It is no news that Cryptocurrencies have changed the way we perceive finances. As you are reading this article, I can pretty much bet that you are a millennial and that you take a keen interest in Cryptocurrencies.
The trend of investing and trading in cryptos has never been more alive. In fact, 2021 is the best year to invest in Cryptocurrency, especially because of the Bull run of the crypto market.
But before proceeding any further, let me tell you that I am a crypto trader, and I have been investing in cryptos, Bitcoins in particular since it is the most popular crypto on the face of the Earth.
Cryptocurrencies are decentralized digital currencies that use the Blockchain network. It is highly secure as it is secured by cryptography. It is also a digital asset that can often prove to be quite lucrative for investment.
As it is decentralized, it has no backing from any regulatory body and is free from government control. While Cryptocurrency is widely legal in most western countries, the use is highly controlled by the Government as many illegal activities on and off the Internet are conducted with the help of Cryptocurrencies.
What Are The Different Cryptocurrencies?
Like I already mentioned previously, Bitcoin is not the only Cryptocurrency. There are many other Cryptocurrencies. There are nearly a thousand other Cryptocurrencies.
Apart from bitcoins, which were first introduced by a group of people or a person called Satoshi Nakamoto in 2009, there are a few popular altcoins in circulation called Litecoin, Namecoin, Ether, EOS.
Want To Join The Crypto Revolution In 2021? Five Things You Need To Know
Cryptocurrencies are the new trend in the investment market. Want to join the crypto revolution, here are five essential factors to consider.
- No inflation
You should definitely join the crypto revolution since there is no scope for Inflation in Cryptocurrencies. There is a certain number till which Cryptocurrencies can be mined; beyond that limit, miners would stop receiving rewards. So Cryptocurrencies can be considered as a safe haven asset for investors who want to avoid inflation.
- Smoothens digital payments
As a millennial, do you like carrying cash? I bet no!
Cryptocurrencies have smoothened digital payment to a huge extent. Since there is no central body to regulate them, no legal body is looking at spending. You can transact any amount you want, and the best part is you are not obliged to give an account of your spendings to anyone.
- Soaring price in 2021
During the coronavirus pandemic, the value of Bitcoin dropped down to a mere $3000, the market totally collapsed. This made the investors think it was the end of Bitcoins, so investors holding large quantities of Bitcoins started selling off their Bitcoins at very low prices.
But investors who had a very strong knowledge of the crypto market turned the threat into an opportunity. Not only did they hold onto their Bitcoins, but they started buying more. This trend generated a bullish market, and the price of Bitcoins kept soaring since then.
- A good alternative to fiat currencies
Many countries have already legalized Cryptocurrencies. These countries include Japan, South Korea, Germany, and the U.S. Cryptocurrencies are widely used in Japan and South Korea. Berlin is not that far behind either and has accepted Cryptocurrencies as a substitute for fiat currencies.
- Uses the Blockchain technology
And the most important reason why you should join the crypto revolution is that it uses Blockchain technology. This unique technology uses the concept of the public ledger.
Final Thoughts on Cryptocurrencies
The word Bitcoins and cryptos are often used synonymously by newbies. But the matter of fact is all Bitcoins are cryptos, but all cryptos are not Bitcoins. There are several other cryptos like Ether, Litecoin, etc. There you go, I suggest you join the crypto revolution ASAP. Cryptocurrencies are on the verge of setting a new world order. You can visit the wealth matrix to know.