An issue that has exploded in a thunderous way in recent times and has now become public knowledge, to the point that even governments and commercial banks are starting to consider how to deal with it at a regulatory level. We are talking about cryptocurrencies, virtual currencies that were initially born to be payment instruments to be used on the network and which over time have turned into assets to invest in.
Much of the credit for this trend is attributable to Bitcoin, the best-known cryptocurrency as well as the first to have appeared on the web in 2009. Today, BTC (an acronym for Bitcoin) has reached record prices, over 39 thousand dollars, when in its early days the lucky (and far-sighted) who had bet on it were able to take Bitcoin home by paying them a few dollar cents.
To date, there are over 6 thousand cryptocurrencies on the market: none has yet managed to retrace the incredible rise recorded by Bitcoin, which remains the digital currency par excellence and which today has a significant social penetration, supported by various high-tech platforms like BTC Loophole.
2022 will go down in history as the year that marked the spread of digital coins globally, bringing them to the attention of public opinion. The emerging economies are at the top of the ranking of the nations with greater penetration: in first place is Vietnam, followed by India, Pakistan, Ukraine, Kenya, Nigeria, and Venezuela. Paradoxically, the richest and most industrialized realities find it hard to emerge in this particular ranking.
Cryptocurrencies and blockchains
Cryptocurrencies are closely linked to blockchain technology: we are talking about an extremely secure technology for transmitting and storing information over the network. The blockchain is a sort of decentralized database, a bit of a virtual accounting book within which information can be transcribed.
Often by mistake we speak of blockchain as something exclusively related to cryptocurrencies: in reality, blockchain technology can be used in many fields, that of digital currencies is one of the best known. Thanks to blockchain technology it is possible to record the transactions that are carried out through Bitcoin and cryptocurrencies in general: the great advantage is given by the fact that this ‘digital accounting book’ is shared only between users, therefore there is no higher authority to decide or supervise.
According to many analysts, precisely because of their exponential growth and the interest also at the investment level, 2022 could be the year of the definitive regulation of cryptocurrencies: when we touch on this issue, we always refer to the risks of digital currencies, their escape from specific legislation as in a gray area.
Now the time should have come to become aware of the scope of the theme with the consequent desire to give it defined and precise boundaries. On the other hand, this is the critical issue that is still highlighted when it comes to investing in Bitcoin and cryptocurrencies: the lack of security linked precisely to the lack of harmonized legislation.
The states are still moving in no particular order, in the US, for example, 2022 could be the year of definitive regulation while in India and China cryptocurrencies have been banned. A heterogeneous panorama that certifies the need for shared rules on a global level.