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Current Crypto Trends

crypto currency
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Cryptocurrency is an industry that has exploded over the past few years made popular by media stories of rags to riches reporting and while everyone should be cautious of investing in Crypto Currency we’re going to have a quick look at the Current Crypto Trends.

With 2023 only just commencing we’re already seeing some quick maneuvers and while it is still to early to anticipate what the rest of the year will look like, we can monitor closely the current trends and see how they pan out. But first we need to know what those trends are, so lets take a look.

NFT

Non-Fungible Tokens (NFTs)

Non-Fungible Tokens (NFTs) have become one of the most talked about trends in the crypto sector. NFTs are unique digital assets that represent ownership of a specific piece of content such as artwork, music, or video. They are created using Blockchain technology and their ownership is verified through on-chain data, which ensures that they are scarce and cannot be duplicated.

In recent years, NFTs have gained massive popularity among artists, musicians, and creators who use them to monetise their work. NFTs have also been used in the gaming industry, where players can purchase in-game assets such as skins and weapons.

De-Fi

Decentralised Finance (De-Fi)

Nothing new with this one except that it is starting to make a comeback Decentralized Finance (De-Fi) refers to a new financial system built on top of blockchain technology that aims to provide open, transparent, and permissionless access to financial services.

De-Fi protocols allow anyone with an internet connection to access financial services like borrowing, lending, and trading, without the need for intermediaries such as banks or financial institutions or financial brokers. De-Fi has the potential to disrupt the traditional financial industry making financial services more accessible and affordable for everyone.

Leo Glossary 2.png

Stablecoins

Stablecoins such as our very own Hive Backed Dollar (HBD) are cryptocurrencies that are pegged to a stable asset typically the US dollar. The aim of stablecoins is to provide a cryptocurrency that is not subject to the volatility that is common in the crypto world.

Stablecoins have become increasingly popular as they attempt to provide a store of value and can be used for transactions, such as remittances and international payments however, have also come under the attention of the US Securities and Exchange Commission due to their alleged unregistered nature.

CBDCs

Central Bank Digital Currencies (CBDCs)

Central Bank Digital Currency (CBDC) are emerging as a popular topic this year and we can expect to see a lot more news about them coming out. CBDCs are digital versions of fiat currencies that are issued and backed by central banks. CBDCs aim to provide a more efficient and secure alternative to cash while also giving central banks more control over the monetary system.

Several central banks are currently exploring the possibility of issuing CBDCs, including the People’s Bank of China, the European Central Bank, and the Bank of England. The adoption of CBDCs could have a significant impact on the global financial system and the crypto industry.

So how did I do? can you do better? give it a shot and tag me in the post.

This is not financial advice and readers are advised to undertake their own research or seek professional financial services.

As a caring and hands on dad, Simon devotes himself to his family, career and health.

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