It has now been over 10 years since Bitcoin
was invented and came out to the public. Since then, so many developments have
ensued in the industry that it’s impossible to keep up even the highlights.
Whether that be because of people dreaming of becoming millionaires or true
visionary types looking to implement a technology for a better future, it’s
doubtless that cryptocurrencies have very much become mainstream.
Everybody wants a piece of the crypto pie. As
there are not too many people who were lucky enough to have gotten on the
bitcoin train in time, people are always looking for the “next best thing” in
the crypto world, and the demand is very much met. Nowadays, you have a plethora of coins that are available on global
crypto exchanges, with more being added every year. With more and more people
joining in as time goes by, drastically increased variety is simply the natural
conclusion. Sure, Bitcoin is still the king of cryptocurrencies – it’s
currently sitting at around $9,000 as of this writing, and not a single
cryptocurrency besides itself has ever gone that high. However, Bitcoin’s
highest-ever point is more than twice as much.
Bitcoin’s supremacy aside, with so many new
cryptocurrencies, all of which have their own unique solutions to different
problems, it’s inevitable that their influence and scope of applications will
In order to see how far Crypto has come along,
you needn’t look too far back. If you think about it, in the past, crypto was
only reserved for people who had the necessary technical skills, knowledge, and
intention to get into it, meaning it definitely wasn’t for an average Joe.
Situation is completely different today. Almost anyone who’s interested in
getting into cryptocurrencies, whether that be in interest to make money,
explore a new financial market as a hobby, or just be a pioneer in a
ground-breaking technology, can do so as easily as just by visiting any major
crypto exchange and buying it there instantly.
People thought the same about Forex trading in
the beginning too – it’s too technical, it’s too risky, it’s too complicated
for a beginner, there’s not enough info, etc. Then, several years after, we
have a thriving Forex market all around the world, with thousands upon
thousands of traders. There’s so much information available online, with so
much guidance, that you can even find full-blow reviews for specific brokerages
like this XM Review. These kinds of reviews are vital
for ensuring a smooth entry experience for beginners who are bound to make a
lot of mistakes in the beginning. If this kind of in-depth approach and
abundance of information is achieved for the crypto industry as well, it’ll
only take so much time before it reaches a full-blown worldwide implementation.
How do we get there faster?
While the current speed of crypto’s growth is
nothing to sneeze at, there are still some things that we can change to ensure
that there’s nothing holding cryptos back from growing as fast as they could.
For one, we could slowly but steadily stop
looking at them as a commodity, and start looking at them as currencies.
Bitcoin is still a valuable asset, but it’s not a valuable asset that you can
exchange for a gallon of milk at your supermarket just yet. Now, this is
obviously easier said than done and takes a lot of time and specific changes in
our societal behaviors, but Rome wasn’t built in a day; everything takes time.
However, as the technology develops further and more opportunities are present
for faster and wider implementation of cryptocurrencies, this is only a natural
Beyond that, we have to also make sure, that
whatever regulations and laws are implemented regarding the cryptocurrencies,
are supportive of their advancement and development, as opposed to slowing them
down and hindering them. This is a very complex subject
though, and governments and international financial regulators are rightfully
taking their time on moving forward with developments on these matters. The
complexity arises from the need of finding common ground between laws and
regulations that would ensure consumer safety and economic feasibility, yet at
the same time encourage the growth of the industry by removing as many
limitations as possible.