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Cryptocurrency is the method of securely transferring money over the Internet, anonymously if chosen to. Today, bitcoin is the largest and most used cryptocurrency and has transcended national currencies and identities by establishing itself as a self-regulating global currency. The year 2017 was the wildest one yet for cryptocurrencies. Its market cap overtook 1,200% in 2017 and Ethereum and bitcoin were the major participants in these stratospheric gains.

Bitcoin is the current standard since different cryptocurrencies can vary a bit. Operating under the moniker Satoshi Nakamoto, one or two individuals set bitcoin in motion. Nakamoto describes this system where users are the only ones in the exchange system and no third parties are involved in a transaction, thereby making the system the first of its ‘decentralized’ kind.

The growing use of cryptocurrency

The first attraction of bitcoin was the free movement of non-inflatable value across anywhere on the planet as a private and minimum cost. These are ethereal values and of deep interest to a very few. Throwing in a good amount of encryption and intelligent comfortability of various websites and software tools, most people don’t get an idea about it and prefer to stay away.

The days of scandals, government harassments, scares, and scoffing has passed. Today, easy-to-use smartphone apps and reliable purchasing sites have further opened the gates to cryptocurrency, exactly the same way AOL first opened the doors of the Internet to regular users in the past.

The speculative nature

The valuation of bitcoins, or any other cryptocurrency, is speculative in nature. Although their value was decreasing in 2015, they were solidifying the exponential growth opportunity of the economy today. The most recent value of bitcoin may be perceived as something like a bubble burst, but it has prepared itself for an upcoming economy.

This preparation was rewarded when bitcoin saw some major development in 2017 due to the advancement in technology and its popularity, which displayed the adoption of cryptocurrencies and its long-term positive potential.

Giant bitcoin investors

The year 2017 saw the rise of bitcoin. This growth raised the foundation of a better economy and created better opportunities for different industrial sectors, like mobile app development, financial sectors, cybersecurity, and a lot more. Therefore, many large companies saw great possibilities by investing in bitcoins.

Today, several tech giants like Overstock, Expedia, Dish, Dell, and Microsoft allow bitcoin payments. Other than this, the number of merchants accepting cryptocurrencies has also increased from 36,000 to 82,000 today. The number of bitcoin ATMs has also increased from 4 to 340 all over the world.

Future of cryptocurrency adoption

Cryptocurrencies can prove to be a game changer in the financial sector. According to several surveys done by experts, money transfer fees that are charged by banks can fall up to 90% if people start using cryptocurrencies. Small businesses running thin profits can increase their sale profits by avoiding unwanted credit card and bank charges. Moreover, the use of cryptocurrencies  can aid in transactional cost savings.

More than half of the world’s population does not have a bank account, but around 75% of that population have access to mobile phones. If mobile apps can facilitate cryptocurrency payments, this could enable money transactions to distant areas and that too with no additional costs.