Since cryptocurrency came on board as a digital currency, they have never had it so good. As a matter of fact, 2021 can be recorded in history as one of the best years for cryptocurrencies. For instance, Bitcoin hit an all-time high in 2021.
Generally, people’s interest in cryptocurrencies shot up this year with so many converting some of their cash value to cryptocurrencies. Thanks to investors like Elon Musk who made some coins even more popular.
Nevertheless, lots of people are not certain what the future hold for cryptocurrencies. Whether or not it will become the currency of the future is yet to be seen.
Interestingly, the conversation about the regulation of cryptocurrency is currently making the rounds. Across the globe, the government is discussing ways to regulate the digital currency market. Meanwhile, in some countries trading, cryptocurrencies have been banned entirely.
For instance, lawmakers in the US are battling with how to establish laws and guidelines that will regulate the cryptocurrency market. Considering the inability to trace crypto transactions, the concern that it could be used to sponsor criminality is high.
Also, in other European countries, there is no clear-cut regulation about the use of digital currencies. Just like the US, lawmakers in Europe are in a fix how to regulate its use. For instance, how to implement tax policies on cryptocurrency is one of the focuses.
Cryptocurrencies that are changing People view about Digital currency
Some coins are currently making people feel the need to invest in cryptocurrencies. Let’s take a look:
Bitcoin: No doubt, bitcoin is one of the cryptocurrencies changing the landscape of digital currencies. For instance, the price of bitcoin doubled in 2021. Going back 10 years, bitcoin was almost worthless. More so, 10000 bitcoin was about $10 or so. But today, 10000 bitcoins would make you an instant millionaire.
Dogecoin: Although Dogecoin was not as popular as the bitcoin, its price went up as soon as Tesla adopted it as their cryptocurrency of choice. Elon Musk earlier this year announced that his company would accept cryptocurrencies and they favored Dogecoin. Based on this, Dogecoin shot up by almost 100 percent instantly.
Ethereum: Ethereum came on board shortly after bitcoin. Although Ethereum has been around for a while, it has not been doing when in the digital currency market. But holders of this coin had something to smile about this year. Also, the price of Ethereum has steadily increased too.
Litecoin: Although Litecoin is quite new, it is making a remarkable difference too. Most people pushed their focus to Litecoin because some popular cryptocurrencies like bitcoin have been very expensive. Interestingly, Litecoin’s value has also gone up.
When the internet came on board, a lot of businesses didn’t see any reason to incorporate it into their operation. Also, businesses that failed to recognize the value of the internet have since gone under.
The same applies to cryptocurrencies. With the rate at which it is getting popular, businesses and individuals need to have a second thought about cryptocurrencies too. Finally, with OSOM Insights you can gain an idea of the coin of the future.