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The rise of cryptocurrencies – KnowTechie

Cryptocurrencies have been all over the news lately, and rightfully so. These digital assets, meme coins, and De-Fi tokens have taken the world by storm. Some people compare the introduction of blockchain technology to 1991 when the internet was first introduced to the public. 

Why is this, you ask? It works like this; with every new technology or concept introduced on a mass scale, there is always an adoption curve it has to follow. When people are first shown something new, their initial reaction is fear and misunderstanding, resulting in a decline in adoption during the beginning phases.

Once the masses start to realize the potential of something, that is when the curve accelerates and adoption increases. That is evident in the last few years with the emergence of cryptocurrency and various alterations of Satoshi Nakamoto’s Bitcoin blockchain.

How Did Cryptocurrency Come to Be?

In 2009, Satoshi Nakamoto introduced the open-source blockchain code to the public via an online forum. This technology operated on a proof of work consensus mechanism that requires miners to verify transactions over the blockchain.

Proof of work is based on an algorithmic combination of numbers that miners’ computers need to calculate to approve the deal. It is an excellent way to secure a database and record the information in a block on the blockchain. 

Once transactions are verified and approved, they are displayed on a public ledger that anyone with an internet connection can view. 

More developers standardized this wonderous technology and started creating more advanced blockchain platforms. One such company is Ethereum which is the second-largest cryptocurrency by market capitalization. 

Once Ethereum started offering scaling solutions, it allowed developers to hop onto its network and use its infrastructure to create applications that run off the blockchain.

It also allowed new cryptocurrency creators to launch alternative coins or tokens on the blockchain and promote launch pads through the Ethereum Mainnet.

Since then, many other blockchains have emerged, including Solana (SOL) and Cardano (ADA). Whatever you look at it, blockchain technology is changing how we pay and get paid by keeping our anonymity safe plus secure.

Is Bitcoin’s Bull Run Over?

Some people may wonder if it’s a good time to invest in cryptocurrency or Bitcoin, particularly with the current state of affairs in the market.

If you don’t already know, Bitcoin and other altcoins have taken a knock in the previous weeks and have caused a massive sell-off among investors. 

We want to assure you that this is no cause for concern as this is known as a market cycle. It is also good to note that the cryptocurrency industry is not the only one feeling the crunch, and the entire stock market has taken a knock; even the Nasdaq has dropped 15% from its all-time high.

There has never been a better time to invest in Bitcoin as we probably won’t see these types of prices ever again. Using an application like Bitcoin Profit is the perfect way to get started if you are new to investing in crypto. 

If you think the Bitcoin bull run is over, you need to think again. We are only at the beginning phases of the adoption curve, with around 150 million users holding cryptocurrency worldwide.

Imagine what it will be like when we reach a billion or more users. The growth of this industry still has a long way to go, and we hope that you are joining us on this ride.

Conclusion

Decentralized has changed the way people control their money. This technology challenges governments and financial institutions, and it looks like developers aren’t looking to step down. 

Don’t you think it’s time to join the revolution and invest in your first cryptocurrency?

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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