Growing Global Crypto Popularity
All around the globe, cryptocurrencies are becoming more and more popular. People are learning about them, creating exchanges for them, trading them, spending them at stores around the world, and mining them. FinancialCentre Broker Steve Arcos agrees with the ones calling it a ‘virtual gold rush’. And it seems to be increasing with each passing day. There are a whole lot of reasons why they’re so popular.
One important reason is that it’s decentralized. Because it’s not regulated by any government or bank, there are no fees and wait times associated with buying and selling – so much less than the fees and wait times of other major currencies like the Euro and US Dollar, for example. It can also be sent directly between two people without intermediaries.
And because the currencies themselves are digital, it means they can be broken down into fractions – so much smaller than a Euro or Dollar that even very small amounts of money can be sent. The same goes for larger transfers as well. The transaction fees for cryptocurrency exchanges are far lower than other currency exchanges as well.
In addition to being decentralized, cryptocurrencies are also ‘secured’ by advanced mathematical algorithms and cryptography – which means that transactions cannot be counterfeited or reversed by anyone after they’re sent. This is how it’s possible for users to trust one another in these digital exchanges.
One advantage that cryptocurrencies have is that they’re designed to be private. The transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain – but the names of buyers and sellers are never revealed. There’s a record of every transaction which makes it possible for transparency, but at the same time, you have the privacy to use them as you wish.
And finally, they’re unregulated by any government or bank – so there are no taxes to pay on transactions. So people all over the world are turning to cryptocurrencies because of their speed, security and low transaction costs. Mr Arcos says that this is only expected to grow in popularity as more people learn about them.
American Crypto Scenario
Cryptocurrency in the US is a very different story from the rest of the world. In the last few months, there has been a crypto currency boom in the US and that’s mainly because the US is considered as ‘cryptocurrency heaven’. Regulations in the US are much too lenient when compared to other parts of the world. The authorities keep a close eye on the market and take necessary legal actions when required.
Currently, the US is one of the most popular destinations for cryptocurrency traders around the world because of its flexible regulations. In fact, it has been attracting a lot of attention from foreigners looking to start trading in cryptocurrencies. Cryptocurrency exchanges have been growing rapidly in the country. Civic Science has revealed that some Americans have earned enough from crypto to quit their job. It was revealed that in 12 months time, around 4% of Americans have quit their jobs because of the earnings they have made from cryptocurrency investments. The study further revealed that out of all the participants, 7% said that they know someone who has quit their jobs because of crypto investments. It’s interesting how people are using cryptocurrency in the US, isn’t it?
Another big reason for cryptocurrencies growing in popularity in the US is that they’re considered to be highly profitable. This is one of the major reasons why American investors are heavily pouring millions into these currencies.
Mr Arcos thinks that all in all, the US is a great place to be when it comes to cryptocurrency investments. The country has been doing everything possible to encourage these exchanges and also drafts new legislation that favours them at the same time. The data shows that cryptocurrencies are really growing in this country and the future looks very promising as well. However, it’s important to note that cryptocurrency is a risky business and it will be for some time now. Therefore, you need to be very careful and take all your decisions carefully because cryptocurrencies are not regulated by any financial authority or government. This means that they’re prone to cyber-attacks and scams. It has been seen in the past how exchanges have been hacked and millions wiped out overnight.
So what’s next for cryptocurrency?
Mr Arcos says that, despite the threats, there is no stopping these currencies anytime soon! That’s because they’re not only increasing in popularity but also becoming mainstream. It is expected that digital currencies will reach more people than ever before in the years to come. Even though there are some concerns about the legality of these currencies, they’re still growing at an unprecedented rate. Many senior executives from the world’s biggest companies have started showing interest in cryptocurrencies. In fact, this has led several giant corporations to adopt them as a form of payment. Even though there are some issues when it comes to trading in cryptocurrencies, the future still looks very bright.
Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.