Evolution of Crypto: Past, Present and Future

Cryptocurrency, a revolutionary term emerged from somewhere some ten years back.

Since then, cryptocurrency has seen both ups and downs in the market, but still has faced both acceptance and rejections like a true warrior.

And now, the popularity of cryptocurrency is increasing like a forest fire. Every person from today’s generation is now aware of the benefits of investing in the crypto market.

And those who are still unaware are missing a very great opportunity to become a millionaire. Yes, You heard right, most of the people who invested in crypto in its initial stage are now millionaires. Wait, not just millionaires, In the Forbes list of billionaires 2021 included 12 crypto-billionaires.

So, now one thing is very clear, that cryptocurrency is profitable in every way. But, the popularity of cryptocurrency has not been like this since the beginning. It passed through a lot of phases.

In India, the history of cryptocurrency is not less than some bollywood drama movie or we can say a daily soap.

Let's go through the past, present and the future of cryptocurrency in India.

How Cryptocurrency Started?

Back in 2008, a person named Satoshi Nakamoto along with his group published a paper talking about Bitcoin, the first cryptocurrency coin.

Cryptocurrency was a very new term then. No one knew what it means and how it functions. And as we say that Difficult things attract more people, same was the concept of crypto.

Every evolution starts with a first step. Many enthusiastic people believed in it, and bought the digital money back in early times when it was not that expensive. In 2010, the first transaction in crypto took place commercially.

Cryptocurrency in India

2013 was a revolutionary year, because with the launch of Unocoin, transactions in cryptocurrency were made accessible in India. In the same year, prices of Bitcoin increased and the people who invested in crypto got profits.

But as I said, crypto faced major dramas in the year of its commencement, and the RBI issued a notice advising people against the use of virtual currencies.

In my opinion, even the RBI was not wrong too. Prices of Bitcoin rose unbelievably high. The profits by some virtual currency was not acceptable to the human mind back then.

Believing some virtual currency over the physical currency was not easy for the people.

The main problem was decentralization. Investing your real money for some digital money without any other person involved in between as a guarantee was not less than an online scam for the RBI.

So, the RBI did what it thought was right for the people.

A Big No to Crypto

After the demonetization in 2016 in India, cryptocurrency saw the rise in the number of investors again. As a result, the decreased price of bitcoin increased sharply to about its 20 percent.

With the rapid increase in the number of crypto holders, the RBI got concerned again, and filed PILs against the use of crypto in the Supreme Court.

In 2018, cryptocurrency faced the major backdrop when the Supreme Court completely banned the use of cryptocurrency in every way.

In just an overnight, the crypto exchange business crippled.

Major Protests and Trends

Devastated by heavy losses, many crypto companies reached the Supreme Court against the order of ban.

#IndiaWantsCrypto campaign on twitter ran for 971 days.

Re-entry of Cryptocurrency

In March 2020, The Supreme court overturned the ban over the use of cryptocurrency. 

Like Shahrukh Khan says Picture abhi baaki hai mere dost, the cryptocurrency also made a re-entry in the ongoing drama to complete the picture.

After the global lockdown due to Covid-19, Interest in cryptocurrency spiked again with full power.

Present Scenario of Crypto

Currently, in India, a large population of youth are owning crypto in some or the other form.There are a number of companies in the crypto market competing with each other. And all of them have a considerable proportion of the Indian population.

Now, people are getting more and more aware of the mystery behind the concept of cryptocurrency, and hence they are interested in investing some part of their earnings in it.

By the latest reports, it is believed that the Indian Government is considering to prohibit all the private cryptocurrencies and is also in favour of releasing its own digital coin.

What Future Holds for Crypto?

By considering the story of cryptocurrency over the last 10 years, it is quite obvious that more and more people will be interested in investing in digital currency.

If it happens, it will be a global evolution of the web as it will change the entire concept of money and fiat currency. As for the Indian Government, no one can predict what it is going to do next.

Last but not the least, as per now, cryptocurrency is a very profitable way of investment. And it is certainly gonna be the future of the currency, so it's better to understand and invest in crypto as soon as we can.

Written By: Nidhi Jha