In 2009, Satoshi Nakamoto created Bitcoin, which is undoubtedly the largest and most influential cryptocurrency ever. This digital currency was the first of its kind and was especially unique due to the fact that it’s not reliant on a central authority, like a government or bank, to uphold or maintain the value. Since the introduction of Bitcoin, many other cryptocurrencies, such as Ethereum and Litecoin, have also been created. As of March 2022, there are over 18,000 cryptocurrencies, however most of these have little to no following or trade volume. With the steady rise in cryptocurrency, more and more people want to get involved with crypto. However lots of people seem apprehensive about investing in Bitcoin due to safety concerns of these digital currencies. People’s skepticism also stems from their lack of knowledge surrounding Bitcoin, cryptocurrency, and the stock market in general. 

Apart from trying to make a profit, there are many different reasons to put money into cryptocurrencies, one of which being avoiding inflation. Inflation is a natural process where the increase of a money supply decreases the value of the currency. For example, the U.S. dollar has seen a 15.4% inflation rate since 2016. In simpler terms, 85 cents today is equivalent to 1.00 dollar in 2016. While this rate of inflation may not seem significant, this discrepancy over six years becomes much larger over the course of multiple decades. As it has been seen in countries like Venezuela, hyperinflation can financially cripple a country’s economy. The reason Bitcoin isn’t affected by inflation is because when Bitcoin was created, Nakamoto set a cap of 21 million Bitcoin in order to prevent the possibility of inflation. Currently, around 19 million Bitcoin are currently in circulation, with 2 million still left to be mined. 

When it comes to the safety concerns surrounding Bitcoin, or more specifically cryptocurrencies, blockchain is the safety net put in place to eliminate any fraudulent activities. The MIT Technology Review described the use of blockchain as, “The whole point of using a blockchain is to let people – in particular, people who don’t trust another – share valuable data in a secure , tamperproof way”. The first decentralized blockchain was introduced in 2008, just a year before Nakamoto introduced Bitcoin. A somewhat comparable analogy to the blockchain is a simple Google Doc. In a blockchain, similar to a single Google Doc with public access, all purchases, sellings, or other transactions can be seen in real time in the same place by everyone watching. This 24/7 surveillance of the blockchain creates a safe and secure environment for the average person, and yields no advantages or loopholes to cheat or hack the system.

From the hype surrounding crypto, the amplified inflation in the U.S., and the fraudulent preventative safety nets, buying Bitcoin or other larger-scale cryptocurrencies wouldn’t be a bad investment, even if someone doesn’t have background knowledge on the subject. All in all, the crypto market isn’t going anywhere anytime soon, and hopefully this broad insight into the history and current state of crypto allows people to be  more comfortable with the idea of investing in cryptocurrency in the future.