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Why is Cryptocurrency famous?

Why is Cryptocurrency famous?

January 24, 2019 5:15 am,

Cryptocurrency can be considered as one of the most frequently used words of the decade. The past few years have seen the enormous growth of digital currency and the acceptance of cryptocurrency among the population. The one word that has become almost synonymous with cryptocurrency is Bitcoin. It is considered as the first of the cryptocurrencies and has paved way to hundreds of altcoins that we see today. 2009 was a very important year for the digital currency as this is when Bitcoin was launched by Satoshi Nakamoto, whose identity is still unknown. Over the years, a lot of factors have led to cryptocurrency gaining the trust of the users and becoming famous.

Blockchain technology

There are a lot of features unique to cryptocurrency and most of them are due to the presence of the blockchain technology. Bitcoin is built upon this technology. It allows the process of peer to peer transactions to be decentralized. There is no central body governing the cryptocurrency and their exchanges take place over the blockchain platform, giving the users the power. Every transaction is stored in blocks and these are visible to every other user. Verification is done by hundreds of users and this ensures added security. This is one of the main reasons for cryptocurrencies to be famous.

Crowdsale and ICO

Initial coin offering is quite similar to IPOs but is more convenient and hassle-free. Startups and other firms can easily raise funds to fuel their projects with the help of ICOs. There is no need for registration, which takes down a huge burden off the shoulders of young enterprises. There are also no high fees that are to be given to the middlemen as they are completely eliminated. The need for Venture Capitalists is also eliminated. The returns people get from these investments are really huge. Raising of capital has become a less complicated process. Also, investment in famous cryptocurrencies like Bitcoin and Ethereum has given the ginormous amount of returns to the users. As the trust and demand of cryptocurrencies increase, their value also increases. Nowadays, a lot of people have begun investing in digital currency. Even though it ensures high returns, investing in less famous coins is still risky.

Ethereum and Bitcoin

These two are the most famous of the cryptocurrencies. Bitcoin and Ethereum have the highest value in the cryptocurrency list. Ethereum is a platform that enables users to create smart contracts and develop applications. They have their own token known as the ethereum coin and this is needed to move around and use the services. Smart contracts also remove the need of middlemen and all the user needs to do is type in the requirements of the contract and pay the money in tokens. The need for any middlemen is completely eliminated. Apps can also be developed much more quickly and safely with the help of this platform. All of these reasons have made cryptocurrency famous over the years.

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