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Cryptocurrency Spoofing | All You Need to Know
Cryptocurrencies, without a doubt, are the most talked about things in the world of finance. It has taken the finance industry by storm, especially after the global pandemic. For example, Bitcoin, the pioneer of cryptocurrency, was valued at $7,1750 at the starting of the year 2020. After the pandemic hit, major economies all over the world shut down, and a lot of business activities were halted.
This paved the way for digital currencies, and more and more people started to invest in cryptocurrencies to keep themselves financially secured. This caused Bitcoin’s value to surge by 340% in the 12 months, valued at around $29,000 in December 2020. If you think about the ROI of this investment, it’s bonkers. No other form of investment in the world can give such a return.
However, ROI isn’t the only reason why people invest in crypto. Let’s take a look at some more reasons to invest in cryptocurrencies.
One of the best reasons to invest in cryptocurrency is because of the high liquidity it possesses. This means that it is very easy to buy and sell these digital assets. According to Statista, around 45 million crypto wallets worldwide in 2020. After the pandemic, this figure blew through the roof and currently, that figure stands at 79.3 million users as of last month.
This shows how many people discovered cryptocurrency in the last two years and found it easy to invest in. There are a lot of applications now out there, such as Binance, Coindesk, Coinbase, and Kraken, that have made the process very easy and simplified for people.
Another reason it's a good idea to invest in cryptocurrency is its high transparency and security. Cryptocurrency is based on blockchain technology which is very hard to hack or breach due to the nature of the technology. Whenever someone makes a transaction on the blockchain, it's completely encrypted. These transactions have a public key, a cryptographic code, that allows you to receive crypto and is linked to a private key.
On the other hand, the private key is similar to a passcode. It allows you to decrypt the transaction and claim ownership of it. Unlike conventional currency that requires you to trust the bank, cryptocurrency is independent of such elements.
It's Here To Stay
Technology is inevitable and so is cryptocurrency. We have already talked above about how the pandemic just made it easier for the adoption of digital currencies. Even though, before the pandemic, there were a lot of businesses and organizations that dealt with cryptocurrency, it just made the adoption process faster and global. More and more people started to realize its true potential, and even if they were unemployed, they were making money off cryptocurrencies.
With the metaverse being introduced and global digitalization happening at a fast pace, it is only a matter of time before our conventional currency becomes obsolete and gets replaced by digital currency.
Are You Interested In Investing In Cryptocurrencies?
If you or someone you know is interested in investing in cryptocurrency, get in touch with Urban Crypto. We’re a full-service platform offering insight and guides about crypto wallets and exchanges for beginners, educating them about how they can invest in cryptocurrencies. Our platform is loaded with the latest crypto news and coin market sites for beginners.
Contact us or get our e-book to learn how to make money with cryptocurrency starter guides.
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