Are cryptocurrencies still relevant globally?

Money is easily one of the most important items in the world today. This is considering you can use it to get virtually every other item in the world, once you have enough money to afford it. The first concept of anything similar to the use of money was trade by barter, where people exchanged the goods they have, mostly the ones they made themselves, for another good they need. While this system was cool, it was difficult. If the person that has what you want doesn’t need what you have, then buying was complicated. Money was later developed as a neutral unit so that you can sell our goods to people who need it even if they don’t have what you need and you can get goods you need from those who have it even if they don’t need what you have.

Hence, money has become very important in the world today as people provide goods and services in exchange for payment. They can subsequently use the payments to get the things they need and want as well as save some of them. In the early 1990s, the Internet was opened to the public, and within a short while, the ways we do many things were significantly affected. Today, transactions worth billions of dollars are carried out daily on the Internet. It is as a result of the high rate of transactions being carried out on the Internet and the prospects that it would still increase significantly that led to the creation of Bitcoin, a currency that was promoted to be the currency of the future.

invention of the Bitcoin

Start of cryptocurrencies

Since the invention of the Bitcoin, which was the first cryptocurrency, the currency has grown from having no worth to a single Bitcoin now worth more than 10,000 USD. Furthermore, several other cryptocurrencies have sprung up across the world including Litecoin and Bitcoin among others. The success of Bitcoin has made cryptocurrencies to be a promising online investment. If you are considering an online investment, it is important to read the pros and cons of online investing to know the right way to go when you want to invest online for maximum rewards and minimizing risks.

Relevance of cryptocurrencies

You might be wondering if cryptocurrencies are still relevant globally. As of today, cryptocurrencies are still relevant globally and promises to continue to be relevant in the future. The rate of acceptance of cryptocurrencies today is very high and many companies are now putting cryptocurrencies as one of the accepted modes of payment on their platforms. As more companies continue to accept the currency, it is only normal that other companies, starting with their competitors will also want to put up the payment option so as not to be at a disadvantage with customers that want to pay with cryptocurrencies. With time, it would spread to other companies. With time, countries are likely to officially accept cryptocurrencies. When that time comes, the worth of cryptocurrencies will be expected to surge around the world.

Why are countries yet to accept cryptocurrencies?

The physical currencies that are used across the world today are officially currencies today and are regulated by the government. The worth of the currency is determined by the economic realities in those countries and there is some sort of assurance that the currency will not just disappear, stop being accepted or become significantly useless overnight. These are the assurances currently available that make it easy for countries and individuals to open up centres where they can exchange such money. Despite all of these assurances, you cannot spend the currency of a country directly in another country. You would be expected to have converted the currency of your country to that of the country you are visiting if you are a foreigner before you can use it to pay for services.

Should you invest in cryptocurrency?

Yes, if you are interested in online investment, cryptocurrencies are a great choice. You only need to be careful and make sure to invest in top cryptocurrencies like Bitcoin or other more popular ones. Make sure to read reviews and be sure of the viability of the cryptocurrency you want to invest in before going ahead to invest in it. You would, however, need to continue to monitor trends and read about cryptocurrencies so that you can know when to sell either because the price seems to have reached the peak for that period or there are chances of lesser engagement with the currency.

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