To invest in any asset, we should know what it is and how it will work in present and also in the future. So, first, let’s take a look at the detailed summary of cryptocurrencies.
Cryptocurrencies are digital currencies that cannot be seen or touched but are only transacted through online and digital platforms. In short, these are intangible currencies that are not printed. The future of cryptocurrency is expected to be highly influential across the world, as it removes many hindrances faced by using centralized and tangible currencies.
The cryptocurrencies are not centralized by any authority or government bodies. It is only controlled by the users of cryptocurrencies and the privacy of the users is held confidential. The future of investing in Cryptocurrency is expected to raise as many billionaires and business tycoons are passionate about investing in the cryptos.
The founder of the cryptocurrency is not found yet, but it is said that Satoshi Nakamoto is authored for developing Cryptocurrency and implementing the first blockchain. So, what is blockchain? It is a system in which the records of transactions made in cryptocurrency that is maintained across several computers that are linked in a peer-to-peer network.
ADVANTAGES OF INVEST IN CRYPTOCURRENCY
If there is an invest there will be both profit and loss. Likewise, in cryptocurrencies, there will be both ups and downs. Investing in cryptos may be risk-taking but at the same time, it will also help us yield an enormous profit if we are aware of how the system works. The value of a bitcoin in 2010 was around $0.06 (Rs. 2.85.0). Now, it has gained a huge amount of appreciation over the years. There are some benefits to investing in cryptocurrencies.
· NO CENTRALIZED AUTHORITY TO CHECK ON THE TRANSACTIONS
The first advantage of investing in cryptocurrency is that there is no centralized authority to check on the transactions of the digital transactions. So, it will be easy for the investors to transact their currency. It also makes it easy to transact currency across any country as it is decentralized. This leads to the second advantage of investing in cryptocurrencies.
· TIME-SAVING AND ACCESSIBLE AT ANY TIME
It helps the investors their invest to access currency at any time and anywhere. It can be easily transacted without any check and can be received without any hindrance. If we want to send a huge amount of money to another region or country it may apply some taxes and charges from the government of both the countries, to send and receive the money and also it takes so much of time to reach. These obstacles are removed in cryptocurrency.
· PRIVACY AND SECURITY
Is there no central authority to control the transactions and records, it can be useful for the investors to secure their privacy in transactions? The whole system is under the control of users and investors. Even if we transact a huge amount of money, it will not lead to any kind of problems or any disturbances. The transactions done by the person alone can see his or her records which secure the transaction records.
The Future of Cryptocurrency There are many kinds of cryptocurrencies, with over 15,000 in existence as of the year 2021. It is widely said that cryptos have a great future ahead, especially bitcoin. Bitcoins (BTC) are the most heavily invested cryptocurrency when compared to any other.
The second most popular cryptocurrency is Ethereum (ETC), followed by Tether (USDT). The future of cryptocurrencies is bright because many millionaires and billionaires are investing in crypto, which draws the attention of the common people or the public to invest in cryptocurrencies. The value of the cryptocurrency has highly increased within 14 years of time, which captivates the interest of people who look forward to investing digitally.
Economists are predicting that the use of cryptocurrencies will become efficient around the year 2030. The use of money has evolved from a barter system to a fiat system. So, if the use of cryptocurrency is put into use effectively, it may mark another milestone in the evolution of currency.
Published By: Aman Gupta
Edited By: Vanshika Sahu
