Sweden has become one of the largest countries for the mining of cryptocurrency over the course of the past few years. While some call it a fad, others believe that it is here to stay. The country seems to be incredibly enthusiastic about the large amount of potential associated with cryptocurrency. They have managed to embrace the crypto revolution, and have built out a new market within the country for it.
“Sweden is among the leaders in the global bitcoin market,” confirms Claire Ingram Bogusz, a researcher at Stockholm School of Economics specialising in bitcoin and other cryptocurrencies. “There’s a very high-level of knowledge about it here, and a high-level of digital competence in the Fintech space,” she says, referring to Stockholm’s status as the second largest FinTech hub in Europe. She continued stating that “we may not be the size of Hong Kong or London, but it’s hard to find that level of digital competence in other financial centres.”
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Bitcoin was introduced back in 2009 and has since become the largest of the cryptocurrencies in addition to being the first. With a market cap larger than most Wall Street firms, it seems as though cryptocurrency is here to stay. The most revolutionary aspect of cryptocurrency is the underlying blockchain technology that powers it.
Blockchain works by using a distributed ledger system to anonymously tract every transaction that goes on on the network. This makes it not only incredibly secure and decentralized, but also transparent. All those who are on the network can see an anonymous version of all the transactions taking place, and no one body has control over it. The hopes are high that this new form of currency can continue to shape and reshape world economies and different financial markets.