Cryptocurrency: The Trend Today! Ever since the introduction of cryptocurrency back in the late 2000’s, it has gained massive attention both from the media and the average customer and it continues to do so. Bitcoin is the most popular form of virtual cash. It is based upon the decentralized financial network. The back bone of bitcoins is definitely the cutting edge technology that is incorporated at its roots i.e, block chain technology.
Since the time of inception, bitcoin has proved to be the leader of all cryptocurrencies as it continued to grow and grow while maintaining the momentum showing no signs of slowing down any time soon. It is still widely regarded as the cryptocurrency that has made the longest strides in this digital market which is an impressive feat considering there are now over 2,200 forms of cryptocurrencies globally.
Unlike traditional companies that base themselves on the customer trust, cryptocurrency has emphasized the importance of having a strong and secure safety policy. The global interest in Bitcoins is nothing short of phenomenal. In fact, various IT companies all across the world are adopting this fast improving digital currency so as to future proof and save themselves from ransomware. Several ventures are seeing this as an investment opportunity before the prices may sky rocket.
With the use of avant garde technologies like block chain and cryptography, cryptocurrencies have several advantages over traditional means of payment. Here are some of them.
- Provides high liquidity
- Lower transaction costs with no intervention of bank charges or brokerage fees
- Maintains anonymity while prioritising privacy
- Absence of a governing body provides options in the investments
- Ease of use is highly appealing
Another encouraging thing to point is the fact that the Chair of the board of Governors of the U.S. Central Reserve has been a constant voice in advocating for the importance of the central bankers introducing themselves to new technologies and innovations pertaining to the industry of finance. He went further than this and name checked technologies like bitcoin and block chain.
All pointers vindicate the surge and the momentum behind cryptocurrencies which makes it a very good time to learn about this growing network and make investments. The popularity of bitcoins is further vindicated by a survey conducted by Coin Market Cap in 2017 where the reports show that Bitcoins dominate a whopping 81% of the entire market in the digital financial sector.
Marcus is a british immigrant student who comes from a financially handicapped background living with foster parents. He was struggling to meet his needs and was working at fast food chains and restaurants to make some money, but that wasn’t enough to meet his dream of going to a university.
Marcus was desperate for something and that’s when he came across the concept of cryptocurrency in a newspaper. It intrigued him and the more he read about it, the more he knew that this was his chance of making his dream come true.
Marcus with the little savings he had of $1200 invested in bitcoins and just within a few weeks, the price spiked to a whopping $3800. Marcus made a profit of $2600. That was enough for him to go to a university.