Cryptocurrency and blockchain technology have experienced a monumental growth since its inception in 2009. It has seen the creativity of developers embedded into the entire cryptosphere ranging from finance to education, healthcare and more recently governance.
Crypto enthusiasts consider Bitcoin to be one of the greatest things that has happened to human civilization in recent years. It is regarded as a store of value and as a form of money due to its intrinsic nature.
What is the cryptosphere?
The word cryptosphere is an ingenious way of translating the interaction of our physical realities (current world) and blockchain technology and its associated cryptocurrencies.
Why should I use cryptocurrencies?
The use of cryptocurrencies has really transformed the way people interact with each other in business and other matters of life.
A wiseman once said ”Nothing seems to last forever” this in all iota of truth seems to be very correct but not when put into a proper perspective with a detailed analysis.
Paradigms have a life cycle, and until an individual can decipher them, he or she will not be able to flow with the trends and perhaps make the most of them.
During the last decade, a new paradigm has emerged in the form of blockchain technology, which is currently enthralling the world.
This was brought to the attention of the world by a white paper written by Satoshi Nakamoto in 2009 depicting a new form of money that is expected to work using blockchain which involves a mathematical computation in a secured and transparent manner called Bitcoin.
Does the price of BTC impact the global economy?
There’s an increasing demand for the acquisition of Bitcoin by major corporations and venture capitalists, also not disregarding the adoption of Bitcoin as a legal tender in some countries like El Salvador and a few others.
This is creating a huge Fear of Missing out (FOMO) for nations who have not viewed cryptocurrencies, especially Bitcoin as an alternative to Fiat.
Since Bitcoin is becoming more widely accepted by merchants around the world as a means of payment and as legal tender, its value has increased.
With the qualities that makes Bitcoin easily transferable, with a limited number of coins that would ever be produced totaling 21 million in all, the value of Bitcoin would eventually impact the global economy as everyone would seek to have a share in the total supply of Bitcoin that would ever be produced.
How does Bitcoin price impact on the Cryptosphere?
The entire crypto market is correlated with the price of Bitcoin.
This is because Bitcoin was the first cryptocurrency to be created in 2009 and it has proven to be a solid coin which is backed by a consensus mechanism called proof of work (PoW).
This over the years has been used as a base pair for virtually every other cryptocurrency created in the market for trading.
Therefore, if there is a slight change in price in Bitcoin, it has a massive impact on virtually every other currency pair as this can cause the currency to dip massively or rise as the case may be.
Hence most people are more concerned about the price of BTC and how it would affect the entire crypto market.
It is pertinent to note that no matter how hard the traditional finance system tries to inflict Bitcoin with issues of Fear, uncertainty, and doubts (FUD) from the part of government institutions, the value of Bitcoin would continue to increase as it was experienced in 2021 and that would increase the desire of the global population to be inquisitive of the usefulness of Bitcoin and the entire cryptosphere.
That’s why the Klever team will continue to create content to educate our community on the current trends associated with the cryptosphere and especially the price of Bitcoin and other cryptocurrency in a Klever way.