Ever since Bitcoin was launched in 2009, there have been many more cryptocurrencies that have launched to take advantage of the growing popularity of digital currency. To give you a rough idea, there are almost 2000 cryptocurrencies present in the market today. Some of them have given great returns to their investors while others have faded into oblivion. Nevertheless, the cryptocurrency market is booming, with newer miners and investors searching new ways to invest in new virtual currencies which has the potential to one day eclipse fiat currencies in the way we see world commerce. There are four distinct ways in which you can gain success on the cryptocurrency bandwagon.
Traditionally, legal tender means that currency that we use in our daily lives. Also known as fiat money or fiat currency, this money is (or was) backed by gold and had an intrinsic value for quite some time. We have relied on these fiat currencies for years, and have gotten used to it. However, there are some inherent flaws to this system where cryptocurrencies can help to solve. Currently the value of all cryptocurrencies in the market is under $100 billion as against the face value of US Dollars which are worth almost $1.4 trillion. As against the value of US Dollars, cryptocurrencies look miniscule, but do they have the power to completely take over fiat currency? Here are some points that show us how this can be true.
Cryptocurrencies have risen in value for quite some time now. Ever since the peak in value they achieved in late 2017, cryptocurrencies have seen a surge in interest from people of all walks of life. Many corporate MNCs too, are jumping on the bandwagon, setting up working groups to see how they can take advantage of this massive investment opportunity. Its not just Bitcoin that can give you fantastic returns, there are many other alternative ‘alt coins’ that have enormous potential to be investment assets. This current market scenario is perfect to make an investment into cryptocurrencies as the prices of Bitcoins and other cryptos has been falling ever since the start of 2018. Let us see some other reasons why investing in cryptocurrencies today makes a lot of sense.
With just a month to go for 2019, 2018 has been a somewhat disappointing year for cryptocurrencies. Most of the cryptocurrencies are trading way below the historic highs that were seen in 2017. However, there is nothing much to worry as this is just a phase which will change, leading experts say. It is expected that Bitcoin and other cryptos will gain immensely in the months to come in 2019. Whatever the future, the prospect of cryptos getting you amazing returns will always be there, just as is the case with stocks.
During the month of November, we have published a variety of blogs with invoked a lot of interest amongst our users, let us see some of them in brief.
Modern day economics is based on how a government issued currency is used. There are certain rules and regulations that banks, financial institutions and other individuals and entities need to follow when dealing with government issued currency. Theoretically this currency is based on the value of gold- meaning that you can exchange your currency for gold if needed. However, most governments print more money than needed to cover up all the expenses of the government. This many a times results in the decrease in the value of the currency