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- Research has shown that approximately 30% of the respondents know more about cryptocurrency than they knew about it a year ago
- It is being accepted globally as new entrants are making the market and establishing their stand
- Cryptocurrencies apart from Bitcoin and Ethereum have grown significantly due to their low value and higher returns
Digital currencies are built around distributed ledger technology and blockchain networks that involve agreeing to a certain set of transactions to mint further digital value. Until a year ago, very few knew about its existence and the way they function. However, the pandemic has questioned everyone whether they want safety of their investments or high volatility returns. A study has shown that 28% of them feel that it is a good tool for future investment.
Growth of Bitcoin and other cryptocurrencies
The research included citizens of Italy, Bulgaria, Canada, Germany, Austria, the US and the UK where it was asserted that Bitcoin was the most famous cryptocurrency. Respondents obliges that it is a risky investment class and is not a niche enjoyed by the wealthiest.
PayPal allows customers to buy and sell cryptocurrency on its platform but will come out with a new regulation that will allow users to withdraw cryptocurrency holdings to third party applications in the future.
The currency is dynamic and unique for most of the investors. It should not be shocking when you read that 44% of the respondents already prefer Bitcoin to be their sole medium of payment. Soon, it will be a mainstream mode of payment with better safety and security measures for all.
Market makers aplenty
New entrants in the crypto space are spicing up things by investing large amounts of money. They are making the market and ensuring that it thrives under any given situation. Although the research showed that 97% used cryptocurrency for the first time in the last 12 months, its volatile nature is bound to be loved by all.
Investors looking for short term gains have found the perfect market place to earn profits. Lesser known cryptocurrencies like Kyber Network, Ox, Stellar, Ethereum Classic, Dash, Atom and Tezos to name a few have also gained significant market share.
The future for cryptocurrency payments looks bright with innovations and regulations across the world. Majority of the investors are looking to invest heavily in digital assets and multiply their wealth within a short time frame.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
