If you had mentioned “cryptocurrency” to me a few years back I would’ve been highly suspicious of the authenticity and its value. But today’s world functions mostly, if not entirely, via the internet. This is a new era. The reliance on cryptocurrency will soon start to increase if not already.
Cryptocurrency has become THE next big thing. Its been getting a lot of coverage, its on the first pages of newspaper and covering headlines and there are several reasons for it.
Let’s talk about bitcoin. It was the first cryptocurrency founded by an individual or a group who goes by Satoshi Nakamoto. If you don’t already know, bitcoin is under the spotlight because of its incredible rise in value from the time it was founded that is 2009.
You may have seen posts circulating all over the internet about how if you had invested $100 in Bitcoin in 2009 you would have around $100,000 today. Well, it’s true. Crypto value fluctuates with time sometimes going in loss and sometimes reaching sky-high increases in value. Therefore, it is also true that investing in cryptocurrency could lead to you losing all your money OR becoming a millionaire. Its a huge risk. So why are people using bitcoins?
Buying and selling in cryptocurrency has various pros. The transactions are much faster as they are all digital. They are recorded, secure and can be done worldwide, meaning that cryptocurrencies Have the same value in every country, completely subtracting the hassle of exchange rates. Cryptocurrency runs on financial based blockchains which aren’t owned by any individual or a government authority. Its security runs on the fact that all of the data is recorded in a public ledger therefore fraud is minimised.
Investing means risking. However, with the era making a complete paradigm shift towards the world on internet and E-commerce, using bitcoin would definitely come in handy.