Blockchain, Cryptocurrency and It's Future Analysis

Abstract

Cryptocurrency is a decentralized digital currency created through Blockchain Technology which is encrypted and a network that is connected peer to peer for digital transactions. People started using cryptocurrencies in 2009 when their implementations were released as open-source software. Bitcoin was the first cryptocurrency to become hugely popular and can be obtained through mining. It has disruptive technology for long- term use and unchanged financial payment systems that have been used for decades. Cryptocurrencies cannot replace the Fiat currencies of countries but they can change the way how the internet is connected to global markets. It may revolutionize digital trade markets by creating free trading systems and making them secure and safe for doing investments and trading business. The rest of the cryptocurrency market tends to follow Bitcoin's pattern as it is the largest cryptocurrency by market capitalization. In 2021 Bitcoin (BTC) prices had made as low as below 29000 dollars in the month of July and again it reached a peak of above 69000 dollars which tells us that it is highly volatile, so experts recommend investing about 5–10 percent. This paper discusses the risks associated with investing in cryptocurrencies, including the potential for collapse, network attacks, and high energy consumption due to mining. Additionally, it provides an analysis of the technology and its applications, which will be discussed in this paper.