10 years back, if anyone said that cryptocurrency would be more sought after rather than normal banks, no one would have believed it.
But today, that same statement has come true. In fact, it is much more popular than anyone could have imagined even a few years back.
Bitcoin was started in the year 2009 at the value of US $0.0008. Today, the market price of Bitcoin stands at US $28,108. Moreover, there is only approx. 2 million
Bitcoin left to mine from the 21 million Bitcoin limit.
And today, Bitcoin is not the only coin that is circulating in the world. Some other few cryptocurrencies with highest market capitalisation are:
Advertisement
a) Ethereum: US $216 billion
b) Tether: US $66 billion
c) Binance: US $52 billion
d) USD Coin: US $54 billion
e) Cardano: US $18 billion
Even in India, there are millions of people who prefer to invest in cryptocurrency rather than stashing money in a bank. With the current financial crunch in the banks, the popularity of cryptocurrency has increased. Even the government is now recognising the digital currency as a form of legalised tender, El Salvador being the first country to do so. The Government of India did not approve the legalisation of cryptocurrency yet, but allows people to invest in it as long as they carry a digital wallet.
Advertisement
With time, cryptocurrency is being accepted by various merchants and the payment processes are getting easier. People can now pay in crypto using UPI- similar to Google Pay, Paytm, etc. One of the companies that is introducing this in India is Crypque, an Indian based Blockchain and Web 3.0 company. They are launching a mobile application called CRYP, where people can use cryptocurrency for exchange, utility services, ecommerce, games, lottery, and payment for merchants. This will be an all-in-one platform where all payments can be made using cryptocurrency. The platform is expected to blow up since the popularity of cryptocurrency is increasing so much that in the next few years, people will prefer crypto over traditional currency.
