As most people know, Bitcoin appeared for the very first time in 2009, but it would be a few more years before this cryptocurrency took the world by storm. It did not happen until 2017.
Although bitcoin had theoretically existed for 8 years before it became known to Ola and Kari Nordmann, it was a topic that aroused great interest – in both a positive and negative sense. Some were interested and wanted to try it out, while others were more skeptical and tried to talk people they knew from trying it out.
However, the crypto universe has evolved to a very large extent since 2017 . Even though it is only 5 years ago, a lot has happened in this area. Among other things, there have been many more cryptocurrencies, and several of them ensure that Bitcoin faces stiff competition.
Cryptocurrency is still a very interesting topic on which there are very divided opinions. In this article, we will take a closer look at what the future may bring for cryptocurrency in general.
Steemit was born
In connection with bitcoin making its entry into people’s vocabulary in earnest in 2017, the company Steemit was started up. This company started with one goal in mind, and that was to create a whole new arena in connection with cryptocurrency.
The company started something they chose to call a CryptoFinance company. They used blockchain technology to develop a platform where crypto-interested users could produce crypto-relevant content and get paid for it. Blockchain technology is the same technology that bitcoin is made of.
This platform will in many ways be reminiscent of Reddit, which is another platform that is used by many people today. Reddit and the CryptoFinance platform have been developed based on the same concept.
However, it was not the case that the users of the platform got paid in bitcoin or another known cryptocurrency by producing content. Instead, they received “steem dollars”. But in return, they had the opportunity to exchange these dollars into “regular money” and get them in their bank account.
Decentralized or not?
As is well known, cryptocurrency is a decentralized concept , and until now it has been one of the most important cornerstones in the foundation of the general concept. In practice, this means that the bank does not play as big a role in connection with cryptocurrency as they do in connection with ordinary currency.
But will it always be like that? For cryptocurrency is also a topic that seems to arouse more and more interest in british e banks? This interest has resulted in a collaboration called R3 , which involves as many as 80 of the world’s largest financial institutions. Among these financial institutions we find british e banks such as:
- Danske Bank.
These financial institutions are collaborating to develop a blockchain technology where the plan is to use this technology in the global financial market.
Bank of England – a horse’s head in front
Among the 80 financial institutions, we find the Bank of England, but in addition to this, they have a small horse’s head – compared to the other countries in the collaboration.
The Bank of England has in fact entered into a collaboration with a group of computer researchers who have been given the task of developing their own digital currency. This digital currency has been named RSCoin , which is considered to be the Bank of England’s own cryptocurrency.
The purpose of this is to give customers money quickly while the project can benefit from the central bank’s low cost prices.
RSCoin is helping to increase confidence in cryptocurrency in general, because it is the Bank of England that has to confirm the value of this digital currency.
RSCoin versus Bitcoin
As previously mentioned, 80 financial institutions are collaborating on a platform based on the same technology as bitcoin. Therefore, there is reason to believe that RSCoin is also based on blockchain technology.
But what really sets RSCoin apart from bitcoin? The main difference between RSCoin and bitcoin is who produces it. And Bitcoin is produced by independent developers – whose names we do not know. RSCoin is produced by the Bank of England, ie the central bank of England.
The future looks bright
Based on the points we have touched on above, we can without a doubt state that the future looks quite bright for cryptocurrency as a concept.
Despite some skepticism, it seems that cryptocurrency will eventually gain a more important position in finance. As things stand now, there is only one thing we can do, and that is to wait in excitement and follow what will actually be the future of cryptocurrency.