Highlights
- The year of 2021 will be remembered as the year when cryptocurrency really took off – finding a voice in the mainstream
- The foundations for complete migration to the the digital realm were laid this year – with all-things-metaverse finally starting to materialise.
- At the same time, non-fungible tokens (NFTs) and blockchain-backed cryptocurrency markets took off, plummeted back down again, while another new meme-based token took its top spot
The year 2021 will be remembered as the year cryptocurrency really took off by finding a voice in the mainstream and challenging everyone’s notion of money as the world braces for Web 3. The groundwork for a full digital migration has been laid this year with allthingsmetaverse finally starting to materialize.
At the same time, the markets for non-fungible tokens (NFTs) and blockchain-backed cryptocurrencies took off, fell again, while another new memes-based token took its first place. Cryptocurrency mining has grown around the world and countries are now taking the arena of cryptocurrencies like bitcoin more seriously.
Here is a list of all the cryptocurrencies and blockchains that have paved the way for mass acceptance of the technology in 2021.
Storing Covid19 Medical Data on Blockchain
To collect and store real-time Covid19 case and test data, the Indian government has used blockchain technology, according to Bloomberg. Blockchain technology is used to record and activate all cryptocurrency transactions in a decentralized way to pay and store data, blockchains enable kinds of encrypted ledgers that provide instant payment / data verification without the need of other actors such as banks and government authorities.
El Salvador becomes first country to accept bitcoin as legal tender
In September 2021, El Salvador became the first country in the world to accept bitcoin as legal tender. Using the “Chivo” digital wallet, Salvadorans can transact in bitcoin or US dollars. To bolster its bitcoin efforts, El Salvador has allocated $ 203 million to give more people access to banking services and mainstream digital payments.
Metaverse Opens Reach for More NFT
Driven by the need to make today’s technology more attractive and futuristic, tomorrow’s tech makers are trying to blur the lines between what is physical and what is digital. In other words, the metaverse. Each metaverse represents a digital world similar to an open world game created only to mimic social settings and to enable more of the game through professional collaboration tools and more.
Indian Cryptocurrency Ban Rumor Shuts Down Cryptocurrencies
When an old version of India’s upcoming cryptocurrency law was leaked, cryptocurrency counters across the country fell sharply. It stems from what everyone thought was the end of cryptocurrency in the country. bill and it looks like India will allow some degree of cryptocurrency trading, abandoning the Chinese route of a blanket ban. Additionally, the Reserve Bank of India is working on its own digital currency to compete with cryptocurrencies.
