Cryptocurrency is something that has been around for a long time, but only now people are really hearing about it almost everywhere. I first learned about a certain token called Bitcoin back in 2017 when a singular coin was roughly $800. At the time I did not think much of it besides it being insane. The only reason i had heard of it was because my friend was selling some of his digital game skins in exchange for the digital currency Bitcoin. Fast forward to 2021 and the currency is at a stable $48,000 a coin with more demand then ever before. I have been following it along its journey and would say I fit in the early majority adopter category but I’m at the confirmation stage as well.
I would say I’m in the early majority as I have watched the rise and falls of Bitcoin but did not adopt it until later. I have been actively using it for several months now as there are more business that offer it as a payment option. It is essentially a global currency with the same value to everyone. On the Wikipedia it is explained as, “Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.” It can be used virtually all across the world. As of today El Salvador has officially adopted Bitcoin to be its official currency.
With the rise of blockchains (which is what Bitcoin runs on to verify transactions) other cryptocurrency’s found it easy to mimic it’s code and create their own tokens. Once people found out how to make more, others digital currency’s came on the map all fulfilling their own purposes. I have dabbled in some of those becoming an early adopter but not all are fully adopted and most of the time just end up having no use. In the future for Bitcoin I see it has vast potential. I do not see it going away and do see more people learning about cryptocurrency’s in general.
Source: https://en.wikipedia.org/wiki/Bitcoin
Hello Martinez,
In my point of view innovation of digital currency is one of the most valuable innovation in technology. Even though I’m not adopting it since it has been moving ups and down. But it can be the most usable and accepting currency in the world.I do trust on this innovation but unfortunately, I couldn’t be able to follow this because of lack of economic. It has a good potential as you have mentioned in this digital world.
Thank you!
As I commented in my post, I too find the crypto boom a rather fascinating event. I find the concept to be a brilliant idea, and its clearly gained a massive following in a relatively short amount of time. I’m still curious to see where this is going to lead. There’s quite a bit of speculation over the volitility of cryptocurrency, and I’d like to see that even out more before we get comfortable with everything. Plus, I’ve noticed a massive surge of new currencys popping up all over the place. I’m curious what effects they will have on each other, or what possible new ideas may still be waiting. Regardless, I’ve got some investments of my own in crypto and it’s been a very educational experience learning how people are trading and investing in this stuff.
Cheers!
I would not necessarily say that cryptocurrency has been in existence for a long duration of time; rather it has grown exponentially, more rapidly than any other financial asset in a very short period. I first heard about Bitcoin, as a lot of us did in 2010, when some guy used it to order a Papa John’s pizza. Not many took it seriously, as it was worth mere pennies in trading value. Because media coverage at the time was attributing it to hacker money used on the deep web to buy drugs, a lot of people, including my teenage self assumed that it was illicit and something only used by criminals. I am glad we were wrong, and that this negative stigma has since faded away with the beginning stages of mainstream adoption. It is a tragedy that a lot of us missed out on the financial opportunity of a lifetime, however, with this lack of understanding.
It wasn’t until 2015, when I watched an episodic documentary with Morgan Spurlock, Inside Man, did I understand what Bitcoin actually was, a valuable asset. Still, I did not understand how to buy it, and largely ignored it until 2017 when it broke through to $1,000. I knew if Bitcoin reached the thousands, that cryptocurrency would represent the future, and be valued quickly in the tens, hundreds of thousands, and perhaps reaching seven figures eventually. I figured out how to buy Bitcoin and listed cryptocurrency with Coinbase, which is arguably not the greatest trading platform, but was the most user-friendly.
I believe these aspects are what has hindered true mainstream adoption, complexity of cryptocurrency in buying and storing it securely, and just the lack of understanding as to what it is.
I do believe that we are still in the earlier stages of adoption, as cryptocurrency still is not a primary means of monetary exchange. I firmly believe we are getting there, however, so I would argue that we are still within Early Majority adoption, and this period will continue to last until cryptocurrency becomes even more mainstream in society.