Does Crypto Have A Future?

 Does Crypto Have A Future?


Satoshi Nakamoto during the crisis of 2008 published a paper that said that with Bitcoin’s open source blockchain we can create our own money without banks and governments. Thus Bitcoin came into existence and is the most valued currency in the world right now. As for Satoshi Nakamoto, nobody knows who he is. He created this huge revolution(possibly harmful to the planet) and disappeared in thin air. But that 9-page paper opened a world of possibilities. We now have over 10,000 cryptocurrencies in the world. The biggest ones are Bitcoin, Ethereum, and Tether. But some people and businesses are skeptical about it. And “believers” believe that crypto will continue to boom with time. There are two sides to this “coin”, so let’s "mine" a bit deeper.


Tech of the Future or a Bubble


Cryptocurrency runs on the fundamental of a blockchain, that is each transaction is recorded on every block over the network and validating it as each block will have the same information about a particular transaction for eternity. Now the interesting part is that this blockchain is open source and anyone can access it, and use it. There are a number of positives for Cryptocurrencies. It is a Decentralized, secure, anonymous, and transparent currency. Middlemen are excluded, and inflation and the effect of the state are not transferred to cryptocurrency. Smart contracts and their applications. But(there’s always a but) there are concerns as well. The carbon footprint, criminal activity(a result of financial anonymity), and fraud.



                                            It is evident that crypto looks really tempting and intriguing which is the reason the whole world is crazy over crypto and I am writing this article. But “with great power comes great responsibility”. Crypto has the ability to solve many of our problems but it does have its drawbacks that need solutions. It is a boon or a curse depends how we use this.






By-
Akhilesh Semwal


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