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Why you Should go into Cryptocurrency

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Why you go into cryptocurrency

Why you Should go Cryptocurrency

The global economy will gradually transition to a digital ecosystem. Everything is moving paperless, from investments to money transfers. Cryptocurrency is the newest and most promising addition to the digital payment market.

A cryptocurrency is a means of payment similar to traditional currencies such as the US dollar but created specifically for the exchange of digital data. Cryptocurrency is a decentralized “digital or virtual money that employs encryption for security,” according to Investopedia.com, making it impossible to counterfeit. Governments cannot take it away from you since it is not issued by a central authority.

The digital currency has rapidly gained public attention during the last several years. There are many valid reasons for this.

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Let’s see them below: 

  • Anti-fraud

All verified transactions are logged in a public ledger when cryptocurrency is formed. To preserve the integrity of record keeping, all currency owners’ identities are encrypted. You own the currency since it is decentralized. It is not under the control of the government or the bank.

  • Identity Theft

The ledger guarantees that all transactions between “digital wallets” result in a correct balance calculation. Every transaction is double-checked to ensure that the coins used belong to the current spender. A “transaction blockchain” is another name for this public ledger. Through encryption and “smart contracts,” blockchain technology provides safe digital transactions that are nearly unhackable and free of fraud. With this level of security, blockchain technology is poised to have a significant impact in the near future.

  • Settlement in a flash

The blockchain is the foundation of cryptocurrency’s value. Cryptocurrency’s popularity stems from its ease of usage. All you need is a smart device and an internet connection, and you can start making payments and money transfers right away.

  • Accessible

Over two billion individuals have access to the Internet but do not have the legal authority to utilize traditional trading systems. These people are well-versed in the bitcoin sector.

  • You Own it

There is no other electronic cash system where you own your account.

How did all begin?

In 2009, Bitcoin became the first decentralized cryptocurrency. Bitcoin, which makes use of blockchain technology, has outpaced gold, with a 155 per cent annualized gain compared to gold’s 6% annualized loss over the previous five years. Its value has risen from 0.06 per coin USD in July 2010 to over 4000.00 per coin USD now, making it one of the most significant financial phenomena in contemporary history. Blockchain technology has grown in popularity since 2009. Not only as a result of the massive growth in Bitcoin’s value but also as a result of increasing knowledge of its significance and investor trust.

Large banking institutions and technological corporations, including Intel, Barclays, and Walmart, have recently invested time and money in the potential of cryptocurrencies such as Bitcoin and Ethereum. As a result, countries with deteriorating currencies have begun to use digital currency to replace depreciating paper currency. Brazil, Colombia, Turkey, and Venezuela are among the early adopter countries.

The use of cryptocurrencies as legal cash is also being considered by wealthy nations. According to Bloomberg, the central banks of Japan, the European Union, and the Netherlands are actively conducting digital currency research and experiments.

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India’s Impact

The Bitcoin revolution is expanding to India, where Prime Minister Narendra Modi has limited the circulation of paper notes in order to push the country toward approval of electronic payments. The Reserve Bank of India is currently investigating cryptocurrencies, the newest wave of the future.

The Indian government decided a year ago to take tough actions against “black money,” cash acquired on the black market on which income and other taxes are evaded, and tax evasion by withdrawing two of their highest-value banknotes from circulation, totalling over 22 billion rupees.

As a result, individuals concerned about losing their assets turned to cryptocurrencies to protect their cash, resulting in a surge in cryptocurrency trade activity. Due to the decentralized nature of cryptocurrency, Indian officials are now working on a legal framework to regulate cryptocurrencies such as Bitcoin, and India’s central bank is constructing its own blockchain, which will result in its own cryptocurrency, dubbed “Lakshmi.”

Companies have also been able to modify the way they function digitally thanks to blockchain technology. Companies are selling their digital tokens through Initial Coin Offerings (ICOs). While many organizations collecting funding through ICOs are unregulated and untrustworthy, 1World Online, a well-known Silicon Valley firm, already has a functional product.

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