innumerable. However, with more stringent regulations, digital currency is well on the way to dominating the economy, as more and more invest in the burgeoning currency.
The future is unknown. As many businesses, companies, artists, and investors wade the treacherous waters into an unregulated digital market, the landscape is murky. Yet congruently, cryptocurrency offers a unique opportunity.
A decentralised form of currency (never implemented before), the digital currency enables beginners and accredited investors to trade in a deregulated forum. Third-parties eliminated, central authorities discarded.
Cryptocurrency poses a distinct chance to foray into the digital landscape, and assume autonomy in transactions.
New digital landscapes, virtual realities, and digital currencies have one thing in common. Autonomy. As individuals embrace data privacy, valuing their online rights and privacy protection, digital entities have become increasingly concerned with decentralisation. Offering autonomy to users has become priority #1.
The future of cryptocurrency is uncertain. The digital market is unstable. However, regardless of the risks, cryptocurrency is nonetheless emerging as a leading digital currency system in 2022 and beyond.