6 Reasons Why Cryptocurrency Will Dominate More in 2018
Since 2009, for the 8 years that the Bitcoin network has been in operation, it has defied uncertainty and denial, to be at the position it is today. By the end of 2017, the value of one Bitcoin soared to around $12K, which is absolutely staggering. This is even more surprising and shocking to hear, once you realize that before 2014, no one had actually heard of Bitcoin. Bitcoin has still a long way to go if we are to consider it a mainstream currency in the upcoming years, but you cannot deny the fact that it is here and here to stay. If you want to know why we believe that Cryptocurrency, in general, and Bitcoin, in particular, will continue to dominate the circuit in 2018, continue reading this blog.
Cryptocurrency is becoming ‘the trend’
Cryptocurrency isn’t just a fashion statement anymore, it’s turning into a full-blown mainstream currency that can easily be accepted in a two-way or a one-way transaction. We’re not talking about small businesses and corporations, we’re talking about entire nations, such as Japan, which has accepted the use of Bitcoin as a currency. The Indian government is also researching more about Bitcoin and is looking at it from different perspectives to come to a conclusion regarding its acceptability. The Department of Economic Affairs in India is looking at the various advantages, disadvantages, and risks associated with Cryptocurrency, and you can honestly expect a nation of 1B people to start using Bitcoin in the near future. Even Russia, which has staunchly opposed cryptocurrency, has admitted reconsidering its position on the subject matter.
It’s just like stock exchange without the stock exchange
The value of a single Bitcoin fluctuates by the minute, it’s just like the stock market, without the stock market. The fluctuation in the rates of Bitcoin and other cryptocurrencies makes it a profitable business for those who are always looking to invest money in things like this. Bitcoin and other cryptocurrency options have turned average people into multibillionaires overnight ever since the recent boom in the field. These people mined Bitcoins for an insignificant amount around 6 to 7 years ago, and have made millions of dollars on it as profit. You can also start investing in Initial Coin Offering (ICO) right this instant.
Cryptocurrency is the currency of the future
A lot of things have been said about cryptocurrency and how difficult it is to manage, but that is all very ambiguous. WHY? Cryptocurrency is difficult to manage because it has only recently started to become a mainstream currency. Bitcoin and other cryptocurrencies use blockchain technology, which is as secure as Fort Knox when it comes to processing transactions. Blockchain technology uses a very sophisticated method of tracing and tracking every single person and entity that processes a transaction, which makes it absolutely unimaginable for anyone to think about breaking the rules.
Lightning fast transactions
Gone are the days when it took an eternity to securely move money across different financial platforms. Now, you can do the same within hours, without compromising security and efficiency, or within minutes in some circumstances. We all know that the future is all about speed, so we see no reason why it won’t dominate in 2018.
Cryptocurrencies are devoid of any governmental control
This essentially means that the value of Bitcoin and other cryptocurrencies are exactly what the PEOPLE want it to be. It’s not what the government wants, it’s what the people want. If the people stop believing in the currency, the value drops, if they start investing, the value hikes.
Cryptocurrency is platform independent
Bitcoin and Cryptocurrency doesn’t force users to open bank accounts for financial transactions. All you need is a working internet connection and a computer, and everything will be in the palm of your hands.