What is cryptocurrency?
Cryptocurrency market cap. recently surpassed $2.2 trillion.
Yet, many people still don’t know what Crypto is and how it is evolving.
Is it the scam of the Century?
let’s dive into a quick overview of crypto…
What is blockchain?
To understand Crypto you must first understand blockchain. Start here if you don’t know it yet Blockchain & web 3.0
Q.1 What is Cryptocurrency?
Ans — The easiest way to explain it is by saying that:
Cryptocurrency is digital money stored on a blockchain.
Instead of being managed by Central Banks, it’s managed by multiple people, making it peer-to-peer money and thereby, decentralized…
Now, the question that arises is why do we need Crypto?
🚀To get things done, globally.
We can use Crypto to:
- Send money to anyone in the world with minimal fees.
- Buy a growing list of goods and services.
- Build and use decentralized apps That’s why Crypto adoption has been rising…
Crypto adoption growth
…in 2021, Bitcoin (BTC) and Ethereum (ETH) surged 60% and 378% respectively, and… …from Oct. 1 2020 to Sept. 30, 2021, VISA alone processed $3.5 billion in digital currency transactions, launching recently a Crypto consulting arm…
Crypto as an investment
Crypto is also a great investment, with BTC competing with gold as a “store-of-value” and… …traditional banks start to see Crytpo as a Digital Asset to offer multiple financial solutions. Eg.: Goldman Sachs is considering bitcoin-backed loans…
Cryto powering DeFi
Given that Crypto is digital money, multiple Financial Services have emerged in the past couple of years making… …Decentralized Finance (Defi) a real alternative to Traditional Finance (TradFi), providing financial services to many across the world…
DeFi Total Addressable Market
The funny part is that Defi is only scratching the surface. It is currently only 0.1% of its maximum potential and explosive growth seems inevitable. If current trends continue, there could be 200 million blockchain wallet users by 2030….
Crypto use cases
We can already use Crypto and DeFi solutions to:
• send money through
@MetaMask, @ensdomains, @CoinbaseWallet
• stake crypto and earn a yield on
• fund projects with
@viamirror, @juiceboxETH, @gitcoin
And many many more…
Future Trends
But what’s next for Crypto & DeFi?
DeFi still offers a relatively short list compared to TradFi.
At the same time, big players like JP Morgan Chase, CitiBank, VISA, Bank of America, Goldman Sachs, start to explore and offer new solutions based on Crypto…
Also, the European Union and the Chinese Government are exploring new Central Banks Digital Currencies (CBDCs) and pushing them to mass adoption.
Yet, we still have a big journey ahead to make Crypto an instrumental alternative to the masses but the future is bright and promising.
That’s it for today friends — thanks for reading. Make sure to follow me Himanshu Raj to read more stuff on Web3. Also, make sure to share this blog, let’s bring more people to Web3 🚀
Recap:
- What is blockchain?
- What is Cryptocurrency?
- But why do we need Crypto?
- Crypto adoption growth
- Crypto as an investment
- Crypto powering DeFi
- DeFi Total Addressable Market (TAM)
- Crypto use cases
- Future Trends
My Twitter handle is @himanstwt make sure to follow me on Twitter too for regular updates related to web3 as I post content and tweet regularly over there.
