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How Crypto Became So Popular — A Rundown
Virtual currencies, AKA cryptocurrencies, have gained dramatic popularity in the last few years. They offer a virtual medium to buy, sell, and exchange intangible currencies to private and groups of investors.
Cryptocurrencies, however, aren't well regulated. Hence, they involve high risks but higher returns. Initially, crypto met a lot of criticism and backlash, mainly due to security reasons. Investors and industry experts feared that cryptospace could breach confidentiality and result in data hacking and financial losses.
But technological advancement changed the entire landscape of crypto staking and trading. Technologies like blockchain quickly amped up crypto's popularity by making it a safe investment choice. What's more, public figures like Bill Gates, Elon Musk, and Ashton Kutcher actively supported and invested in cryptospace, thereby generating more awareness.
Let's talk about how crypto gained popularity since it was first launched in 2009.
1. The Political Independence
Crypto investors enjoy a lot of benefits, among which political independence is the most significant one. Cryptocurrency isn't governed by traditional money markets, and hence, it doesn't rely on other currencies' support. For example, a national government can choose to freeze a bank account. However, it can't withhold or paralyze the digital funds of any legal citizen.
2. Growth During the Pandemic
Next up, we all saw how Bitcoin and Ethereum became two of the most popular cryptocurrencies during the pandemic. In 2018, Bitcoin plummeted and paced during 2020. Amidst the "Great Lockdown," cryptocurrency allowed investors to make smart investment decisions.
The pandemic's impact and the strict lockdown made it difficult for people to go to banks or credit unions. Hence, they turned to learning about cryptospace. And platforms like the Urban Crypto, made it easier for beginners to get started with crypto staking and coinbase.
Cryptocurrency has been a hot topic for many years now, but the buzz is getting hotter by the day. It's believed that in a few years, people will be buying and selling crypto like normal stocks.
3. Fees are Very Low
Another significant reason behind crypto's rapid popularity is its convenience and cost-efficiency. Not only can investors buy and sell digital coins from the comfort of their home, but they can also choose their preferred payment systems for trading.
Traditional stocks and brokerage firms charge hefty trading fees, which actually sums up more than investment profits. Cryptocurrency trading, however, doesn't bound investors to a single broker or a firm. You can assess, identify, and invest ICOs from any reliable site such as the Urban Crypto. Moreover, crypto is becoming acceptable for online shopping and in a few years, you'll be able to buy items and pay for them digitally without a bank account!
4. Backed by Blockchain Technology
A cryptocurrency's blockchain is its most significant feature. Blockchain has proven to be a revolutionary advancement in the cryptospace. It not only addresses and eliminates digital investment risks, but also validates crypto ownership.
Blockchain can maintain, store, and rectify investment records to a finite length. Investors can securely buy and sell digital coins as their value increases and decreases. Moreover, blockchain also allows crypto geeks to decentralize their investments. It authenticates and finalizes transactions without compromising a buyer or seller's identity or private information.
5. It's Seen as the Future
All in all, crypto is undeniably considered the future of digital investments and transactions. Major companies are coming forward with their own ICOs and generating awareness about cryptospace, binance, blockfi, and crypto staking.
E-betting, a booming market, accepts digital currency as a mode of payment in many countries. The blockchain is helping crypto geeks and starters secure their investments without opening a bank account or going through traditional platforms.
All you have to do is learn and experience different crypto strategies and best practices. And there's no better platform to gain crypto insight than Urban Crypto.
The online platform is replete with easy-to-follow crypto guides. Whether you want to get started with coinbase, Initial Coin Offerings, or crypto staking, Urban Crypto can help! You can also keep tabs on ongoing, upcoming, and completed ICOs or learn how to get started with blockfi, binance, and coinbase.
About the Author
The author of this post is a binance and blockfi expert with years of experience in cryptocurrency staking, trading, and investments. He conducts ICO assessments and curates guides for cryptocurrency beginners and seasoned investors.
Currently, he works for Urban Crypto and is highly skilled at providing professional assistance using crypto news and industry information.
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