Amidst scrutiny, cryptocurrency holds on to viability

In 2024, it’s not uncommon for some to look down upon or socially devalue the concept of cryptocurrency. To many, cryptocurrency is little more than a fad that some people went all-in on during and shortly after pandemic-related lockdowns.

This connotation comes from the fact that some of the loftier ambitions of cryptocurrency becoming a highly-valued form of currency that could even replace physical money via chain links and NFTs didn’t happen. But in reality, cryptocurrency forms, such as Bitcoin, have been around much longer than many people realize and are still accepted by many businesses today.

Despite its fairly recent surge in popularity, Bitcoin was actually created all the way back in 2009. In 2013, over a decade ago, Forbes named Bitcoin one of the best cryptocurrency investment prospects of the year, signaling the rise of cryptocurrency’s notoriety and influence in the culture at large. Now, with the Bitcoin average price increase, it looks as though Bitcoin and other forms of cryptocurrency may be here to stay for longer than many might have thought.

The earliest forms of cryptocurrency actually go back even further, with the first-ever form being brought to life in 1989 with noted cryptographer David Chaum’s introduction of Digicash to the market. At the time, Chaum’s Digicash was only acceptably used at a single bank, and the concept ultimately failed to garner much attention or traction among audiences of the time. During that era, the general public’s access to and understanding of computers was much more primitive, so while Chaum’s plan didn’t work in 1989, he certainly paved the way for what was to come.

In the years since its creation in 2009, Bitcoin has become the most popular and widely known form of cryptocurrency on the market, where even those not familiar with cryptocurrency have likely heard the name. But there are several other forms of cryptocurrency such as Ethereum and Tether. Ethereum, Tether, and Bitcoin are all available to buy and sell in cryptocurrency exchanges, which function in a similar manner to stock exchanges.

Cryptocurrency exchanges serve as digitalized markets in which buying and selling cryptocurrencies can occur safely and securely. Recently, the market has been outright thriving, with the value of Bitcoin, in particular, quietly rising to respectably high numbers. Even as the general population at large has become somewhat dismissive of cryptocurrencies, it is clear that there is still an appetite for this kind of technology-fueled funds.

In fact, when the value of Bitcoin recently fell below $65,000 for a single day, it was so notably featured in the news cycle specifically because of how out-of-the-norm that was. As CNBC reported, “Bitcoin has been wrestling with the $70,000 threshold since hitting its March 14 record of $73,797.68. It last tested that level at the beginning of June. It’s down 4% for the month and 9% for the quarter.” These numbers are slightly declining but far from the disastrous results, many were prognosticating. Instead, Bitcoin and other cryptocurrencies have proven resilient in what the current marketplace is capable of.

In short, for all of the controversy surrounding cryptocurrency, the public scrutiny it has received, and the global spotlight cast upon its rise and subsequent fall in popularity and value, it is still kicking. As the value of Bitcoin begins to rise once more, the unique form of currency may very well be on the precipice of yet another surge in popularity. Cryptocurrency has been a part of society for much longer than many realize, and it is likely to continue playing a role within it for many years to come.