cryptocurrency shashank shalabh

Cryptocurrency: The Most Expensive Pizza EVER!

By 2027, the cryptocurrency market value is expected to reach $1.7 Billion.

As of last year, close to 18.42 million Bitcoins were in circulation globally.

Given those numbers, one should not take the world of cryptocurrency lightly.

Cryptocurrency: Myths

Now, there are people who still wonder (or even doubt) the authenticity of cryptocurrencies.

Naturally, this has led to the circulation of several myths.

One such myth being that governments can forbid cryptocurrencies.

And this is where decentralization comes into the picture.

Since governments/institutions do not regulate blockchain (the technology fueling cryptocurrencies), they cannot modify those currencies.

Blockchain vs Cryptocurrency

Yes, they are not the same.

Cryptocurrencies use Blockchain technology.

Another thing I have heard from people is that cryptocurrencies can be counterfeit.

This is incorrect as well.

Since each cryptocurrency has its own codes, it cannot be counterfeited.

How Cryptocurrencies Work

Cryptocurrencies are bound by complex source codes and technical controls.

Blockchain, the technology behind these virtual currencies, serves as an online ledger and transaction log. 

Important to note that the digital records created by blockchain technology cannot be modified or deleted, thus making them more secure than paper records.

There is a fixed amount of cryptocurrencies. 

And there are strict guidelines that govern the creation of additional units of these virtual currencies.

Due to this limited supply, each unit of a cryptocurrency (such as Bitcoin) becomes more valuable.

cryptocurrency shashank shalabh

Cryptocurrency: Origins & History was registered in August 2008.

Two months later, Satoshi Nakamoto, the man behind bitcoin, published a paper titled- Bitcoin: A peer-to-peer Electronic Cash System.

On January 12, 2009,  Nakamoto sent 10 bitcoins (BTC) to a computer programmer named Hal Finney.

Did you know that in August 2010, bitcoin was hacked?

The Most Expensive Pizzas

In the same year (2010), a bitcoin user bought two pizzas for 10,000 coins.

Given that those 10k coins would be worth over $76 million, it would be fair to say those were the most expensive pizzas ever!

Following the buzz in the cryptocurrency world, new currencies started developing in 2011-  Litecoin, Namecoin, and Swiftcoin.

The Dark Web: No Publicity is Bad Publicity (2012-2013)

Our society started labeling the cryptocurrency world as the “dark web”.

It was not until 2012 that cryptocurrencies started becoming popular.

While Thailand banned bitcoin, Germany dismissed the cryptocurrency as an official currency.

China, back then, banned financial institutions from using bitcoins.

In 2015, ethereum and coinbase raised $75m in a funding round.

In 2016, Uber in Argentina switched to bitcoin payments.

Even the Swiss national railway began accepting cryptocurrencies.

The big event happened in 2017 when legalized Bitcoin as a form of payment.

In 2018, the tech giant, Samsung, confirmed that it is manufacturing chips to mine coins.

Crypto-currency: Market Statistics

The global blockchain market is predicted to rise to $23.3 billion by 2023.

Compare that figure with $1.2 billion in 2018.

Last year, tokens contributed to $20 million in sales.

As of Q1 2021, Bitcoin commands a whopping $1072 billion market cap.

Startups in the crypto world have raised over $20 billion via ICOs since 2017.

Which cryptocurrency to watch?

Bitcoin BTC is the top cryptocurrency by market cap 2021.

Ethereum, Binance Coin, and Crypto xrp are in the top four cryptocurrencies by market cap this year.

If you are thinking about cryptocurrency investing, make sure you check cryptocurrency live prices.

What about the adoption?

Let’s throw some light on that.

cryptocurrency shashank shalabh

Cryptocurrency Investing: Adoption & Popularity

As of February 2021, there were 68 million wallet users. 

By next year, the EU is expected to raise blockchain funding of $300 billion.

Talking about banks…

They will be able to save over $27 billion through blockchain adoption, by the end of 2030.

Did you know that 4.68% of millennials,  2.77% of Gen X, and 1.58% of baby boomers have invested in Cryptocurrencies?

While the European Union, US, UK, Singapore, and Hongkong use cryptocurrency the most; countries such as Afghanistan, Algeria, Saudia Arabia, and Qatar have banned cryptocurrencies.

Cryptocurrencies Exchanges and ICOs have also started gaining momentum.

The largest Cryptocurrency Bitfinex commands 18% of the market.

Advantages of Crypto Currency

The scarcity of cryptocurrencies is perhaps one of its biggest value drivers.

National banks such as the U.S. Federal Reserve and European Central Bank don’t have direct control over these currencies.

Thanks to decentralization, cryptocurrencies make it difficult for governments to exact financial retribution.

Given the fact that these virtual currencies don’t require third-party payment processors (Visa, PayPal, etc.), the transactions attract lower fees than traditional electronic transactions.

Cryptocurrency Marketing

In the last few years, I have consulted with quite a few cryptocurrency businesses, both in and outside of the US. 

In my research and observation, the inherent volatility of cryptocurrencies and the associated scams encourage users to doubt and question the authenticity of these virtual currencies.

That is why marketing needs to focus more on educating the users.

Paid ads across Google, Facebook, and other platforms are becoming increasingly difficult.

Moreover, with more platforms banning crypto ads, marketing has to become more creative than before.

Having said that, there are still some awesome avenues to market a cryptocurrency business.

More on that in a separate post…

cryptocurrency shashank shalabh

Is Cryptocurrency the future?

The cryptocurrency app market has been gaining momentum.

As of January this year, the Coinbase cryptocurrency app has over 600,000 DAUs- that’s 10x that of Blockchain Wallet

Cryptocurrency investing apps are showing strong growth (see image below)

crypto app growth

In recent times, Stable coins have attracted much attention.

As you may already know, a stable coin is a cryptocurrency whose value is tied to an outside asset, such as the U.S. dollar or gold, to stabilize the price.

Recently, Visa launched Stablecoins (a pilot launch though).

Proponents and critics both hold strong views about the future of virtual currencies.

What are your thoughts on the cryptocurrency market?

Leave your comments below.

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