Why Cryptocurrency Is Once Again Making Headlines
Cryptocurrency always seems to rear its head now and then. In 2017, we saw the meteoric rise of Bitcoin’s value, breaking five digits for the very first time and setting new records for cryptocurrencies. Today, Bitcoin is still the top dog and is set to continue growing as more and more attention is brought to it.
But what causes Bitcoin and other cryptocurrencies to keep rising and falling like this? Is there a pattern? Is it being manipulated? Or is it just a representation of how the public views cryptocurrencies?
This form of investing is risky, and you should consult with a financial advisor.
Cryptocurrencies presents unique opportunities
One of the big draws to cryptocurrency is that it offers a lot of unique opportunities to people, even if they don’t actively trade crypto. For example, there are services like Coin Trade Ledger that help people with tax-related issues related to cryptocurrencies. In addition, you’ll find that there are also financial advisors that specialize in cryptocurrencies.
This is one of the big reasons why cryptocurrencies are once again seeing a lot of attention in the media. As more and more people learn about cryptocurrencies, there’s going to be a huge demand for tutorials on using different exchanges, there will be videos commenting on the state of cryptocurrencies such as Bitcoin, and there consultants that have knowledge specific to cryptocurrencies.
As you can see, there are lots of unique opportunities to start a business or create new technologies that revolve around the use or management of cryptocurrencies. It’s a growing industry that will see more and more growth as time goes on.
Cryptocurrencies are getting easier to “use”
One of the big problems with cryptocurrency in the past was that it was difficult to “use”. For example, if you owned Bitcoin, there would only be a few places that actually took it as a payment option. This means that you’re very unlikely to actually use Bitcoin and the only use for it was to trade and then eventually sell it. This was fine for many people, but others didn’t see the practical use in cryptocurrency and ignored it.
These days, cryptocurrencies are much easier to “use”. For example, you can find Bitcoin ATM devices across the world that let you withdraw money in exchange for Bitcoins. You can also use Bitcoin with many different payment processors. There are many online retailers that now accept Bitcoin, and you get a lot of advantages when choosing to pay using cryptocurrencies as well. This includes being able to anonymize your purchases and avoiding lots of international payment fees.
Since cryptocurrencies are seeing a lot more practical use these days, it’s understandable that we’re seeing them become more and more popular as time goes by. While most people are still going to think of them as a commodity to buy and sell, it’s important that we at least have the option to use Bitcoin directly instead of just trading it for money to be spent. This enables us to take advantage of many of the benefits of Bitcoin that were touted back when it was introduced to the world, instead of just seeing it as something to trade.
Trading Cryptocurrency is easier
In the past, you had to learn about cryptocurrency and understand concepts such as wallets and trading platforms to really understand how to buy and sell them. These days, you can simply download and app on your phone and start trading cryptocurrencies immediately. It’s so much easier than before, you don’t need complicated technologies to get started, and you can start with a very low investment.
There are also lots of unique cryptocurrencies available to trade. While most people think about Bitcoin as the major digital currency, there are also options such as Ethereum, Ripple XRP, Litecoin, and even Dogecoin. These are all unique cryptocurrencies that have technical differences, but they all have the potential to grow as Bitcoin has. As such, it’s created lots of exciting investment opportunities for everyone, and it’s all accessible on something as simple as a smartphone application.
Recent technological innovations have made it easy for anyone to invest in cryptocurrency. This has definitely equalized the playing field and made it much more accessible for average people to start learning about cryptocurrency investments. This renewed interest has helped a lot of people realize that anyone can learn about cryptocurrencies.
As you can see, cryptocurrencies are gaining in popularity and making headlines once again for a good reason. It’s definitely worth checking out once again, so consult with a financial advisor.
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Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
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