Cryptocurrencies are the big new deal. People are pouring in millions of dollars on digital assets that only exist on the web. For instance, Bitcoin went from as low as $20,000 in 2020 to an all-time high of nearly $69,000 in November 2021. But what’s so interesting about cryptos?
Bitcoin, and altcoins (alternative coins) have attracted millions of internet users. The new technology was first introduced by the pseudonymous Satoshi Nakamato in 2009. In his whitepaper, Satoshi explained that Bitcoin is a new way of doing transactions, a private one to be more exact.
All of this happens on blockchains. A set of blocks that record transactions and other information. All people need to send money is to have a digital wallet, and they’re able to exchange cryptocurrencies in-between them. This happens without the interference of anyone, including banks. Actually, not even the central bank (Federal Reserve in the U.S.) could have a say, when it comes to cryptocurrencies. That’s the power of decentralization.
The emergence of blockchain-based Metaverses
But it didn’t stop there. At first, the most interesting thing about cryptocurrencies was people could send digital coins anonymously, and quickly. But, new blockchains emerged like Ethereum for instance. With the appearance of Ethereum, people were able to build apps on top of the decentralized network.
