Why Are People So Obsessed With Cryptocurrency
As Bitcoin nears $13,000, cryptocurrency once again becomes a very hot topic for discussion.
But what is so special about this digital money?
Well, let’s find out!
1. Revolutionizing Industries
There’s no doubt that the birth of cryptocurrencies was revolutionizing for many industries around the world. These new digital assets were built on a distributed public ledger. Their number was limited, fees were low and transfers were faster.
As governments and big corporations start taking interest in and researching the blockchain technology, it is apparent that blockchain may be the key to dealing with fraud and data theft. On the other hand, in the real estate sphere, blockchain can allow to execute transfer of property instantaneously. This will greatly improve on the extensive and complex practice of property transactions.
There was also a notion of utilizing Blockchain in order to make elections safer. However, this will still take a long time.
2. Great For Investment
Cryptocurrencies are the riskiest assets for investment. The small size of the market, low institutional support and the media influence result in crypto coins being highly volatile. Yet, dangerous investments always have the highest payoff. For risk-averse, to trade crypto coins may be the best option. Just take a look at any coin’s price history on a coin tracker and you’ll see how quickly crypto prices move.
The market is vast and gives you many opportunities for investment. Of course, cryptocurrency is still at its early stages and no one can make accurate long-term predictions.
3. Separation From Central Authorities
One of the reasons why people are attracted to crypto coins is decentralization. Cryptocurrencies, unlike fiat money, don’t rely on any entity, on the contrary, the blockchain technology is distributed among all users.
This helps financial transactions to occur free from banks or governments as well as eliminates fraud and theft.
4. Crowd Mentality
It was once said that mobs have passions, not brains. When the news about Bitcoin surfaced many people bought Bitcoin because of the technology, they were ready for a new tech evolution and were convinced that crypto, just like the Internet, will revolutionize our world.
However, as the great investment prospects of crypto coins became known, people entered the industry looking for easy money. With the media’s coverage of crypto, more and more people came into the crypto sphere.
Listening to the advice of their friends or their favorite blogger, people followed the herd and entered the crypto world without understanding its full capacity..
5. Better Transfers
International transfers have been revolutionized since the arrival of crypto coins. Crypto platforms like Ripple are making foreign transactions faster, safer and easier. These platforms are currently much better than the Society for Worldwide Interbank Financial Telecommunications (SWIFT), the current system for overseas transfers.
There have also been many rumors speculating that Ripple may replace SWIFT in the future. It is already one of the most institutionalized crypto-assets out there and ranks third by market cap, according to CoinMarketCap.com.
Crypto coins and blockchain are still in early stages of development, however, they have an undeniably great potential. If you want to trade crypto and do it as easily as possible, you should look into using a crypto tracker. Don’t know how to? Check out the best crypto portfolio tracker guide on the web.