You rarely find someone who has not at least heard of cryptocurrency. It may still have some way to go before everyone knows what it is, but it is becoming more mainstream. Acceptability and use of cryptocurrency are no longer relegated to the obscure fringes of the internet. Here is why cryptocurrency is fast becoming a mainstream currency option for many. It’s been all over social media for years and now gathers a significant percentage of coverage in the traditional media as well.
It’s Been Around for a While
Bitcoin, the first cryptocurrency, and its blockchain technology first came into existence way back in 2008, although it took a few years to even get into the consciousness of the tech community. From these formative years being a niche currency used by tech websites and on the dark web, it has become a huge phenomenon. The whole cryptocurrency industry has grown to a size no-one could have predicted, although the exact global worth is difficult to pin down but estimates routinely put it at over $200 billion.
More Vendors Accept it
A sure sign of something coming into the mainstream is when big businesses start to accept it. Do Microsoft, Burger King, Starbucks, and Tesla sound big enough for you? Well, they and many others now accept cryptocurrency as a method of payment. It’s this kind of mainstream acceptance that gives the average consumer something familiar to feel comfortable with. Mainstream acceptance ties the cryptocurrency revolution to something real and makes them feel more comfortable.
It’s Easy to Obtain
There was a time when the only way to get your hands on cryptocurrency was mining for coins. Mining for coins meant solving complex mathematical equations, a process that provides encryption for all transactions on the network. Mining limited the user-base to those with a flair for maths and computing. But now it’s as easy as finding a reputable exchange selling USDT or any other cryptocurrency and converting your Dollars, Pounds, or Euros.
Security and Secrecy
Hacking and online fraud are more prevalent than ever. Consumers are looking for ways to shop online and transfer funds that offer the maximum security possible. Thankfully the whole nature of cryptocurrency makes it the ideal vehicle for this kind of transaction. Cryptocurrency can also make any transactions that you wish to remain secret. There is not a ledger of activity like there is in a bank account.
Savings and investments have been a frustrating endeavor for many of us in recent times. Bank accounts offer virtually no interest, and with various recessions, the traditional markets are not yielding the same returns as they once did. Cryptocurrency can be our savior here if we play it well. Cryptocurrencies can see large fluctuations in value due to a lack of regulation and that they are relatively new. Any investor should make sure they are aware of the risk vs. reward here as fortunes can be lost as well as made.