When Did Cryptocurrency Become Popular?
Cryptocurrency uses cryptography to secure all the transactions that take place using it. It also controls the development of new units. One of the most popular cryptocurrencies is the Bitcoin which was the first decentralised cryptocurrency of 2009. Since then many other cryptocurrency has come into this market, known as altcoins, which is the fusion of bitcoin alternatives.
The central bank representatives believe that if they adopt cryptocurrency such as bitcoin, it may pose a serious challenge to the ability of the central bank by which they influence the credit’s price for the economy as a whole. The consumers will lose their confidence, if the cryptocurrencies become more and more popular. Due to the bitcoin’s popularity the central banks might lose all their control over the monetary and exchange rate policies and the important functions related to it.
But keeping aside all the drawbacks stated by different institutions, let us see how people started accepting the cryptocurrency. The founder of Robocoin, Jordan Kelly was the person who first launched a bitcoin ATM on 24th February 2014 in United States. In Texas and Austin kiosks were launched which are similar to the bank ATMs. But to confirm the users identity the driver’s license or the passport of the users are scanned under the government guidelines. Apart from this, a charitable organisation which is formed around the concept of the Dogecoin and it is known as the Dogecoin Foundation. The co-founder of Dogecoin, Jackson Palmer is also the co-creator of the cryptocurrency, Dogecoin. He donated Dogecoins of worth more than $30,000 to the trip of Jamaican bobsled Team to the Olympic Games in 2014 which took place in Russia. The raised funds have been used to provide service dogs to the special children in need. It was also around the time when bitcoin gained its popularity that these other cryptocurrencies started getting acknowledged.
There are many business people, traders and merchants who have started accepting cryptocurrency but they are still a minority. The consumers need to accept this currency World Wide, so they can gain much more popularity. But the people deter from using such currencies as they are very much complex when compared to the conventional currency. The cryptocurrencies need to satisfy a wide range and divergent criteria for becoming the main financial system in the countries. The mathematics of this cryptocurrency need to be complex so that fraudsters and hackers cannot decode it but it should be such that it can be understood by the consumers. The consumer’s safety and protection should be taken care of efficiently.