What is the first thing that comes to your mind when you think of money? It is many things to many people, though serving the main purpose for all of them. For some, it is a medium to become famous and well known everywhere while for others it is nothing more than the means to get a normal and content lifestyle.
Everyone wants more and more of it and are not satisfied even if they have enough left for a few generations. You don’t have to be an expert to know what money means in today’s world.
What kind of significance it has on modern mankind. How it makes even the most powerful person on earth dance to its tunes. To say that money has humans under its own control would be an understatement.
Money, more often than not and especially in today’s world, is both asset and liability. Its an asset for some as it fulfills their needs and desires but liability for others because it is seen as the means to invite trouble and misfortune due to it being so desirable a thing.
It took over from the then prevalent barter system and has been serving as the new medium of exchange ever since. Then came the credit cards with the computer and internet in the late 70s and everything went online.
It was the time when credit and debit cards were used as the new measure for withdrawing cash from banks and ATMs which also continues to this day with tremendous success.
The new era of social media and digitization dawned with the advent of the 21st century where the internet was transferred from our desktop computer to our mobile phones with numerous online apps and software that made the job much easier for bankers and consumers.
Then came the bitcoin in 2009 and it swept many people of their feet because of its innovative method of making money that was seen as most illuminating by potential investors and served as a milestone in the field of digital media. Normales Prozedere, which translates to normal procedure, has to be followed for bitcoin to succeed.
Youngsters thus found a unique way to earn money for themselves right from a young age and although it was seen as quite expensive to buy even one bitcoin, its lucrative offer and monetary benefits were quite high and way too tempting to be ignored.
While bitcoin continued to have a flourishing success for a few years, it came crashing down due to numerous losses to businessmen and investors and was regarded as a ponzi scheme by many.
Many people started terming its phenomena as a flash in the pan, a black swan event due to which its investors and potential buyers started dwindling in large numbers and its compatibility and usefulness with users went into a sharp decline.
The general view was that the popularity of bitcoin came down due to some sort of connection with China and was theorized to be trade war related issues that was of extreme importance for China and its currency standing along with the currencies of other developed countries.
What holds the future for bitcoin is a topic of contention. Whether it will prevail or will it crash and go down into the dustbin of history as a fluke has to be seen and can only be theorized by experts.
A crypto-currency is one which does not have any kind of laws of regulation and use due to it not having any central bank to its name but if countries like US, France, China, India and others start creating such laws, it will come into direct control and be monitored by the central banks and therefore its future looks quite bleak from this standpoint.
But here it must be noted that the regularization process may take some time to come into effect its standing in the market will keep on fluctuating as has been happening in the past few years. So, in conclusion, it may cease to exist in the near future given the current trends.