Before now, fiat used to be the only acceptable means of payment. Over time, as technological advancements began surging, the financial sector slowly moved towards adapting to these advancements, hence creating digital crypto in US.
It is no more new that you can now make payments via digital currencies (Often referred to as cryptocurrencies or crypto) anywhere worldwide.
The history and evolution of currencies are never complete without mentioning Bitcoin as the bedrock on which other currencies are built. These currencies’ history and development are now deeply rooted in the most advanced country – the United States as an example. Those who have failed to learn from history will once more fall for its mistakes.
Evolution of cryptocurrency in the United States
Over time, there have been a pretty number of crypto exchange platforms all over the web. There’s a vast difference in the number of crypto exchanges compared to the traditional exchange systems. It is not just the regular long-chain validation systems but also a somewhat decentralized system where transactions are carried out less than a minute.
However, before we got here, there have been several stops, by the way, as technology advances. As advancement settles in, more people begin to adopt crypto leading to massive crypto use cases in the United States. Despite being around for less than a decade, crypto has proven to be capable of replacing the traditional currency (Fiat).
With this, the financial sector will be transformed in no time, and even more advancement in the crypto coin exchange sectors.
Here’s a brief history of the evolution of crypto
It all started in 2009 when Satoshi released the bitcoin software. This software aimed to prevent the inflation of prices of commodities and services by enabling users to have control over their money and provide security. The bitcoin agenda began with its mining. Allowing users to hodl as many as possible at the time. The news of its value became rampant when one of the early users decided to use bitcoin to pay for two pizzas. As at the time of its creation, it was worth $0.00001, and he swapped 10,000 units of it in 2010.
The emergence of other cryptos
As bitcoin grew popular and users all over the United States began adopting it, its shortcomings also started showing forth. Hence, the need for alternative coins (altcoins) to make up for these shortcomings. Some of these shortcomings include speed, privacy, proof of stake, DNS resolution, etc. Similarly, other coins were made from the bitcoin codes, such as bitcoin cash and bitcoin classic, which have reduced confirmation times and correct scalability and reduced transaction costs.
In 2011, litecoin, swiftcoin, and namecoin were launched. With more than 1500 cryptocurrencies, we have some popular ones such as Ethereum, Ripple, Litecoin, Zcash, etc. Most of these coins began with the ICO launching, allowing easy and smooth deployment of cryptocurrencies, especially in the United States. Examples of some crypto launched using this method include NEO and Ethereum.
The cryptocurrency of the now and impact of crypto exchange platforms
As of 2020, the adoption of crypto in the United States is currently around approximately 5%. Although bitcoin is now more than a decade old, it still hasn’t experienced massive user adoption. Currently, bitcoin is still working towards scalability, ease of use privacy, making it some reasons why others haven’t adopted this currency. Assuming bitcoin is to follow the growth rate as that of the internet, it’s estimated to see at least a 20% to 50% user adoption by 2023. However, lots of crypto coin exchange platforms have started helping make the exchange and transaction of crypto smooth. Most exchange platforms offer a wide range of bitcoin trade pairs making transactions and trading of crypto effortless and straightforward.
The 50% user adoption might look less feasible; it should, however, be noted that it’s entirely possible with various positive indicators pointing towards this direction. Most retail markets and coin exchange platforms have been more eager to gain expression with their exposure to cryptocurrencies than the institutional market. Remember, bitcoin reached an ATH (all-time high) in December 2017 with little or no institutional effort.
Crypto US Markets
Till this very moment, the crypto market has enjoyed this much advancement and a current market capacity of $270 billion due to retail hodlers. However, institutional markets have been looking inwards, but the retail and end-users will continually be the foundation. As the increase in use case surge, more retailers and users push in more, making the crypto-exchange community larger and bigger by the day.