The 2008 real-estate market crash was more than just another housing bubble. It was arguably the worst financial crisis the world has seen since the 1930s. It affected the wealth of millions of American households, and hurt many economies outside the United States.
Unfortunately, the culprits of this economic disaster were hardly held accountable. The US government had to bail out the banks–which were too big to fail–by using taxpayers’ money.
According to Fortunly, this injustice spurred on the fame of Satoshi Nakamoto, the architect of Bitcoin. He gave us the blueprint for the electronic currency we know so well today. It is intrinsically valuable, and circulated through decentralized and immutable transactions based on blockchain cryptography.
Despite the inherent flaws of Bitcoin (and the altcoins that followed it), cryptocurrency is viewed to be the next step in the evolution of money. Cryptocoins, especially stablecoins, are being considered to
replace fiat currencies in hopes of freeing consumers from the hands of corruptible intermediaries.
However, the cryptocurrency market formed a bubble of its own after recording impressive growth. The price of Bitcoin reached a historic high of nearly $20,000 and then fell to a little over $3,100 in 2018.
Although crypto naysayers rejoiced after the crash, it did not send Bitcoin to its nadir. The practicality of cryptocurrency and blockchain technology was established enough to save them from oblivion.
Less than a year later, the world continues to embrace these innovations actively. While just about 40% of the world is confirmed pro-crypto, only a few countries consider such digital money illegal. Most of those in the middle either restrict its use or keep it in legal limbo.
Outside the banking industry, blockchain is aggressively being adopted by different organizations, including auto dealers, cloud-computing companies, and even American state governments like Delaware’s.
Indeed, cryptocurrency is the instrument of disruption the world has been waiting to counter the influence of fiat money–an instrument of financial destruction. To learn more about Bitcoin and its increasing global ubiquity, check out the infographic below!