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Since Bitcoin’s White Paper was released back in 2008, the global financial system has changed, which speaks volumes about how important of a role cryptocurrency and especially blockchain technology has. Of course, changes didn’t instantly happen, and the trading system evolved as well, which is why we will focus on that today.
Started from the bottom
When it was first introduced, everything about cryptocurrency and even the technology behind it was looked upon with a lot of skepticism. Even those who follow new tech trends were skeptical and didn’t predict a bright future, to say the least. Of course, for many people, this was a revelation, a great way to turn everything in the favor of the people. On the other hand, considering certain parameters, it’s pretty obvious why the vast majority of governments were against cryptocurrencies, and it’s because they weren’t regulated, meaning that governments wouldn’t gain anything. Yes, there were other aspects that troubled people, safety in the first place, but not data safety as much as it was a problem and not knowing how protected trading platforms are.
Considering all of this, it’s pretty understandable why the rise of cryptos wasn’t that rapid in the beginning, but once people realized the number of options and possibilities this new currency and technology provides, the rise was evident and fast. In the first couple of years, the percentage of people who were familiar with this tech, what it represents, and how cryptos work was under 5%. Knowing this, it’s pretty understandable why the rapid rise of crypto transactions on trading platforms started only a few years later.
The rise of proof of stake
Everyone knows today about proof of work and proof of stake, what it means, how it works, and the benefits and downsides of both types of earning coins. Namely, it all started with PoW, and it was something looked upon as a great way to reward people, but it didn’t take long for mining farms to emerge and take over. That is why mining crypto is more profitable if you focus on PoS coins.
Besides this benefit, PoS is much more efficient, secure, less energy-intensive, and better for implementing new scaling solutions. That is why many popular coins have switched to the PoS mechanism, with Ethereum being the most famous. This also has a huge impact on trading, as we all know how even one small change or edit has a tremendous effect on the value of some coin, and as soon as the value of the coin changes, trading and crypto transactions in general rise.
Blockchain Technology And Trading Apps
Not that much time has passed before people realized the importance and benefits of using blockchain technology, which is why, within just a few years since this tech emerged, various industries started using it. There are tons of benefits of blockchain, and in most cases, it speeds up the entire process, regardless of the type of industry we are talking about. Overall, blockchain has revolutionized the way we perceive technology and databases. Another crucial factor why blockchain is used in so many industries is also because of the much higher security it provides. Knowing all this, it’s nothing unusual that just after a bit more than a decade, blockchain is something that almost every industry uses. Real estate, logistics, charity, gaming, music, insurance, and even voting systems are where blockchain is being utilized, and with NFTs becoming increasingly popular across the globe, this trend will not stop anytime soon. Trading services like the Immediate Matrix website are also utilizing blockchain technology. This trend will only grow in the future.
Much safer transactions
Anonymity is one of the first things that crosses people’s minds when cryptocurrency is mentioned, but anonymity does not grant security, which is why it is important to highlight the progression and evolution of cryptocurrencies, digital wallets, and trading platforms. Yes, there have been several cases in the past when hackers were able to gain access and even crumble certain trading platforms, but it is also important to mention that this was not the case with any popular platform. Of course, as the tech has evolved, so have security measures, which is where cryptography used for data and coin protection on trading platforms is probably one of the safest in the world. It is not just about two-step authentication used to gain access to your wallet or profile on this platform, as the tech and cryptography behind all of that is what actually protects your digital assets.
Understandably, as the safety of trading digital money increased, so did the rise of people actively participating and trading on these platforms. We can never be too careful when leaving our private data online, but with blockchain technology and one-of-a-kind cryptography, we can say that there aren’t that many better-protected platforms. The best example is probably the gambling industry, which is among the first industries that implemented this tech.
Faster transactions
Online payment systems like PayPal have also allowed people to make transactions with cryptos. It’s reserved just for BTC for now, but that’s likely to change in the near future. This had a huge impact on how people look at cryptos as well because since they are recognized by such high authority, they also must be safe for trading and used as money. Fiat currency is slowly becoming a thing of the past, and with such swift transactions crypto trading platforms offer, things are much faster and easier. Before, you had to wait at least a couple of hours, and sometimes even days, before the money was on your account after withdrawal, but with crypto trading platforms and this new technology, even this is something that will not bother us anymore.
Now we are here
Once all the big players in certain spheres of work gather for some official conference, then you know something big is happening, and that’s precisely what happened in 2023. Namely, all the big players in this industry gathered at The World Crypto Conference, which is just another indicator of how important digital assets are in today’s digital economy. Without a doubt, cryptocurrency and the tech behind it is one of the fastest-evolving technologies ever. With so many options and potential for growth and expansion, even though we cannot predict what will happen next, something big is definitely coming.
