Cryptocurrency has had a fair amount of controversy in the 10 years that bitcoin has been in operation. With an unpredictable marketplace and a number of new and emerging cryptocurrencies looking to take the top spot in terms of popularity, crypto has revolutionised the world of digital finance in 2019. But, which has come out on top?
The Growth In Popularity
Since the birth of Bitcoin in 2009, there has been an increase in the number of people mining and using it. Many other cryptos have also been created since. But with this style of currency having a number of highs and lows throughout its timeline thus far, it was not given a proper value until 2010. It was not until 2011 that the industry began to boom. With a number of other emerging cryptocurrencies such as Litecoin, the decentralised nature of crypto started to show.
The Rise Of Trading Platforms
When Bitcoin sky-rocketed in 2017, many new trading platforms started to gain popularity. Not only did they create a social platform to help communities trade efficiently, but these trading platforms allow access to some of the top cryptocurrencies to trade on the Forex market as well as a number of other international markets during this time. This helped to revolutionise the process of crypto trading and helped to make markets much more accessible to those that are new to the process as well as those that are looking to replicate the success of larger corporations.
Changes To International Policies
As the popularity has continued to grow until the present day, there have been a number of changes to policies surrounding this form of alternative finance. With countries such as Indonesia cracking down on the use of these alternative currencies and the UK and the US welcomed this form of alternative currency with open arms, there are a number of differences surrounding the use of these currencies that have divided nations.
In a statement released in 2018, the ban of Indonesia stated that “virtual currencies including bitcoin are not recognized as a legitimate instrument of payment.” This, reduced the number of people in Indonesia investing in crypto. Especially as the statement continued to call this style of alternative finance “highly risky” due to its volatile nature and everchanging market value.
Did you know that the bank of England has assessed the risk of the crypto market? And that they said that there is no material risk to the monetary or financial stability of the UK as the crypto market is too small? That’s actually true. However, there are a number of taxing options on businesses that are making a large amount of income off of this style of currency.
Canada has a quite liberal stance to the crypto market as a whole. The country passed a new law in 2014 trying to regulate the crypto industry under the anti-money laundering law. In addition to this, it prohibits banks from opening accounts for digital currency MSBs if unregistered.
While none of the cryptos listed below are “new or fashion”, they are still to be considered as “emerging”. This is because they have shown great strength over the years. And they all have demonstrable use cases.
This was the first crypto to hit the market, some 10 years ago. Regardless, this crypto is showing no signs of slowing down as more and more people are buying, mining and investing. You can say a lot about BTC, but many people think that it is the biggest and most resilient crypto out there.
The other cryptocurrency that has increased in popularity in recent years is Ethereum. Once considered the new bitcoin upon release, this is an open-source decentralised blockchain network. It allows users to send anything through the system that is backed by Ethereum.
This is the fourth most popular currency on the market. It is also one of the oldest to still be in operation. Though this is weaker against bitcoin, this is an up and coming currency that many are using. Though this is still an emerging currency at this time, this is set to gain popularity in 2020.
The Controversy Around Libra
Some people said that this was for sure the next big crypto. However, this may have fallen flat as Libra is not a conventional crypto. This is due to the currency not being decentralised in the same way that a bitcoin is. However, Libra will have their own servers and will run alongside some of their other association members. By that, they will create a network that many never knew they needed. However, this could pose a risk to the cryptocurrency as we know it today and has a number of leading industry experts concerned.
The Future Of Crypto In 2020
The future of crypto still remains uncertain at this time. And nobody knows who will be the great champion of crypto in the future. Is it Libra? Or will the US federal government cause issues by imposing further sanctions? This is all set to revolutionise the way that we use this sector in the future as well as increase the future of its capabilities.
Maybe you are already taking advantage of the above cryptocurrencies. Maybe you are looking to try your hand at trading in the new year. In any event, there are a number of changes on the horizon that will increase efficiency on the market. This will make trading significantly easier for both experienced users and beginners.
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