What Is Cryptocurrency?
Cryptocurrency is a digital asset, to put it simply. The term comes from the fact that all of its transactions are highly encrypted, ensuring that the transactions are safe. Unlike traditional currencies, which are regulated and controlled by a central body, it is decentralized. A cryptocurrency's supply is limited, and it is sometimes compared to precious metals such as gold and silver.
Bitcoin is created by mining, which is a process in which powerful computers solve extremely complicated tasks in exchange for a reward for completing successful cryptocurrency transactions. In other words, cryptocurrency exchanges frequently result in the introduction of new coins into the market.
The Crypto Market...
As of May 2021, the cryptocurrency market is worth a massive $1.7 trillion. At the time of writing, there are over 10,000 cryptocurrencies listed, and the number is only going to grow. Bitcoin, with a market capitalization of almost $650 billion, holds the largest share of this, followed by Ethereum and Tether.
For many years, the acceptance of cryptocurrencies has been growing around the world. For instance, when Overstock.com, a prominent US online store, began accepting Bitcoins in 2014, it made $124,000 in Bitcoin sales on the first day alone. More intriguingly, firms are recognizing the worth of this digital asset as an investment.
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Bitcoin – The Gamechanger
After the 2008 financial crisis, the globe realized issues with conventional banking systems, and Bitcoin arose as a gold rush of potential. It was the first cryptocurrency to be created using blockchain technology, and it has the potential to transform the way people think about money. Forbes rated Bitcoin as the best investment in 2013. It has become a household name nowadays.
According to Deloitte, in late 2020, over 2300 US firms embraced Bitcoin as a form of payment, making it a desirable asset to own for the average person.
Why Invest in Bitcoin?
In addition to being highly secure, Bitcoin is also peer-to-peer (P2P), which means it involves no intermediary (such as a bank or credit card agency) and offers a minimal transaction cost.
It is fast and fully transparent – for instance, every Bitcoin transaction you make is recorded in a public ledger that is visible to all. It cannot be forged or counterfeited. Blockchain transactions are also irreversible, making the chances of fraudulent activities even smaller and your investments much more secure. You can trade Bitcoin through exchanges such as WazirX, which is a safe and secure platform for investors.
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