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Home ยป What’s causing the interest in cryptocurrencies

What’s causing the interest in cryptocurrencies

April 11, 2023 by Iwuala Chinemerem Barnabas

interest in cryptocurrencies

Cryptocurrencies have conquered the present-day financial world with cosmic speed. The association has been born in mind that if we say cryptocurrency, we mean Bitcoin; if we say Bitcoin, we mean cryptocurrency. But today, that statement is irrevocably outdated and wrong.

In pursuit of Bitcoin’s success, as well as correcting its shortcomings, developers have flooded the market with a variety of cryptocurrencies. Thus, altcoins emerged, the essence of which is encapsulated in the name itself as an alternative to Bitcoin. Many of them include unique features and, of course, have their pros and cons. The rate of most digital money depends on the demand for Bitcoin, as it occupies a large part of the market.

In the first half of 2021, there have been developments that indicate the acceptance of Bitcoin as an alternative asset class. Tesla company made a transaction in cryptocurrency, buying $1.5 billion in Bitcoins in February and selling 10% of the digital coins at the end of March of the same year.

Experts believe that the emergence of the new asset class can be compared to the appearance of the Internet and its subsequent role in the economy. Digital transactions do not require an intermediary; unlike traditional money, transactions are decentralized. The economy as a whole, built on the principle of intermediation, may change when the need for intermediaries, in particular banks to authenticate transactions and act as guarantors, diminishes.

Futhermore…

As Bitcoin has already achieved the status of digital gold, some countries may start to purchase the main cryptocurrency and accumulate it on par with traditional gold. The reluctance of regulators to give up power over financial flows is quite expected, as the cryptocurrency market cannot be controlled by turning the printing press on and off. A scenario where cryptocurrency displaces fiat currency seems likely, but not imminent.

Tokenized traditional stocks have already appeared on cryptocurrency exchanges, while companies and funds investing in cryptocurrencies are appearing on traditional exchanges. Some cryptocurrencies will indeed impact the financial markets while others will not be able to go “out into the world,” but they will remain workable, as governments are interested in the tools to circumvent international laws. 

Rates of digital assets have high volatility as their quotes can change many times a day. A novice crypto investor should be prepared to lose money, so it is recommended to invest free funds only and also monitor the news of the cryptocurrency environment constantly. Cryptocurrency is an attractive and promising investment because it offers a minimal barrier to entry, the lowest transaction fees, and exhibits ultra-high returns over its lifetime, which distinguishes the emerging cryptocurrency market from the mature stock market. However, cryptocurrency quotes show high exchange rate volatility. Currently, there is still no consensus on the facts affecting the rise and fall of cryptocurrencies. The reasons impacting the supply and demand of cryptocurrencies are still subject to analysis.

Conclusion

In order not to run into fraudulent cryptocurrency exchanges and exchange services, it is better to focus on the number of transactions on a trading platform and its reputation. Godex.io exchange will allow you to buy and sell over 200 cryptocurrencies anonymously, safely, and without minimal commissions, get quotes e.g. agix vs fet as well as exchange new altcoins like e.g. tlm to wax along with the top market players.

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