The modern world is changing and developing at a faster pace. We are living in a digitalized world that has experienced many upgrades from the traditional norms and practices. Moving across different eras of modification and development, almost every sector has evolved one way or another. Similarly, the global economic structure has seen many ups and downs in the last few decades. Certain events pushed the global economy at ropes numerous times, and the business sector struggled to gain stability. Countries were persistent to follow the traditional monetary values and expected to progress eventually. Therefore, it was not until 2009 that another concept of currency emerged on the global level.
The digital currency was fairly discussed in the global arena for quite some time, as experts analyzed its pros and cons. On the other hand, cryptocurrency came as yet another innovation in the field of digital currency. An idea of Bitcoin, the first-ever cryptocurrency was presented in a white paper. The developer of Bitcoin goes by the name of Satoshi Nakamoto but is anonymous to this date. Since then, the world of finance has not been the same. Bitcoin slowly progressed and gained popularity, but it was in 2017 that its worth increased significantly, reaching around $19,000. This came as a shock to the world, and crypto fanatics were able to prove their points.
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Inclusiveness of Cryptocurrencies
Many experts termed the success of cryptocurrencies, like Bitcoin and Ethereum as a bubble that will soon burst. They did so by citing the volatile nature of cryptocurrencies. However, they were proven wrong as after a couple of quiet years Bitcoin saw a huge upsurge in worth. Today one Bitcoin is worth around $64,000 which is a gigantic number. People all over the world have started to include cryptocurrencies in their routine lives. Bitcoin is accepted as a mode of transaction and payment at many organizations and firms. The renowned car company, Tesla has also announced to accept payments in Bitcoin which shows how rapidly crypto is becoming the new normal all over the world.
Moreover, cryptocurrencies are also utilized for investing and trading purposes. Eyeing its significant profit potential, many individuals are trading Bitcoin on a regular basis. The early investors of Bitcoin were able to amass millions of dollars in profit through its upsurge. However, now traders are either holding or day trading to make an extra income through this revolutionary concept. This has given them a chance to make money digitally, that too from the ease of their couches. Crypto trading is a vast and somewhat complicated field, mainly for beginners. Therefore, it is essential to conduct thorough market research before investing in it.
The crypto market is full of risks and this is why there are trading platforms, like the Bitpal app which guide traders through the market trends and inclination. Their AI-supported software studies market algorithms and graphs to make accurate predictions. Hence, minimizing the risks of one’s trade. These platforms might cost some money but they are worth every single penny as they provide a more sustainable trading method to the people.
A way out from the conventional banking systems
Cryptocurrency is also proving to be an extremely influential and effective alternative to the traditional banking systems. According to research, around 1.7 billion people worldwide have no bank accounts. A wide majority of these people belong to the developing world, as their struggling economies are unable to provide quality services to the masses. On the other hand, over 4 billion people have direct access to the internet, and this number is increasing rapidly. This has given an opportunity to people, as they can opt out of banks and can utilize cryptocurrencies for their needs.
There are certain advantages of using crypto instead of banks. One of the most prominent among these is that crypto transactions cannot be recorded, hence, the users are offered more privacy and secrecy to move their assets. Furthermore, unlike the banking system, there are no regulatory authorities over cryptocurrency so people do not have to worry about anyone controlling their assets. Lastly, crypto transactions can be conducted from anywhere in the world over the internet. There are no hidden charges for across the border transaction, and thus, it unifies the world at a single digital platform. On the other, traditional banks charge hefty taxes and service fees for allowing international transfer of money. These few points have significantly popularized and fancies the idea of cryptocurrency as the new form of currency.
