Today the fame which cryptocurrency has gathered all around the world is all due to Bitcoin. It is the first cryptocurrency that made a buzz globally. This leading digital currency was developed by Satoshi Nakamoto on 3rd January 2009. Among many richest investors includes Indian Bitcoin millionaire who took initiative in investing in Bitcoin as they found it to be a promising virtual currency. This dominating cryptocurrency not only changed the fate of these investors but also made the concept of cryptocurrency acceptable to people from all over the world. Today we are going to the relevance of cryptocurrencies in today’s contemporary world.
Reasons That Prove The Relevance Of Cryptocurrency
Among many top Bitcoin millionaires including Barry Silbert, Winklevoss twins, Akshay Haldipur also joins the list as the highest Bitcoin holder in India. Now call it a craze for Bitcoin or anything, it made the concept of cryptocurrency stemming its roots worldwide including India. Below are some of the valid reasons which will make you understand the relevance of cryptocurrency.
Now there must be some reason behind the cryptocurrency that changed the fate of people and have made them richer. Well, it is all the assurance of trust and security which people expected in the new digital financial concept. This inculcated their interest in investing in cryptocurrencies such as Bitcoin and other alternate coins.
Another reason which signifies the relevance of cryptocurrency is the policies. One of the major policies that have increased the demand of cryptocurrencies is the absence of middleman and interference from central authorities. The transaction can be made via peer to peer, no matter where your dear one lives.
Privacy is the most sensitive issue for the people especially when it comes to financial matters. Cryptocurrency fulfils this promise by making you feel assured of your transactions to be confidential. You can make trading by remaining anonymous.
Minimal costing is also one main reason that indicates the relevance of cryptocurrency. There is no need to loosen your budget for the purpose of exchanging digital currencies. All it requires is your basic understanding of the cryptocurrencies.
There is no need for paying for transactions in the case of cryptocurrencies. It is because the network pays compensation to the miners who are involved in mining the cryptocurrencies.
All the above reasons are enough to give you the reason for the relevance of cryptocurrency in the contemporary financial world. Even though the journey of cryptocurrency was not much easy as it seems. It faced the brunt of the law with the conception about its being an easy platform to carry illegal trading including smuggling and other unlawful activities. Many big countries including India and China even opted to ban it. But later on, the ban was lifted off from cryptocurrencies and gave them a green flag to get established for trading. Today, cryptocurrencies have got much support from the financial experts. The rest is history.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?