The acceptance rate in the technology sector has increased massively. People and organizations are adopting new technologies faster than the internet. Cryptocurrencies are also under this roof. According to the acceptance curve, cryptocurrencies are currently somewhere between the sections innovators and early adopters.
Source: Phemex
In 2013 the number of cryptocurrencies was 66, but in 2021 the number of cryptocurrencies is 6,044, which corresponds to an increase of 9,000%. It all happened in less than a decade.
Here is another statistic that shows the sheer increase in digital asset adoption and describes the growing utility of cryptocurrencies.
According to statistics from PitchBook, venture capital funds had invested nearly $ 30 billion in the cryptocurrency industry by December 15, 2021, more than the total amount invested in all years. pic.twitter.com/FWSouhUats
– Wu-Blockchain (@WuBlockchain) December 20, 2021
Cryptocurrencies like Bitcoin have grown in popularity despite the buzz. Bitcoin skeptics argue that because of its high volatility, Bitcoin does not function as either a medium of exchange or a store of value. It has no real use and is volatile in relation to future purchasing power.
Bitcoin is no longer a medium of exchange?
In a recent interview, Bitcoin security expert and Casa CTO Jameson Lopp added his story to counter the above scenario. In fact, he believes that Bitcoin is no longer just a medium of exchange or a store of value.
Jameson @lopp went to extremes to privatize his life and went completely inactive after a crazy SWATting incident in 2017 #Bitcoin in my latest episode.
Audio: https://t.co/6QXCIAlYyC…
YouTube: https://t.co/y6wD1Posri pic.twitter.com/7qjJjqdCFl– Natalie ₿runell (@natbrunell) December 16, 2021
In the most recent interview, Lopp shed light on the use of Bitcoin as an inheritance and testament. Cryptocurrencies – like Bitcoin – are becoming an increasingly popular investment for many people. As a result, we are seeing more and more people wanting to include crypto in their wills. But there is still some confusion.
It is important that you explicitly list your cryptocurrencies in your will. Otherwise they fall into the “abundance” of their property. (“Balance” is a generic term for assets not specifically listed in your will.)
In contrast to traditional assets such as stocks or bank accounts, cryptocurrencies do not leave any visible traces on paper. Lopp chooses:
“Bitcoin knows nothing about you, your identity, or your beneficiaries. It only knows if a transaction has enough signatures to allow money to be spent from an address. ”
So the keys are stored in a type of memory that only certain people can access during their lifetime. A specific subgroup of (specific) beneficiaries can access and do so with multisignature or multisig.
“The reason we like this setup is that you can create, for example, three out of five multi-character setups where you have a key on your phone that you can access at any time. Then you have three different hardware devices that you hand out, and then you have a key that is kept offline by Casa. ”
Famous Bitcoin enthusiasts suggested this in an interview. You need to have a key that your prosecutor or law enforcement officers can access.
But if you die …?
Here’s what Lopp had to say.
“If you lose the Casa key, you can access a friend’s or operator’s key and then access the beneficiaries in the vault through fairly standardized processes. And the great thing about spreading all that information out is how powerful it is. “
Overall, it can be seen that more utilities are emerging over time. The leading cryptocurrency can be used across the country. Needless to say, it will go the route from El Salvador.