Crypto is Here to Stay: Why the ‘Crypto Bubble’ May Not Burst

How could you deliberately place your life in the hands of those who are simply interested in gaining a portion or whole of your money to benefit themselves? Is it even reasonable to choose to spend your money just to be told that you are not permitted to do so? And how does it feel to wake up one day and be denied access to the money you’ve been working for?

For more than a decade, Bitcoin, cryptocurrencies, and blockchain technology have been a source of hope for millions of business owners and even consumers. This is because digital currencies have some distinct and distinguishing characteristics that allow users to retain control over their assets without having to surrender their life savings to those who only care about their money. People work extremely hard to meet their necessities, invest for the future, and live their ideal lifestyles, only to discover that the people whom they entrust their hard-earned money to, do not care how difficult it was to obtain those funds, and can choose to do whatever they want at any time.

Many innocent citizens’ and company owners’ funds have been exposed to a variety of risks and anomalies since the introduction of paper money, causing them to seek alternatives to regain control over their lives and possessions. People who labor for money should always understand that they own their money, which no party, not even the government, should have power over.

The History of Asset Ownership

If we go back far enough in the history of payment methods, we can see that people have always had ownership over their assets and have been able to select how their assets will be spent and utilized without having to first obtain permission from a third party. The “trade-by-barter” technique was commonly utilized first, followed by the usage of expensive commodities such as gold and cowries.

Banks and governments appeared suddenly with fiat currency supported by a slew of promises. These fiat currencies, however, generated three major difficulties that needed to be addressed as soon as possible: trust and transparency, controllability, and excess supply. Several people in the twentieth century were enraged enough to wonder how their financial rights could be obtained back from the so-called banks. The most effective way to combat corruption and difficulties was to apparently establish a digital currency that could NOT be controlled only by a single person or group of people, including the creators.

In the early 2000s, this is how Bitcoin was born. They waved goodbye to the old banks and hello to a more equitable and transparent financial system.

How could you deliberately place your life in the hands of those who are simply interested in gaining a portion or whole of your money to benefit themselves? Is it even reasonable to choose to spend your money just to be told that you are not permitted to do so? And how does it feel to wake up one day and be denied access to the money you’ve been working for?

The Adoption of CryptoCurrencies, and why they’re here to stay

The potential problems associated with central banks and government-backed currencies (also known as fiat or paper currencies) in society cannot be overlooked, which is why individuals and businesses may see digital currencies as the “savior” to take their hard-earned assets out of the hands of those who single-handedly mismanage them. Bitcoin and cryptocurrencies are expanding in popularity by the day, and an increasing number of businesses are accepting them as payment mechanisms, as well as major players in the technology and communication industries - AT&T, Microsoft, Wikipedia, Facebook, and Tesla are just a few of the companies that accept or use Bitcoin.

In fact, some companies, like Tesla, airBaltic, and Twitch, have gone above and beyond by accepting a meme coin called ‘Dogecoin.’

Not only that, other financial institutions are embracing this technology, and they view it as a suitable form of investment. The largest 401(k) retirement plan provider, Fidelity Investments published recently that it will now allow its clients to put a slice of their retirement money into Bitcoin before the end of this year.

What makes you think that these large, well-known corporations will embrace bitcoin and even meme coins in the first place? The simple answer is that they have all witnessed the industry’s undeniable huge potential.

The widespread adoption of Cryptocurrencies is made possible by the technology’s dependability, security, and transparency.

As a result, millions of individuals have seen the most secure way to protect their cash from any threats, new people are checking out the business every minute, and the total amount of money invested in the crypto space is already up to 2 trillion dollars. According to some industry experts, Bitcoin can go between $100,000 and $150,000, while the total market cap would be worth between $30 trillion and $50 trillion. Although the timeline is still unclear.

The Power of Blockchain

Cryptocurrency cannot be taken down at any point because it is based on a technology known as “blockchain,” which is highly secured by a global network of computers. That means that if cryptocurrency should be shut down, all of those thousands of computers must be shut down at the same time. This is practically impossible.

Furthermore, if too much money is issued, it becomes extremely worthless. Inflation will develop if the money supply grows faster than output. They print money to meet their requirements, which usually erodes the value of citizens’ money, causing inflation on goods and reducing the currency’s worth. Because fiat currencies have no limit on the amount that may be printed, many commodities are becoming increasingly expensive every day. Take the 2008 financial crisis, for example, when the US Congress enacted a $700 billion bailout plan.

Popular Germany’s International broadcaster, Deutsche Welle (DW) made some analyses as to the major challenge facing many parts of the world that cause most of the items that people used to afford a year or two ago out of affording for the majority of people now.

Bitcoin appears to be the best option for overcoming this. It has a limited supply of 21 million units, and as the supply runs out, the price will continue to rise.

Furthermore, while traditional banks have a centralized system for tracking your funds and who paid who to whom that they can never show to the public, Bitcoin takes a decentralized approach by creating a mechanism that allows anyone with an internet-connected device to see how transactions are being run in real-time, without a single entity or company controlling the supply.

The aspect of a non-fungible token (NFT) should also not be overlooked. This feature of blockchain enables real-world authors to identify the rightful owner of a file, granting them the ability to present, access, or resell it. NFT is a helpful technique in the digital art arena since it ensures the owners of a one-of-a-kind digital asset to the exclusion of others. The real-life creative works of artists, celebrities, and even songwriters are completely protected.

Closing Thoughts

When you notice negative comments, fear, uncertainty and doubt (FUD) surrounding cryptocurrencies, blockchain, and allied projects, they probably come from two sets of people. While one set may include those who are not too conversant with the exact way these technologies work, the other does come from people who openly criticize the ecosystem, constructively.

Without a doubt, these are thought leaders in their own right, and while their criticism may look like it is meant to shut down blockchain technology and cryptocurrencies, we are confident that it will certainly pave the way to remove loopholes and challenges that the system faces today — the result — a strong, open-to-all sphere that brings benefits to the masses.

Looking at the various aspects of this technology, it should now be clear without a doubt that bitcoin and cryptocurrencies hold a lot of benefits for current and future generations, and they have the potential to shape the financial world as we know it, calling into question the very existence of traditional financial infrastructure that accommodates various thefts, trust, and transparency flaws. The Crypto is going to the moon and the “Crypto bubble” is not bursting anytime soon, or even ever.

You may easily make transactions with crypto at any time of day or night, with no restrictions on purchases or withdrawals.

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