If we scratch through the history books, there is no certain data on when blockchain popped up. But with time, it’s one of the best bets to invest in, and such a turn around of blockchain can be credited to the evolution of cryptocurrencies.
The popularity of cryptocurrencies like Bitcoin, Ethereum, and Litecoin has already fueled the app development industry and now, more and more companies wish to add the exchange of cryptocurrencies on their platform.
If we consider the market capitalization, Bitcoin owns the largest blockchain network and other cryptocurrencies are fast catching up. And before investing in digital currencies, it is advised to compare the cryptocurrencies and know all the pros and cons.
Still, some myths surround the cryptocurrencies that have bamboozled the users across the globe. And due to the same, people are not sure whether they should invest in the cryptocurrency or not.
In this write-up, we will be putting forward our thoughts on why you should invest in cryptocurrencies right now.
- Cryptocurrency is Getting Regulated
Many people back out from investing in cryptocurrencies because it’s not regulated and it makes it a risky prospect. But in a recent move, two separate bills were introduced in the U.S. House of Representatives that supports the existence of digital currency. If passed, these legislations will regulate cryptocurrencies and protect the consumers’ interests.
Then many companies are already investing in preparing the infrastructure for the Bitcoin transactions. All these measures indicate that there’s a bright future for cryptocurrency.
Kevin Barry, Founder and CEO of Myntum, told Entrepreneur,
“The SEC’s announcement that cryptocurrencies like Bitcoin are not securities is a welcome development and will allow for additional mainstream investment. Individuals and businesses can now purchase cryptocurrencies knowing that they are not purchasing a security.”
- Aids Business Transactions
In this day and age, all the transaction through credit cards, banks, PayPal are regulated by a third-party portal. But with blockchain, the transfer of cryptocurrencies facilitate direct transfer between two parties, without involving any third-party intervention. Thus, it removes the hackles of processing fees, which is a serial hurdle for many businesses.
Also, due to the storage of transactions on a secure and transparent ledger, it weeds out the possibility of data breach or hacking. And all these factors significantly influence business transactions.
- Holds a Huge Growth Potential
As of date, many people are not sure about cryptocurrencies and don’t want to take the risk of investing in it. But as we have witnessed the overnight rise of Bitcoin in 2017, when Bitcoin’s value reached close to $20,000, it’s quite clear that cryptocurrencies can make or break anyone (at least we can assume it right now).
The hike in the Bitcoin’s value is not the only case, which signifies the growth potential that cryptocurrencies hold. Even after losing 70% of its all-time-high value, Bitcoin stands out to be the most valued cryptocurrency at present. Also, the prominence of Bitcoin has reached to such a point where it has already outperformed some of the top industry leaders like Amazon, JD.Com, and iQiyi.
- 24/7 Availability
If we look at conventional banks, there are some limitations in terms of operations. You can’t go to a bank anytime and get your work done. But in the case of cryptocurrencies, you have the option to manage your cryptocurrency at your will.
Also, the operations of cryptocurrency won’t ever get affected, unlike banks, where there is a possibility of uncertainty due to the lack of resources. If the bank staff is short, it may affect the bank’s operations, but it’s not the case with the blockchain technology.
Author Bio:- Twinkle is the product head of MobileAppDaily and keeps a close eye on the latest and trending tech releases. With her wise taste of the tech industry, she has single-handedly created recognizable brand image.