Cryptocurrency, a decentralized system that verifies transactions and keeps track of records for a digital currency. It's also claimed to be new method of money, but how exactly did it begin, what are some of the biggest stocks, what are some of the exploits and how will crypto impact the world in the future?
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The Beginning of Cryptocurrency
When you think of the first cryptocurrency, bitcoin probably comes to mind. Many investors believe bitcoin to be original cryptocurrency as well, a digital currency that was created in 2009 by an unspecified number of programmers under the pseudonym Satoshi Nakamoto. While there is no doubt that bitcoin has massively impacted the cryptocurrency space, It wasn't the first attempt at creating an electronic currency.
According to a report in a Bitcoin magazine, one of the earliest attempts to create a cryptocurrency is around 20 years older than bitcoin. One of the earliest attempts at creating the first cryptocurrency was prompted by when petrol stations experienced common nighttime thefts, needing safety measures to be implemented, a group of developers decided to attempt to link money to newly-designed smart cards instead of hiring post guards. Truck drivers would utilize these cards in order gain access to the stations, therefore replacing paper money and preventing nighttime theft from occurring.
Biggest Crypto Stocks
Over the preceding year, cryptocurrency has progressed from obscurity to prominent role in in the financial world. Throughout the course of 12 months, Bitcoin has skyrocketed in value, rapidly increasing from $8,166 on March 8, 2020 to $64,895 on April 14, 2021, an all-time high, and now trading at $43,259 as of 2:00am GMT on August 7th, 2021. There are hundreds more cryptocurrencies throughout the world, according to crypto website CoinDesk, but the core group of 20 coins accounts for around 99 percent of the market by volume. Here are the top 3 biggest cryptocurrency coins:
Bitcoin, of course, is at the top of the list (BTC). BTC, as it is called by its market ticker, is the largest cryptocurrency by market capitalization, with a market value of $1.01 trillion.
Ethereum, the second-largest cryptocurrency by total market capitalization, is based on blockchain technology and was first proposed in 2013 by developer Vitalik Buterin. It went live in July 2015 and is trading at $2,919 as of 2:00am GMT on August 7th, 2021.
XRP, alternatively known as Ripple, is a cryptocurrency that is popular with banks and other institutions. Ripple Labs, a blockchain company, introduced the digital currency in 2012, and it operates on its own blockchain protocol called Ripple.
Exploits involving Crypto
As the value of Ethereum and other cryptocurrencies rise, cybercriminals are developing blockchain exploits to gain access to these digital exchanges. Many of these threats target mobile wallets and cryptocurrency exchanges directly, whereas others have an impact on your overall enterprise and endpoint security.
Distributed denial-of-service (DDoS) attacks on blockchain-based exchanges or other cryptocurrency sources have been among the most disastrous events . The DAO joint Ethereum investment fund was the first subject of the such attacks in 2016, but security experts have identified multiple other DDoS exploits since then.
The skyrocketing value and popularity rise surrounding cryptocurrency has opened the door to a new wave of financial cybercrime. As investors scramble to buy up digital funds, these blockchain exploits and mining strategies are becoming more advanced and efficient every day. To safeguard their increasingly valuable digital funds from this expanding threat, users should regularly monitor their bitcoin wallets and employ comprehensive endpoint security measures.
The Future of Cryptocurrency
Cryptocurrency has grown to be a global craze in previous years, but there is still plenty to learn about this rapidly developing technology. Many people are concerned about the technology and its potential to disrupt established banking systems.
Many people believe that cryptocurrencies will inevitably disrupt traditional finance as one of its most attractive aspects is the ability to transfer money across borders with little to no cost, delay, or foreign currency fluctuations, which traditional currency has failed to do.
To become more widely utilized, cryptocurrencies will need to garner more acceptance from the general public, and the benefits will need to be better articulated and made more readily accessible to the global population as a whole. It's important for regulations in the United States and other countries to be established and developed to accurately represent the nature of these assets; additionally, precautions and safeguards must be introduced while maintaining the user's autonomy.
It's somewhat unsurprising that many people think of cryptocurrencies as an investment opportunity rather than a currency that can be used for everyday transactions. Cryptocurrencies and other digital assets, on the other hand, are not likely to disappear anytime soon, as they are increasingly being used as financial instruments, investment vehicles, equity stock, and functional utilities.
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Written by: Lana Al Utaibi
References:
Reiff, Nathan. “Were There Cryptocurrencies Before Bitcoin?” Investopedia, Investopedia, 14 May 2021, www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/#:~:text=Many%20investors%20consider%20bitcoin%20to,technology%20and%20decentralized%20digital%20currencies
Sim, Bérengère. “It's Not Just Bitcoin - Here Are the Top 10 Biggest Cryptocurrencies.” Financial News, Financial News, 9 Mar. 2021, www.fnlondon.com/articles/its-not-just-bitcoin-here-are-the-top-10-biggest-cryptocurrencies-20210309
Storm, David. “Blockchain Exploits and Mining Attacks on the Rise as Cryptocurrency Prices Skyrocket.” Security Intelligence, Security Intelligence, 8 Jan. 2018, securityintelligence.com/blockchain-exploits-and-mining-attacks-on-the-rise-as-cryptocurrency-prices-skyrocket/
Nova, Annie. "Here’s what cryptocurrencies will look like in 50 years according to experts" CNBC, CNBC, 3 July 2021, https://www.cnbc.com/2021/07/03/what-cryptocurrencies-will-look-like-in-50-years.html
Miglio, Michael. "Why cryptocurrency isn't going away anytime soon" Forbes, Forbes Magazine, 11 July 2019, https://www.forbes.com/sites/theyec/2019/07/11/why-cryptocurrency-isnt-going-away-anytime-soon/?sh=36df83983426
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