Reasons Why Cryptocurrency Is So Popular
Research shows that 1 in 5 Australians currently own some form of cryptocurrency. Despite crypto becoming a more common investment most people still view it as a very risky investment mainly due to its high levels of volatility.
Despite the risks here is a list of reasons why crypto is popular still extremely popular.
Cryptocurrency Is a Very Secure Form of Payment – We all know how hard cyber security has become in recent years. Protecting your identity and money is super important. Using cryptocurrency to pay for items online is a lot safer than many other traditional payment options. If you’re someone who is worried about cybersecurity issues, then deciding to use cryptocurrency might be a great idea.
Cryptocurrencies Aren’t Associated with World Governments – The fact that cryptocurrencies aren’t associated with a world government means that the price of cryptocurrencies have the potential to remain stable even when there is turmoil in a specific country. A large number of investors believe that cryptocurrency is as a great way to protect your wealth and this is a major reason why cryptocurrency has continued to rise in popularity in recent years. The potential that cryptocurrencies could be safer than some official government currencies is very appealing.
It’s Easy to Obtain Crypto - Purchasing cryptocurrency isn’t a difficult thing to do. It’s actually possible to get the cryptocurrency that you want from trustworthy and establish crypto exchange platforms. In the early days of crypto, people might have thought of cryptocurrency as some type of unknown entity but it’s become a common thing in many circles now. If you have yet to purchase cryptocurrency, then you’ll find that the process is very straight forward and customer-friendly.
Cryptocurrency’s Fees Are Pretty Low – One of the biggest reasons why cryptocurrency is so popular is because there are very few fees associated with using it. When you’re using various other types of online payment options, you often incur large fees. The super low fees that you have to deal with when using various cryptocurrencies will be a much better deal for you. It makes sense for many people to use cryptocurrencies to pay for items online and lots of people also find it to be safe.
It’s Becoming Easier To Use Cryptocurrency – Overtime cryptocurrency has become easier to use, this is due to the fact that more online companies are adopting it. Each year more and more websites are starting to accept cryptocurrencies as payment and this will only become more predominant in the future.
Governments Are Considering Their Own Digital Currencies - Although most of the world's governments are actively fighting against the popularity of crypto and other cryptocurrencies, this doesn't mean that they aren't interested in the concept. China, for example, has already launched a pilot digital yuan, and it's not the only country considering its own. Even the United States, which has long been a cryptocurrency adversary, has discussed its openness to the idea. The vice chairwoman of the Federal Reserve Board, Lael Brainard, has said that the U.S. could someday have a central bank digital currency.
Some Countries Are Starting to Accept Bitcoin As A Legal Tender - Despite Bitcoin being criticised for its volatility and for the exorbitant use of electricity to mine it. In contrast, crypto is being viewed by many, particularly in the developing world, as a safe harbour that offers protection during economic storms.
In September, El Salvador became the first country on the planet to make Bitcoin a legal currency. In April 2022, the Central African Republic became the second country to adopt Bitcoin as a legal currency.
