Unless you’ve been hiding under a rock for the past decade, you probably must have heard about Bitcoin, BTC, or cryptocurrencies. If you haven’t been paying attention to this new trend, then you’ll learn why you must do so in this article.
First, let’s define cryptocurrencies, also known as ‘crypto’ for short.
What Are Cryptocurrencies?
Cryptocurrencies are currencies or digital money that are designed to serve as a medium of exchange. These currencies use something called “cryptography”, an encryption technology that ensures and regulates money transfer without consulting any bank or a financial house.
So Why Pay Attention To Cryptocurrencies
If you are still reading this article, it could mean one of two things: either you are not familiar with the concept of cryptocurrency, or you are wondering why you should stop and think about what this new wave of currencies also known as digital currency, or virtual money can mean for you?
Wonder no more because no matter the category you are in, the important thing is that this review will take you on a ride that will help you appreciate why and how knowledge of cryptocurrency can affect everyone in the world.
Let’s dive right in!
Why Are Cryptocurrencies Trending?
Indeed, there has been so much hype over cryptocurrencies in the last nine months, and it is for good reasons. Let’s review the most popular ones.
Institutional players are storming the crypto space with their eyes fixed on unique goals in the market. Major payment platforms like PayPal have announced that their customers will buy and sell bitcoin with their PayPal accounts. It indicates that soon, most, if not all, transaction settlement will be done with crypto on a global scale.
There is clear evidence that digital currencies have become the most critical focus for big institutions and financial houses.
Apart from institutional players, some countries like China, Singapore, and Ecuador have already launched their digital currency.
Meanwhile, China is planning seriously to replace paper money and virtual cash on banking apps.
- Decentralised Structure
One interesting thing about crypto is that the currency is out of control by any centralised entity or government regulation. It is decentralised.
Users possess a level of autonomy without centralised control as cryptocurrencies onboard a sharp contrast from fiat currencies. Users can control how they spend their money without interference from any third party like a bank. Therefore, it could serve as a financial liberation zone for users.
An essential focus of cryptocurrency closely related to the currency’s decentralised structure is that it is basically peer-peer. Users can receive and send money to anyone and from anyone in the world.
The process of receiving and sending money in the crypto space does not need approval from any source of authority.
Ease Of Use
The primary reason cryptocurrency has a high demand is that it is easy to become a bank of your own. All you need is get a smartphone with an internet connection, and you can transfer money and make payments at your convenience.
Prominent among cryptocurrencies is bitcoin, which its proponents dubbed “digital gold”. The supply of bitcoin is limited, and only about 21 million bitcoins will ever exist.
With 18.4million bitcoins already in circulation, and only a small number expected to enter into the market over the next century, one might argue that bitcoin’s natural design is to grow in value.
In 2020 alone, the currency has grown by over %200 in value at the rate of $27,000 per coin. This value appreciation investors an edge over economic uncertainty. No wonder wealthy people are investing in cryptocurrency.
While more people enter the crypto market as users and holders, the industry offers career opportunities even if you are not interested in using and spending bitcoin as a medium of exchange.
There are crypto-focused jobs for reporters, consultants, cryptocurrency analysts, blockchain developers, the list goes on.
For cryptocurrency traders, crypto trading exchange reviews can serve as a guide on which exchange you can trade your cryptocurrency with and stand a chance to earn big.
It has become a career risk not to have any knowledge of cryptocurrency in today’s world.
Indeed, Bitcoin has yielded massive returns for investors over the last decade and has the potential to do even more. The general cryptocurrency space has also continued to evolve and could last long into the future.
It is almost detrimental not to pay attention to this new sector of the global financial market. Will you start paying attention? We’ll let you decide.