The Rise in Cryptocurrencies

Angelo Ledda ‘24

Within recent times, Bitcoin has been gaining a lot of popularity. This has led to an increase in other crypto currencies such as Dogecoin and NFTs. Bitcoin gained popularity for many different reasons. One of these reasons being that people believe that Bitcoin and digital currencies will be the new form of money and will actually take over the traditional centralized coins that are controlled by governments. This reason is supported by the article, “Why is Cryptocurrency Rising in Popularity?” which states, “Others, however, claim that they are the future of money and are meant to replace traditional centralized coins controlled by governments.” Another reason for Bitcoin’s rise in popularity is that it removes banks from managing the money supply and it does not reduce the amount of money it is worth. This is supported by the article, “What Is Cryptocurrency? Here’s What You Should Know” which expresses, “Some supporters like the fact that cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation.” Bitcoin has been increasing in popularity within recent times for a multitude of reasons which leads to other crypto currencies having an increase in popularity.

Crypto currencies as a whole have been having a spark in popularity within recent years. One of the most evident crypto currencies that only recently had started to get popular are NFTs. You may be asking yourself “What is an NFT and why is it getting so popular?” NFTs are “non-fungible” tokens which means that they are one of a kind and do not get replaced, unlike Bitcoin which could be traded for another Bitcoin. The article, “NFTs, Explained” answers this question by stating, “‘Non-fungible’ more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing.” The article also answers the question of how NFTs work by revealing that NFTs are part of a chain similarly to Bitcoin and Dogecoin. It is also later explained that NFTs are gaining popularity because they are a form of art collecting, but in a digital way. All of these cryptocurrencies have been experiencing a surge in popularity due to NFTs being a type of art exchange, banks not being involved with crypto currencies so inflation is not applied, and people believing that these cryptocurrencies will eventually take over the traditional form of currency.