Nikita Young
The past few months have really been a ride for crypto currency enthusiasts. Bitcoin has reached an all-time high of around $41000 USD and all of the other crypto currencies have also shown massive gains because of it. The crypto market is becoming less taboo as people look for ways to move their money out of an inflated dollar into somewhere that they can store their value and make a profit.
As of now, the crypto currency market stands over $1 trillion dollars and shows no signs of slowing down. Major players in the financial industry like PayPal are now moving into the crypto space by providing access to bitcoin. Visa debit cards that connect to your crypto wallet are now available through Crypto.com, which make it easier than ever to spend your crypto currency just like money. Many people have already made millions from holding and trading crypto currencies but there is still ample opportunity for anyone just learning.
Bitcoin is the most held currency and is the one that started it all. The network runs on a decentralized ledger called a block chain. This keeps track of all the transactions happening on the network. Those who got into Bitcoin early have become millionaires and billionaires. It is unknown who the creator of Bitcoin is; all that we know is that they have chosen to go by the name Satoshi Nakamoto.
The creator’s mystique and bitcoins lack of regulation has not hindered Bitcoins growth. In fact, some would say the growth of bitcoin is due to that fact that people are looking for a more decentralized way of transacting with one another. The idea of not ever using a bank again is becoming more intriguing to those looking to live a more private and free life.
Though the idea of private money is appealing, the number one thing people talk about in the crypto world is “price.” It doesn’t take much to find a bitcoin price prediction video on YouTube but how high can the price of bitcoin actually go? Some are predicting over 1 million dollars. According to Bitcoin.com, Canada has seen over a 112% growth in the crypto industry in 2020.
Now that financial merchants such as Square and PayPal are creating more accessible avenues to acquiring and using crypto currencies, the market is sure to pick up speed. You can now purchase anything with your crypto currency either directly with a crypto debit card, purchase a gift card through various apps or use your currency with many retailers like overstock.com and AT&T that have begun to also accept crypto currencies as payment. 2020 has brought a lot of business into the crypto space, which has helped to increase prices significantly.
As the adoption of crypto currencies expands, those who have still not gotten in may be wondering what the hype is about. Why are people moving their fiat money into crypto? The perks of crypto mostly appeal to people who want to have more control over their finances. With crypto currency, you no longer need a bank for day-to-day transactions even loan and mortgage services are beginning to pop up on the market.
The fact that no institution can hold your money; unless you put your crypto somewhere shady, gives crypto users a great sense of security. Having the ability to make private transactions is also available through a private currency called Monaro (XMR). With more development comes more opportunities and it seems as if the opportunities may be endless when it comes to blockchain technology.
As the technology and markets grow it is important to know that you shouldn’t just just jump into the first crypto your friends tell you to get into. Every crypto currency is made for a reason and you should do research on the currency you plan to buy before you buy it, just like you would do with a stock.
Governments are now making their own digital currencies to compete in the space, so it’s best to think about how you want to handle your finances before you get started. Moving into the digital world is inevitable, learning about new technologies and investing early can yield great profit and other benefits like understanding what your options are before getting trapped in a contract with a financial institution or other investment.
Making sure to do your research and consult with knowledgeable people in the crypto space will help you navigate the crypto currency world. While you are still learning, it’s best to have someone already in the space to talk to so that you can have help in managing your risk.
