Debates are happening across the world, whether to ban Bitcoin or allow it. when Bitcoin came in the existence in 2009, since then many of crypto, tokens have been launched in spite of threats, bans, roadblocks in the past.
I was going through coin market cap and found 400 crypto just after scrolling 1st 2 pages, and literally I do not know how many pages and crypto we have. It was impossible to know as there are thousands of crypto & many of them are highly unregulated, unrecognized.
Anybody can launch their crypto, how do I trust crypto, shall I buy?
What will happen to crypto, how do we make sure that it is not another Ponzi scandal, how to protect interest of investors?
I was thinking of investing some money in crypto for my better future and for my children, some of my friends wanted to generate money by launching token/crypto to fund their business.
In countries like India, where banking is still a luxury, getting loan at cheaper rates in timely manner with reasonable effort is a dream for the bottom of pyramid.
Crypto/tokens are issued over a Blockchain technology which is immutable distributed way of recording transaction of values, digitally without intermediaries & with the help of cryptography and many other technologies coming together in a p2p network.
Bitcoin which is the mother of the crypto movement, envisaged to facilitate electronic cash transaction between any unknown, untrusted parties without revealing the real identity of these parties, is a public Blockchain based implementation which is controlled, governed by its members than by Government, Banks or any institution.
Bitcoin market cap has reached more than $ 6oo billion in just 10–12 years & as on 1st feb BTC is traded as 1 BTC to USD 34,000.
I am sure no corporation in the last 1000 years of history, including the East India Company would have achieved such growth.
Ethereum “ETC” 2nd best crypto in terms of market cap of over $100 billion in just 6 years of existence.
Bitcoin in the initial years was being called as fraud, curse for the planet, in fact people were scared to talk about Blockchain as BTC was perceived as a Blockchain rather than product of Blockchain Technology.
In 2020, we saw many banks investing in Bitcoin and interestingly very soon will see central bank digital currencies across many countries but keep in mind that CBDCs are not crypto.
Now whether to allow Bitcoin or ban, it is similar debate we used to have few years back about internet.