Cryptocurrencies have become increasingly popular over the past few years. They are decentralized, meaning they are not regulated by a central bank or government. The best way to think of them is as digital assets that can be used to buy goods and services online.
In 2021, cryptocurrencies experienced a turbulent year. The value of well-known cryptocurrencies such As bitcoin, Ethereum, Dogecoin, and others peaked in 2021. The size of the worldwide market grew significantly. Not only that, but many people got fortunes from this discovery of gold. According to the Forbes Billionaires list, seven people became crypto billionaires, increasing the total number of crypto billionaires to 19. Consequently, a list has been put up in this post to inform you about the crypto billionaires in 2022.
What is Cryptocurrency?
Cryptocurrency is a digital currency that uses encryption techniques to regulate the generation of units and verify the transfer of funds, operating independently of a central bank. For instance: when you order essay online you don’t pay them by cash instead you pay them through digital currency and can transfer the money all over the world. This means that the currency is not tied to a single country or bank, but rather operates in an international peer-to-peer network.
It is a type of digital asset, which can either be issued by an organization or individuals or exist within an electronic ledger such as Bitcoin’s blockchain. Digital currencies are not issued by central banks, but rather are decentralized and open-source, allowing anyone with access to the internet to participate in transactions.
The first cryptocurrency to be created was Bitcoin, which was introduced in 2009. Since then, there have been many others, including Litecoin, Ethereum, and Ripple. Crypto-currencies can be used to buy things online anonymously and without the risk of identity theft. They also have no single central authority like banks, which means that cryptocurrencies are decentralized networks that operate with no single point of failure. This means that it’s difficult to shut down or seize control of crypto-currency like Bitcoin because it’s distributed across thousands of computers around the world.
Two main types of Cryptocurrency
- An asset-backed digital currency is one where investors buy into the value of an underlying asset such as gold or oil. These coins have a limited supply, so their demand tends to rise when the price of their underlying assets rises. One example of this type of coin is Venezuela’s Petro, which was launched in 2017 and sells for around $60 per coin (Venezuelan bolivars).
- A utility-backed coin lets users pay for goods and services with a crypto-currency without having to own any cryptocurrency itself. An example of this type of coin is Litecoin (LTC), which was launched in 2011 as “silver” to Bitcoin’s “gold.”
Top Crypto Billionaires Of 2022
1. Changpeng Zhao, $65 billion
Binance, the world’s biggest cryptocurrency exchange by trading activity, was founded and is led by Zhao. He used to serve hamburgers at McDonald’s, but today he is the wealthiest crypto millionaire.
2. Sam Bankman-Fried, $24 billion
The founder and CEO of the crypto exchange FTX are Bankman-Fried. Additionally, he oversees assets via Bay Research, a quantitative bitcoin trading company he and his brother created in October 2017.
3. Brian Armstrong, $6.6 billion
The cryptocurrency exchange Coinbase was established by Brian Armstrong in 2012, and he serves as its founder and CEO. He is a trader and an entrepreneur.
4. Barry Silbert, $3.2 billion
As the creator of Digital Currency Group, Silbert has built a substantial bitcoin business. The business owns CoinDesk, a well-known website for crypto news and events, as well as Grayscale, which looks after $28 billion worth of cryptocurrency assets. Through its affiliates, DCG has made investments in more than 200 crypto businesses. Before Bitcoin, in 2015, Silbert sold NASDAQ his financial trading company Secondary Marketplace for an unknown sum.
5. Song Chi-hyung, $3.7 billion
The best cryptocurrency exchange in South Korea, Upbit, was founded by Chi-Hyung. He has benefitted from the $46 billion bitcoin industry in the nation. He is believed to control around 25% of Dunamu, the $17 billion underlying firm of Upbit.
6. Jed McCaleb, $2.5 billion
Most of McCaleb’s riches came from Ripple Labs and XRP, the bitcoin project he co-founded in 2012 that focuses on payments. After clashing with Larsen and other members of the team, McCaleb walked away from the project in 2013. McCaleb has now sold a sizeable amount of his XRP in a series of periodic sales in compliance with the conditions of a separation agreement he signed with Ripple Labs in 2014. He established Stellar and now holds the position of Chief Technology Officer.
7. Nikil Viswanathan and Joseph Lau, $2.4 billion
Blockchain decacorn Alchemy, a toolkit for blockchain developers and marketers, was founded by Viswanathan and Lau. Web3 services like Open Sea and the decentralized exchange Kyber are powered by alchemy. Less than four months after financing $3.5 billion, the business raised $200 million in February at a worth of $10.2 billion.
8. Devin Finzer and Alex Atallah, $2.2 million
These two were co-founders of Open Sea, a primary NFT market. Open Sea secured money in January, raising its valuation from $1.5 billion to $13.3 billion. Approximately 18.5 % of the corporation is owned by Finzer and Atallah together.
For cryptocurrencies, the previous year was quite volatile. Additionally, compared to last year, there are now more crypto millionaires in the market. There are now 19 people on the Forbes list of the top billionaires in the cryptocurrency space, an increase of 58 percent.
New names have emerged as the greatest money generators inside the cryptocurrency ecosystem despite all the buzz around non-fungible tokens (NFT), the metaverse, decentralized financing, and blockchain gaming. Many students are conducting their research and publishing articles on this advanced currency. However, if you don’t know much about it but want to write about it you can either pay for any online service such as do my essay for me in UK-based company or read this post to get to know more about it.
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Milutinović, M., 2018. Cryptocurrency. Економика-Часопис за економску теорију и праксу и друштвена питања, (1), pp.105-122.