At the tail end of 2008, in the wake of one of the worst financial crises in recent history, the world was introduced to a new technology that could protect the future from any further catastrophes caused by centralized power. This was the birth of Bitcoin. Nearly a decade and a half since then, in 2023, this dream of global decentralization seems more real than ever. Blockchain technology itself has advanced at an incredible pace, with fresh new names and ideas taking the field further every day. This rapid growth has done a lot more than just make everyone acknowledge the potential of cryptocurrencies. It has opened the door to the approval and integration of blockchains on a global scale.
The Crypto Timeline
From adoption rates, to market caps, to the emergence of new players; the world of cryptocurrencies has seen unprecedented progress in a very short amount of time. While there have been periods of decline in the decentralized market, they hardly more than a footnote in an otherwise meteoric rise. If we take a step back and view the statistics over a long enough period, we can clearly see how the world has already adopted a decentralized future.
Bitcoin Price History by Year (2014-2022)
2014: High-$457.09, Low-$289.30
2015: High-$495.56, Low-$171.51
2016: High-$979.40, Low-$354.91
2017: High-$20,089.00, Low-$755.76
2018: High-$17,712.40, Low-$3,191.30
2019: High-$13,796.49, Low-$3,391.02
2020: High-$29,244.88, Low-$4,106.98
2021: High-$68,789.63, Low-$28,722.76
2022: High-$48,086.84, Low-$15,599.05
As the first and largest cryptocurrency in circulation, the rise in Bitcoin’s value is indicative of the growth of the market as a whole. And when we see an increase of over 10,000% between the peaks of 2014 and 2022, the burgeoning influence of blockchains becomes quantifiably clear.
Market capitalization is another great indicator for tracking the growth of cryptocurrencies over the years. At its peak, in November of 2021, Bitcoin had a market cap of $1.2 trillion (with the overall market cap of all cryptocurrencies at $3 trillion). For perspective, the market cap for Bitcoin in May of 2013 was only $1.2 billion (with the overall market cap of all cryptocurrencies at $1.3 billion). This shows not only the parabolic growth of Bitcoin in under a decade, but also the emergence of competitors during that time. While still remaining as the largest entity in the field, and the gold standard that all BlueChips and Alts follow, Bitcoin has relinquished control over more than half of the market over this period.
The Bigger Picture
The rise in popularity of decentralization has made people all over the world stop and take notice. What started as a niche technology born in the aftermath of a financial crisis has now become a global force that caused major economic changes. We can see the widespread adoption of cryptocurrencies at multiple levels, with individuals and government bodies alike being drawn towards the incredible new possibilities of blockchains.
As of 2023, there are over 420 million crypto users worldwide. However, it’s not just individuals who have seen the advantages of a decentralized currency. Major companies such as Microsoft, PayPal, Whole Foods, and Starbucks have all started accepting popular cryptocurrencies as forms of payment. As more and more organizations join in, the incentive for mass adoption will increase exponentially.
Cryptocurrencies also provide safety against large scale problems such as hyperinflation. When a country’s currency is irreparably damaged, and they don’t have easy access to more stable foreign currencies, they turn to crypto. A prime example of this phenomenon is Venezuela, where the Bolivar (their national currency) could no longer be used for day-to-day transactions due to its extreme drop in value. This caused a widespread adoption of cryptocurrencies among their people, who now use it in their everyday lives.
So, What’s Next?
With an increase in the conventional use of cryptocurrencies in day-to-day operations, there is a growing need for better decentralized tools. Web3.0 has laid the groundwork for the future of economic independence, but PyxelChain has its vision set on taking this concept even further. Our answer to the evolving needs of tomorrow come in the form of WebX.0™ and the integration of its concepts into the Pyxis Wallet.
In order to create a world where cryptocurrencies are used as freely as cash or debit/credit cards, we need to make their storage and transactions as intuitive as possible. Crypto needs to be safer and easier to use than its alternatives. We can’t just make a basic digital payment platform and call it a day. A WebX.0™ tool needs to evolve beyond single sig wallets, rudimentary contracts, and other simple features that are already in circulation. There is a need to create revolutionary new technology that will add the final push towards making crypto mainstream. And that’s exactly what the team at PyxelChain is doing.
With features such as the WebX™ Security Bridge and 4 Factor Authentication™, the Pyxis Wallet is set to be more secure than traditional digital wallets and its Web3.0 predecessors. We also look to demystify the blockchain for those who have been nervous about adopting a new technology. Integrations such as the Human Readable Smart Contract™ will go a long way towards making newcomers feel welcome in this space.
The world has already become aware of the benefits of cryptocurrencies. But in order for everyone to make full use of this technology, our tools must match our ambitions. We need instruments that will bring these benefits to the masses. Only then can we fully manifest our decentralized destiny. PyxelChain is hard at work to put the power of the blockchain in your pockets. A future where every transaction can be completed with crypto is not far at all.