|Rising popularity of BitCoins and cryptocurrencies
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|Author:||Confidus Solutions [ Tue Jul 05, 2022 2:18 pm ]|
|Post subject:||Rising popularity of BitCoins and cryptocurrencies|
In today's highly digital world, the ways in which we do different things – staying connected with family and friends, doing business, learning and of course trading – have changed dramatically. Over the years, advances in technology have given us the convenience of online payments. Online trading is possible with credit or debit cards, with payment services such as Paypal or with cryptocurrencies.
Cryptocurrencies are digital assets that serve as a medium of exchange and use cryptography to secure transactions and control the creation of new units of currency. Cryptocurrencies are typically classified as a subset of alternative currencies, also known as digital or virtual currencies. Unlike standard money and centralized banking systems in the world, cryptocurrencies are controlled in a decentralized manner – using blockchain transaction databases.
BitCoin became the first cryptocurrency in 2009. Interestingly, BitCoin inventor Satoshi Nakamoto did not intend to invent an alternative currency, but emerged as a by-product of another invention. His original plan was to develop a fully decentralized electronic payment system with no servers or central authority. But over time, despite numerous attempts to create new cryptocurrencies, BitCoin has gained great popularity (most of them are called alternative and Bitcoin altcoins, showing their kinship with BitCoins).
Why are cryptocurrencies so popular?
One of the key drivers behind BitCoin's soaring value is its global adoption, with many now choosing to make payments through BitCoin rather than using other methods. For consumers, the ability to use BitCoin means increased ease of use and convenience, in addition to greater security compared to a credit or debit card due to the significantly reduced risk of identity theft and fraud when trading online. Popularity among consumers is also growing as BitCoin adoption by businesses increases. Nowadays, real-life trading with BitCoins is also possible – from restaurants and coffee shops to real estate companies and other establishments that accept BitCoins. It is more than likely that as it grows in value and popularity, the number of businesses and retailers accepting BitCoins will continue to grow. Among other things, various other advantages of BitCoin can be shown:
Fast and cheap transactions - when transferring BitCoins, the transfer fees are significantly lower compared to other traditional forms of money. Additionally, international money transfers can take anywhere from a few days to over a week to complete, while BitCoin transactions are generally completed within an hour. This is because BitCoins are completely global and subject to very few laws or restrictions from any country’s central bank.
This leads to the next feature of BitCoin that is attractive to investors – being entirely digital, BitCoins have no physical production or storage issues, it is not controlled by any country's government or central bank, therefore it cannot be influenced by this monetary and fiscal decisions or political actions;
In the world of financial trading, BitCoin is a new investment area that comes with quite a lot of volatility and behaves differently than other traditional currencies. In late 2013, investors started seeing BitCoin as an attractive investment vehicle. BitCoin has massively appreciated in value from $200 in November 2013 to over $1000 just a month later. It's important to note that volatility doesn't always lead to exceptional gains. One of the reasons for BitCoin's volatility is the uncertainties surrounding its legitimacy. Many countries still haven't decided how to regulate cryptocurrencies. And if it does, it can have a major impact on BitCoin's value and its future as the most popular cryptocurrency.
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