Cryptocurrency

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Cryptocurrency is a relatively new phenomenon. Yet, despite that, it has already become one of the most popular commodities to trade. That is an impressive feat, to be sure, especially since nobody could have predicted it would grow so fast and so much. But, throughout the decade that the crypto market has been around, it has already accomplished some truly impressive feats. In this article, we’d like to take a look at crypto’s most impressive achievements.
 Fast Growth
We already talked about just how fast the crypto market has grown. However, we did not touch on the extent to which it has grown. In 2009, when Satoshi Nakamoto first launched Bitcoin, each unit was worth less than a dollar. Most of us are familiar with the infamous story of a programmer spending thousands of Bitcoin on two large Papa John’s pizzas.
While a lot of people saw the potential, nobody could have predicted that only a decade later, the crypto market would become the third most popular and successful trading market in the world. As things stand right now, the only markets surpassing crypto are the stock market and the foreign exchange market, both of which are much older than cryptocurrency.
 Acceptance Online
Those who were around in 2009 may remember that a lot of people were debating Bitcoin’s lifespan. Indeed, plenty of nay-sayers predicted that nobody would be talking about Bitcoin in ten years, so purchasing the asset would be a waste of time. However, it is over ten years now, Bitcoin is more popular than ever, and not only that, but online businesses are much more likely to accept crypto-based purchases.
An example here would be online casinos, which often faced similar backlash from fans of land-based establishments. Though it is not uncommon now to see online businesses accept Bitcoin, that was not the case up until recently. However, online casinos were among the first to accept crypto-based deposits. Indeed, they became so popular, that <a href="https://cointelegraph.com/crypto-casinos/bitcoin" rel="noopener noreferrer nofollow">Bitcoin casinos</a> began forming, where all gambling was done exclusively through cryptocurrency.
 Businesses are Looking into It
Online businesses have mostly embraced crypto, but can the same thing be said for land-based stores? Is it possible to purchase coffee with crypto? Can you shop for groceries with Bitcoin? What if you need a new PC, and you only have assets in Ethereum? Well, while crypto is not nearly as mainstream with brick-and-mortar businesses, there are still quite a lot of establishments that have hopped on the bandwagon.
Chief among them is Microsoft, the largest software company in the world, responsible for the Microsoft software, as well as the Xbox gaming console. Microsoft is among the <a href="https://www.euronews.com/next/2021/12/04/paying-with-cryptocurrencies-these-are-the-major-companies-that-accept-cryptos-as-payment" rel="noopener noreferrer nofollow">popular businesses that accepts Bitcoin-based payments</a>, specifically when it comes to Xbox Live and Skype. Microsoft’s interest in crypto isn’t just passing either, as in 2021 they used the Bitcoin network to launch ION, a two-layer authentication platform which ensures safer deposits.
But, what if you just want a cup of coffee? Well, in 2021, Starbucks made it possible for crypto enthusiasts to use their app in order to pay with Bitcoin. While the business itself does not directly accept crypto, the app exchanges your cryptocurrency into FIAT money, which you can then use to pay for a nice cup of Joe.
Starbucks and Microsoft are far from the only notable companies that deal with cryptocurrency. There is also Whole Foods, Home Depot, Amazon, VISA, and even Tesla. Indeed, many experts predict that, in the future, crypto may be our sole form of payment.
 Bitcoin Surpasses Silver
We would like to shine a light on a relatively recent achievement, which has the crypto enthusiasts quite excited. Just a couple of days ago, on March 12, 2024, Bitcoin’s market cap officially surpassed that of silver. Anyone who has dealt with the <a href="https://walletinvestor.com/crypto-market" rel="noopener noreferrer nofollow">crypto market</a> must already understand what a cap is. But, for those who may be new to trading, allow us to explain.
Market capitalization is the total value of all the outstanding common shares that stockholders of a publically traded company own. The market cap is often used to rank the size of a company, and one could use it to measure its capital structure’s equity. To put it plainly, if you want to get the market capitalization of silver, what you would need to do is multiply the current price of the asset by the amount of silver mined so far.
Similarly, in order to get Bitcoin’s market cap, one needs to multiply the amount of Bitcoin mined with the current price of the cryptocurrency. On March 12, 2024, it was discovered that Bitcoin’s market capitalization had surpassed silver, and Bitcoin had officially become the eight most popular commodity worldwide.
 Bitcoin is Still Reaching New Heights
Thirteen years after Satoshi Nakamoto mined the first Bitcoin, many might consider that the crypto will be unable to continue to impress. However, that is far from the truth. Indeed, just a week ago, on March 6, 2024, Bitcoin achieved its highest price in <a href="https://www.cnbc.com/2024/03/06/bitcoin-reaches-its-highest-price-in-over-two-years.html" rel="noopener noreferrer nofollow">over two years</a>, being worth $69,210. However, don’t let the high number lure you. Experts are warning that investors and traders should still tread carefully, and think about the implications before they make an investment.
Regardless, the feat is truly impressive. To date, this is the highest price that Bitcoin has ever had. What is more impressive is that it has only continued to grow, reaching new heights and impressing crypto traders with each passing day. As things stand, on March 14, 2024, a single Bitcoin unit is worth more than $73,000, which we remind you, is a new record. Please note that the price could change at any point, as the crypto market is quite volatile.
 Closing Thoughts
Cryptocurrency is one of the most exciting new markets in the world of finance. It is rare to see a trading market go from a relatively niche thing to the third most popular asset market in the world. These new developments have got us, as well as many other crypto enthusiasts excited for the future of Bitcoin.

The Crypto Market’s Biggest Achievements

WalletInvestor

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