A few years ago, if you had mentioned “cryptocurrency” to a friend, he would have imagined some sort of underground banking system, with hooded traders sitting behind big computers. Today, you not only hear about it in your daily business news, but you even see the term bitcoin or crypto on the front pages of major publications.
This is because companies like Uber and eBay join a list of several household names rushing to embrace cryptocurrencies. Earlier, ride-sharing company Uber said it would “absolutely” accept bitcoin (and other cryptos) “at some point” in the future, while eBay, which already accepts NFTs, could soon to start accepting crypto payments.
As crypto attracts more and more organizations and their customers, governments around the world are trying to put regulations in place to make it easier for crypto companies to conduct business while preserving the interest of investors. Recently, the The UAE passed its first law to regulate virtual assets, which could attract some of the world’s largest crypto companies to the region.
But for some of us, who are still wondering if the correct term is “cryptocurrency?” Or should it be a “digital currency”? “Virtual asset”? Whatever we call it, do cryptocurrencies really deserve this much attention, and why?
What is it again?
Cryptocurrencies are a new financial system that aims to replace paper money or become an investment asset. This gives most people, and especially those who have never invested in traditional assets, the opportunity to earn income by buy and sell cryptocurrencies.
Unlike traditional currencies, crypto does not have a governing body like a central bank or monetary official, which means it is completely decentralized. Rather, it is a community of people connected by a computer network who transfer data between themselves without the need for a central server. By doing so, this peer-to-peer community manages the transactions.
Why are cryptocurrencies so popular today?
Easy to use: The origin of cryptocurrencies may seem confusing, but when it comes to using them, it is very easy to get into. To start, you can buy cryptocurrency from a crypto exchange, like BitOasis, which is also available on any internet-connected device. Once you get cryptocurrencies, you can use them to make payments, receive money, or use it as an investment.
Single objective: Most cryptocurrencies owe their popularity to Bitcoin, which enjoys the most brand recognition among all cryptocurrencies. Today, there are nearly 10,000 “altcoins” or alternatives to bitcoin, and most of them have attempted to improve bitcoin. Each crypto project aims to solve a particular problem faced by a particular community. Litecoin is a popular cryptocurrency among people looking for faster payment settlements because it confirms transactions faster than Bitcoin. Another altcoin, Monero, focuses on the privacy aspect, making transactions impossible to trace.
Minimum investment: In recent times, the general level of prices is increasing all over the world, and at the same time, people fear that the value of traditional or “fiat” currencies will decrease. So, instead of saving money in banks, more people now want to invest in assets that have long been invaluable, like gold, real estate, stocks, and now cryptocurrencies. But there are other limitations like understanding commissions and management fees when buying Apple or Meta shares for example. And precious metals and real estate transactions require a huge amount of capital.
Crypto requires a minimum investment and some basic research to get started. In fact, you can buy a minimum of 1 dollar worth of crypto on exchanges like BitOasis instead of buying 1 whole bitcoin, for example. Also, when it comes to portability and storage, you can store cryptocurrencies for free on cryptocurrency wallets which are safe and easy to manage.
As you can see, cryptocurrencies are more convenient to store, move, and use than precious metals, real estate, and other investment assets, making them more popular than ever. To learn more, visit BitOasisthe most trusted crypto exchange in the region to buy, sell or store cryptocurrencies.
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Why Are Cryptocurrencies So Popular Today? – News – Tech Tribune France
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