- There Are 1500+ Cryptocurrencies Around The World And Counting
More industries have embraced the idea of cryptocurrencies and are developing them for specific industries. The reason bitcoin is the most popular is because it was the first currency whose use can be traced. This is the reason it currently controls about 54% of the projected market value. The current market value for cyrptocurrencies is estimated to be $589 billion. There are about two dozen other currencies who market cap is more than $1 billion. Even as new currencies emerge, they are adding to the current figure of more than 1300 currencies.
- The Real Value Of Cryptocurrencies Lies In Their Blockchain
The value of currencies lies in the technology that is used during storage and transactions. This is a digital platform that is also decentralized. The ledger records all transactions and gives a history of all activity on a coin. This technology makes the coins safe and efficient to use. This technology has made investors so excited about the currencies.
- Decentralization Is The Attractive Element
The main question for most people is why the world needs another currency while digital transaction methods already exist. The answer lies in the decentralization element. The currency is not supported or regulated by any central government. This means that there is no center where information is stored or data can be obtained. This provides an assurance that cyber criminals cannot attack a particular data center and take off with the coins. Investors are interested in such level of safety. This also makes transactions more reliable.
- They Operate 24/7
Blockchain technology presents more advantages than the fact that it is decentralized. The technology operates 24hrs and 7days in a week. This is unlike traditional banking systems where you have to wait for the next working day to have your transaction approved. This is what has endeared many minors to the technology. The absence of a middleman also reduces transaction costs. Both parties have control over the direction of a transaction. This guarantees safety of investor monies. The future of blockchain technology also lies in the users and not a third party.
- There Are More Than 6 Million Wallets
Increase in popularity of cryptocurrencies has led to the rise of numerous wallets where people can store their coins. Each wallet offers unique features and is attractive in its own way. These wallets can be linked to major credit cards to make transactions easier. Some even allow you to send the currencies using text message or email. In fact, many of these wallets offer more features than just storage.
We are yet to hear the end of cryptocurrencies as new uses and information emerge. This is a growing ecosystem with unique offerings for investors and the financial market. As new coins are born, the market will get more interesting to watch.
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