Cryptocurrency or digital or virtual currency has become the hottest ticket to the financial market for the past few years. Today, everyone is talking about cryptocurrencies and wants to become a crypto owner.
Unfamiliar to many in 2009, cryptocurrency has come a long way. Bitcoin (BTC), the world’s first-generation digital currency, has also become the world’s largest cryptocurrency by market capitalization, thanks to its profitability and enhanced safety.
In addition, there are over 10,000 cryptocurrencies available that you can buy even if you cannot afford one Bitcoin.
But are you aware of the revolutionary impacts of cryptocurrencies on the financial world?
With cryptocurrency, you can go anywhere without the worry of managing your wealth as it exists online and is stored online.
Let us find out what crypto is all about and how it is changing the usage of money.
Cryptocurrency can be defined as a digital currency that is based on a peer-to-peer payment system. It exists on blockchain technology where its transactions are recorded on a public distributed ledger.
The transactions of cryptocurrency are always online and can be accessed easily to ensure enhanced transparency.
Cryptocurrency is protected by cryptography which consists of complex mathematical problems that are hard to break. You can buy cryptocurrencies through a crypto exchange platform such as Coinbase, Binance, and more.
As a crypto user, you should know that digital currency is a decentralized currency which means that neither a bank nor any government can interfere with your wealth. With cryptocurrency, you enjoy the freedom from financial intermediaries that can be challenging for you.
Many global leaders have come forward in the support of cryptocurrency as the best alternative to fiat or traditional currency. One such global leader is Carl Runefelt, alias, The Moon, who is pushing for the mass adoption of cryptocurrency.
He says, “I am very confident that this will be a very good investment. I believe that Bitcoin is not only going to go to $500,000, but I also think that Bitcoin is gonna go to five million dollars per Bitcoin in today’s money. Obviously, with inflation, bitcoin could go to trillions of dollars per Bitcoin. Actually, it will because it is inevitable, but because the dollar will collapse at some point, that’s just something that is going to happen because it’s inevitable, but I believe that in today’s money, Bitcoin could go to five million dollars.”
Revolutionary Impacts of Cryptocurrency
Cryptocurrency has withstood the test of time and there are many people across the globe enjoying its benefits.
Here are some of the remarkable impacts of cryptocurrency.
As an investor, you would always want to invest in an asset that can offer better returns. And if you are thinking about investing in cryptocurrency, then you are on the right path.
Cryptocurrencies have the potential for significant returns, and your wealth can increase manifold within minutes.
For example, Bitcoin was valued at mere few pennies in the beginning, and it touched a remarkable value of $60,000 in 2021.
You might have faced delays when sending money to someone through a bank or any other financial intermediary.
But with cryptocurrency, sending and receiving money have become extremely easy. You can make a crypto transaction at any time anywhere across the globe, thanks to its 24/7 availability.
This has made cross-border payments significantly easy.
Carl on his YouTube channel, The Moon, says, “Bitcoin is the only non-political money in the world. Remember guys your bank money can get frozen, and your gold can get confiscated, but Bitcoin remains whether you’re in Slovenia or Sweden or Dubai. No matter where you are, Bitcoin is always online, always working for you, and for everyone else. I think that is revolutionary, and I am so happy to be part of Bitcoin, especially in times like these of massive global uncertainty.”
Another advantage you can enjoy with cryptocurrency is its affordable transaction cost. You have to pay lesser fees when making a crypto transaction as compared to a bank transaction.
One of the biggest challenges that you might have to face with fiat is rising inflation worldwide. Inflation significantly reduces the purchasing power of a person and increases poverty.
But cryptocurrency works other ways.
For example, you can only trade a limited number of BTC as its protocols are designed in a way to provide an inflation hedge.
This makes cryptocurrency a remarkable substitution for fiat or traditional currencies.
Cryptocurrency adoption is rising with time as more people are investing in digital currencies than ever.
The above-mentioned are some of the revolutionary impacts of cryptocurrencies on the financial market. So, you can start investing in cryptocurrency today to enjoy its multiple benefits.