The concept of cryptocurrency is not new. It’s been around for a decade now. The financial crisis in 2008 paved the way for the digital currency model.
It would not be wrong to assume that cryptocurrency is now the dream of every man. Since its launch in 2009, the world has been watching to understand the world of digital currency. How can digital currency increase wealth? Can the investment increase by buying cryptos? This is an important question awaiting an answer in everyone’s mind.
Bitcoin continues to rule the global market. But, in the past decade, there have been other players as well entering into the market. Some promising names like Ethereum, Litecoin, Monero, Polygon, etc. Today, Bitcoin can buy you anything. Pick a flower to coffee using bitcoin.
Cryptocurrencies have been gaining increasing attention day by day. This is a safe option to trade. The changing market condition and volatility are a threat to cryptos. We need to still wait and watch what cryptos hold for us in the future.
There is no decrease in the demand or popularity of cryptocurrency. By 2025, the total market capitalization of cryptocurrencies will be $2 trillion. Cryptocurrency enthusiasts and influences have been vouching for this model. Cryptocurrency can indeed influence the way people trade and do business.
Unlike the traditional model of financing, bitcoins and cryptocurrency does not need a physical account. The currency is there in your wallet as digital/virtual money. Do you know what this implies? There is no way someone can steal the money away from you. The secured operating model is yet another attraction. The huge volume of transactions can be undertaken through your account without any hassle. There are minimal transaction fees. Compared to traditional bank transactions, you may have minimal charges in cryptos.
A key factor driving the crypto market: Bitcoin became an instant hit. This also made cryptocurrency a dream buy for every person. Investors who bought bitcoin back in 2008 – 2010 are a millionaire now. But if you are entering the crypto market only now, then it’s a dream buy. The cost has risen and buying a currency now is tough. In the current market condition gaining profits is less likely.
Tech-savvy and independent: Yes, everyone is technology-dependent now. You can have all your transactions taken care of with the hit of a button. From ordering out to your kid’s school fees, everything is online these days. This is one more reason for the growing craze towards crypto investments. People like to store their money in digital form instead of physical and tangible forms. Cryptocurrencies provide you with an option to even spend this money digitally. Also, for people who are into mining should remember that bitcoin miners need high powered computers.
Regulations are not painful: Bitcoin and cryptocurrencies work on a decentralized finance model. This means there is no central bank as a middleman. No government agency or regulations tracking your transaction. Blockchain technology has been garnishing immense positive responses. Transparency and security is the primary attraction. Except for countries like China and India, others are in favor of accepting cryptos. In the long run, cryptos can become a medium of exchange. Cryptos will also come under the radar of regulation, but that’s a long journey for now.
Which cryptocurrency to invest in?
Let us also understand a few other coins and tokens helping your investment decisions.
Solana: Placed safely in the cryptocurrency market, Solana is attractive amongst developers. The decentralized platform merges well with other network players as well.
Polkadot: Reduced transaction cost and transactions at a faster speed. This is what Polkadot coin offers. Owning this coin is quite the dream of every investor. The cost is affordable, and the market conditions are also favourable.
Dogecoin: Meme-based token in the crypto market. The coin’s performance surprised the co-founder himself. Given its nature and performance, the prices will hit roaring heights.
While investing in cryptocurrency is the dream of every individual. It is also important for you to factor in certain other conditions while investing. This includes the supply of coins, transparency in the transaction.
The value of the coin and the speed at which the transaction executes is also important. Also, be aware that the market conditions and fluctuations do affect cryptocurrency performance.
