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Technology continues to evolve, and the pandemic has shown us more than ever that the reliance on technology is here to stay.
In 2020, we had to give some thought to cash and the role it plays in our life. It is germ-infested, a challenge to trace and the U.S. experienced a shortage. It’s certainly safe to say that the future of cash is uncertain––this is where the cryptocurrency conversation begins.
In defining cryptocurrency, NerdWallet.com explains: “Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You will need to exchange real currency for the cryptocurrency to access the good or service.
Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.”
Recovering from ransomware is one of the many crucial ways cryptocurrency is used. This is what forced novices to become experts on the subject years ago. Having a resource to keep computers protected and safe was no longer going to be sufficient; clients and communities needed a bridge for financial technology and the security it offered.
Did You Know?
- The cryptocurrency market value is expected to reach $1,758.0 Million by 2027.
- In the second quarter of 2020, there were 18.42 million Bitcoins in global circulation.
- Bitcoin was valued at $9,165 at the end of June 2020. It broke $30,000 as we entered 2021 – just six months later.
- The blockchain technology market is expected to reach nearly $40 billion by 2025.