2017 was the year of cryptocurrency, when the internet money and blockchain technology became well-known across the world. The original e-currency, bitcoin, which was created by Satoshi Nakamoto in 2009, finally got mass recognition and spiked in price on numerous occasions throughout the year.
By January 2018 it had hit record heights of nearly $20,000, and other cryptocurrencies that had cropped up in its shadow were performing well as well. But 2018 has seen a gradual slump in all coins, and now nobody is quite so sure about the virtual money. Was it all a damp squib or are cryptocurrencies still set for grand things?
The rise of bitcoin was well-documented in the news last year, but now the articles have fizzled out and are few and far between. As the price of the digital gold was rising, people were investing in the cryptocurrency because they believed it had a bright future. The idea behind bitcoin is that it will become the sole currency of the internet, and negate the need for fiat currencies. It can be used to transfer across borders without high fees and waiting times, and is also secure. But at the time of writing the value has slumped, and it is now trading at just over $7000. This indicates a loss of faith from those 2017 adopters.
There is a worry now that the rise of bitcoin and other cryptocurrencies may have been a false dawn as big banks and governments look to regulate it. However, it must be understood that this is still a relatively young industry which is still trying to find its way. With more and more transactions being done online as the years go by, it seems foolish to stick to operating across borders in fiat currency. And the rise of virtual reality will also bring about more situations in which people from all over the world will meet up in the same situations. In 2022, the combined virtual and augmented reality market is projected to be worth $209 billion, and by this time cryptocurrencies may have a major part to play.
There are already many websites accepting cryptocurrency, and this highlights that belief in it is still strong. Gamble.io crypto site has numerous reviews of online casinos that allow users to gamble with crypto, and there are many places to spend the currency. While there may not be many brick and mortar shops in Beverley taking cryptocurrency, there are a number of places across Yorkshire that accept it. Your Sushi in Leeds is a prime example.
It is likely that the cryptocurrency market will remain quiet for some time. Now is probably not a great time to invest, as there is still so much uncertainty around its future. However, there is enough evidence to suggest that the cryptocurrency craze wasn’t a damp squib, and it still has the potential to be the next big thing. It may just be a case of watching this space.