What Is Cryptocurrency?
Cryptocurrency is one kind of digital currency. It’s a part of the decentralized economy. You can’t possess this currency physically because it’s virtual. Blockchain technology runs the entire cryptocurrency system. So, governments or banks can’t rule this currency.
How Cryptocurrency Came Into The market?
In 2009, Satoshi Nakamoto created Bitcoin. Bitcoin is the first cryptocurrency. Though, nobody knows whether Satoshi Nakamoto was a person or a group. However, the idea of cryptocurrency was truly revolutionary.
Is It Legal?
In the US cryptocurrency is legal. Japan and U.K have also approved this currency. But, some countries have barred people from dealing in cryptocurrencies.
Some Popular Digital Currency Names
Bitcoin is the most popular cryptocurrency or virtual currency. Ethereum, Litecoin, Ripple, and Bitcoin Cash are some of the popular cryptocurrencies. Apart from that, you can also find thousands of other cryptocurrencies.
Why Should You Invest In Cryptocurrency?
1) High ROI
Cryptocurrencies can give you high returns. Bitcoin has shown a spectacular run from 2009 to 2021. It was $0 in 2009 and in 2021 its worth is $50,000. That’s more than a 600% surge in its price. Hence, you can expect great returns from digital currencies.
2) Easy To Buy, Store, and Sell
Cryptocurrencies are truly easy to buy and sell. No banks will ask you questions. Moreover, you can store them in digital wallets or hardware wallets. As a result, you can keep them with you always (online and offline). Hence, you don’t have to be a ‘master of technology’ to use these currencies.
3) Stringent Security Features
Digital currencies come with many layers of protection. You will have ‘keys’ to protect your transactions. Furthermore, offline hardware wallets are almost impossible to hack. So, you will get a high level of security when crypto transactions will take place.
4) Low Transaction Fees
Banks or agents won’t be there to control your transactions. Consequently, you won’t have to pay high transaction fees. This is a bright side of cryptocurrencies.
5) May Become A Popular Future Currency
Cryptocurrency can be the future of the economy. The history of this currency is truly glorious and successful. Hence, if you invest in these currencies, you may find a digital gold mine in the future.
So, Should You Invest In Cryptocurrency?
Cryptocurrency’s price is highly volatile. It can go up or down without any proper reasons. Moreover, it’s not an official currency in many countries. So, you should assess all the risks before investing in cryptocurrencies.
Comments