If years of growing buzz around cryptocurrency didn’t get your attention, the Bitcoin boom certainly did. In December of 2017, early adopters were thrilled to see the value of a single Bitcoin exceed $17,000. That’s quite a shift from the approximately $700 value seen just one year before.
Determined not to miss another opportunity like this ever again, many people are now getting in on the action. But first, you need to know the basics. What is cryptocurrency? Here’s a short introduction on cryptocurrency.
The Money of the Future?
Cryptocurrency is revolutionary because it is decentralized. What this means is that there is no bank controlling the money. This is an attractive prospect for those who are looking to become unbanked, or simply want to explore alternative ways to spend without turning to a financial institution.
Money that doesn’t come from a bank and isn’t managed like other funds seems even more theoretical than credit, doesn’t it? However, cryptocurrency is still currency and can be used to make purchases. More and more businesses are looking to include cryptocurrency in their payment options, following in the footsteps of big players like Overstock, Expedia, and fast-food chain Subway.
Furthermore, cryptocurrency is made possible thanks to the technology of the future – blockchain. Blockchain is secure, open source, and generally considered less prone to manipulation than our current network of banks are.
Today, all of the cryptocurrency in the world is valued at more than 700 billion dollars. There are even Bitcoin ATMs cropping up everywhere, some of which transform this “theoretical” currency into cold, hard cash.
Why Buy Cryptocurrency?
Those ATMs are more commonly used to buy cryptocurrency like Bitcoin, while many others just choose to visit Xcoins.io. Still, the question on everyone’s mind is why they should bother buying in the first place.
To understand why you need only consult others’ reasons for going crypto. In the first place, buyers like the idea of utilizing such a forward-thinking tech like blockchain. As stated, it’s very secure, which draws the attention of those who’ve been burned by fraud and breaches.
If you need to move money around internationally, cryptocurrency can also be cheaper to transfer than the usual avenues. And that’s just half of its finer attributes enabling greater accessibility. To start using cryptocurrency, you don’t need institutional approval. Anyone with a few minutes to spare can get started. Unlike your typical financial institution, there’s no application process, and there are no hidden fees.
There’s also the appeal of cryptocurrency as a concept. Many devotees feel a renewed sense of financial freedom by removing banks from the equation, and by extension, institutional corruption. Their money isn’t thrown to the wolves of inflation or subjected to the self-serving interests of large banks.
Finally, there’s hype. When people started seeing big returns on the Bitcoin they bought years ago, others simply wanted some of it for themselves. Even if such a boom was a one-off.
Will you get rich off of Bitcoin? The truth is, cryptocurrency isn’t a way to make money, it’s a new way to manage it. If you don’t want to put all of your eggs in the same banking basket, start researching what cryptocurrencies you see gaining traction, and make a plan to spend or save with blockchain.