Mass Adoption of Cryptocurrency: Disrupting Traditional Finance

Introduction

This Real Research Media Report is a compilation of interesting findings gathered from thousands of honest, reliable, and organic respondents. In particular, this report is focused on cryptocurrencies and their gradual adoption since the arrival of Bitcoin. Indeed, the use of money and currency has come a long way. From the barter system to the use of seashells, metal pieces, coins, plastic cards, and now encrypted digital currency.

The 2008 financial crisis underlined the failure of financial institutions and intermediaries such as banks. In particular, the crisis highlights the fragility of the financial system causing people to lose faith in traditional institutions. The result was the creation of Bitcoin which also gave way to the emergence of other cryptocurrencies in the world, including Ethereum, Ripple, Bitcoin, Dogecoin, and Polkadot to name a few.

Cryptocurrencies are digital currencies that are specifically designed to work through a network that is not reliant on any central authority. So people grew more intrigued when Bitcoin prices started to increase in 2021. In fact, in November of 2021, Bitcoin prices reached an all-time high of $68,000. As such, experts and analysts predict considerable changes in the market in the coming years.

However, money or currencies deal with uncertainties, especially in an ever-evolving market. One thing is certain is that cryptocurrency is set to revolutionize the use of money or currencies in the world. Many countries have taken excessive steps to ‘adopt’ cryptocurrencies. Some have gone as far as to establish cryptocurrencies as their legal tender.