By now no doubt you have noticed the cryptocurrency and its corresponding Jargons like bitcoin, blockchain, exchanges, initial coin offerings, ether and so. They have caused quite a uproar in the online forums, media and at many other conversations. Despite of the buzz and hype the meanings of these terms still elude many peoples comprehension. Originally the reputation for these cryptocurrencies was haven for criminals or money launderers and now they have come a long way to be included in both popularity and technological advancement.
The technology underlying the cryptos have been said to have a powerful applications in various sectors being it from healthcare to media. Being said, they also remain controversial, where few critics call bitcoin an evil or a mirage and few optimist thought them as next internet. Few declare them as a bubble and few others see them as the next wave of the democratization of finance. In simple they are the newest Fintech fad. Cryptos are the revolutionary technological challenge to political, social and economic underpinnings of society.
As mentioned earlier cryptocurrencies do not have an intrinsic value, people invest in them for a couple of primary reasons. The speculative element to the cryptocurrency prices entices the investors to look towards the profits from the market value changes. Apart from this pure speculation, many invest in these cryptocurrencies as a geopolitical hedge, because at times of political uncertainty, the value or price of Bitcoin tends to increase. For example the political and economic uncertainty of Brazil has increased the Bitcoin exchange trade in 2015 and 2016. Bitcoin prices have also increased due to the victories of Trump and Brexit and will continue to increase along with the controversies of Trump. The cryptocurrencies and blockchain can be truly transformative and the only limit to it is the imagination.
The following infographic on 33 Cryptocurrencies described in Four Words or Less is developed by Mrbtc.org, please share your thoughts on it.