David Yi Oxford Academy 11th Grade
Cryptocurrency is a form of digital exchange that is intended to be secure, and in many cases, anonymous. The initial popularity of the currency itself arose from the potential to securely hold funds without any risk of it being stolen. Intertwined with elements of mathematical theory, computer science, and complex algorithms, cryptocurrency has transformed into a way to secure money online; it is an online banking system in itself.
So when exactly did the electronic currency craze go viral? It all started in 2017 when the price of Bitcoin, a form of cryptocurrency, skyrocketed. This popular cryptocurrency soared over 13-fold during the year and was reaching marks of ＄10,000+. Leveraging previously at ＄400-800, you could see how much profit bitcoin holders made through their investments. Since the rise to stardom by Bitcoin, hundreds of other cryptocurrency exchanges have risen in an attempt to duplicate such successful results. From Ethereum to Lite-coin, cryptocurrency is not dying anytime soon.
At least, that’s how the electronic currency story has been going. Recently, there has been rising skepticism on the viability and feasibility of cryptocurrency becoming the “money of the future”. Still being relatively new, there’s still potential for hard corruption and abuse of the currency as people can build their own forms of exchange and inflate the prices. Cryptocurrency has its limits, and the success of the exchange lies in the hands of the people.
In a country where investment income plays a significant impact on the success of families and individuals, there is no doubt that cryptocurrency could be a relevant factor in the future of the American economy. Whether or not cryptocurrency has its rise to stardom, there is no doubt that it is a powerful tool that will be implemented sooner or later; as a form of exchange or not.
<David Yi Oxford Academy 11th Grade