Cryptocurrency or the world of digital currency is not something that emerged overnight and became successful. It was introduced 12 years back and ever since it has gained immense popularity in the world of finance. Many countries, banks, and governments actually felt threatened when it was launched due to which a lot of them ended up banning it permanently. Even then it managed to survive and became highly successful across the world.
More and more people are now gradually realizing its existence and there are various reasons behind it. They are as follows:
1.The sense of security and safety in terms of money and assets that people were seeking to achieve in the world of banking has been achieved by digital currency. It is completely decentralized and the chances of theft or any other activity are greatly minimized. The people who have an account are given a private key that can be used to access the assets they own or to make the transactions. No one can access or control the account of someone else without the private key. There is zero intervention from the bank in terms of determining the transaction fees or keeping a check on the transactions that are being carried out.
2. Secondly, the transactions can be carried out by the owner themselves. They no longer have to rely on the bank to carry out important transactions for them. there is any set limit on the number of transactions that can be carried out in a single day. One does not need a bank account to deal in a cryptocurrency as famous as bitcoin.
3. Furthermore, many people are coming out in the real world and are being vocal about the rate of return they achieved after investing in cryptocurrency. The timeframe to get a profitable rate of return is not less but it is going to be fruitful for the people willing to purchase digital currency.
4. Initially, people were investing in the world of digital currency but now as time is passing by more and more company’s especially big organizations, are also shifting towards the world of digital currency.
The world might become completely digital in terms of finances and the assets owned by their population. If you wish to find out more about crypto trading or the crypto market then feel free to visit us on https://yuanpaygroup.org/.
11 Top Cryptocurrencies in the world
If figures are to be believed then there are more than 10,000 different types of cryptocurrencies that exist in the world today. However, some of them became more famous than others. The list of famous cryptocurrencies in the world are listed below:
- Binance Coin
Cryptocurrency Market and the Way it Functions
Just like any other product or service, the trend in the world of digital currency is also determined by the change in the demand and supply cycle. There are numerous aspects that can impact the cycle. They are as follows:
1. The demand and supply of the cryptocurrency are determined by the demand i.e. the number of coins that are being mined and supply i.e. the number of coins that are lost during the process. Every currency has a market cap, which means that only a limited number of coins can be mined.
2. The way people perceive and promote the use of cryptocurrency on different social media platforms also plays a pivotal role. People generally feel more comfortable investing or trying out different things if they see common people experiencing something new. The more the hype is created the more people would be willing to try it out.
3. The price is also dependent on the way the digital currency is integrated into the system. If more people are willing to incorporate it into their business then it is definitely going to have an impact on its overall price.
Digital currency is gradually penetrating deeper into the financial system. It would be interesting to find out how it is going to affect the world at large in the near future. It is one of the best forms of protection that is being offered to the citizens from the sudden devaluation of their national currency. This is one of the reasons why some countries are not willing to introduce it into their country. They are not comfortable with the idea of people controlling their assets as it would be difficult for them to monitor their activity altogether.
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