Explosion and Obsession with Cryptocurrencies

In today’s era, the growing popularity of the Bitcoin, Dash, Litecoin, and Etherium clearly states the strong belief and desire of people for the cryptocurrency. 

In starting years, people found it obscure. However, as the people got familiar with this digital asset, it showed a commendable growth and development. Currently, many types of cryptocurrencies have been launched in the market and, in fact, are in great use. 

In order to understand this great outbreak and passion of people towards it, let us explore the reasons behind it, first.

•    Zero Percent Chance of Fraud

With the use of digital transaction, it has become impossible to counterfeit any exchange or investment made using cryptocurrencies like Bitcoin. Their potential for quickly tracking the scammers makes it a secure and reliable form of keeping your currency or other funds. 

•    “Boss” of your Account

On one side, where the security of your fund or cash is important, there having the complete access to your currency is equally vital. Unlike banks, the cryptocurrency account holders have a complete access and hold of their account. The functioning of these accounts doesn’t shut down or freeze unless you as an owner do not ask to do so. With this, the “Blockchain” technology actually acts as if the person is holding cash in his hands. Thus, this attribute of cryptocurrency actually makes it a blessing for the individual as well as the businesses. 

•    Even Government can’t Access Your Account

It is quite surprising and at the same time satisfying too, that even if the government of the nation in which the person or business is established, strives to control or possess the Bitcoin account, it cannot do so. The biggest proof of this particular property was the act of Cypress government in 2013 when it tried to regulate all such accounts in its country in order to bring stability to its own funds. However, with cryptocurrency, it was next to impossible to have access to any account of a business or an individual without its public and private keys. 

That is why most of the businesses are securing their wealth using Bitcoin now.

•    Minor Fee-cost

No transaction fee for cryptocurrency exchange is the major reason for its rapid growth among the masses. Even if there is any minor fee charged, it is all compensated on the network itself without causing any burden to the business or an individual. However, if the owner of the account requests a third party to maintain its account then, obviously the fee would be charged by that service provider. 

•    Smooth and Quick Worldwide Transaction

This feature mainly benefits those who are involved in overseas businesses or exchanges. Therefore, it can be easily used for international purposes without confronting much of the trouble. For instance, with the use of cryptocurrencies like, Bitcoin, one is free from any exchange or transaction charges of the country, which in turn saves not only the money but also the time.

The Verdict

So, it seems that this explosion and obsession towards cryptocurrencies is not a matter of coincidence, but is the result of something amazing that it has been delivering to its users. Perhaps, that’s the reason why it has not just sustained the existing customers, but also created thousands of new. This, indeed, is a tremendous change in the global economic system, which is here to make our lives better.