The popularity of cryptocurrency has skyrocketed since its origination, with an estimated value of more than $30 billion in the marketplace today. While cryptocurrencies are not yet a standard subset of traditional currency, they have taken the market by storm by providing a safe, secure, and highly-traceable financial alternative in a digital form. When you understand the significance cryptocurrency has had on financial formats and institutions around the globe, it is much easier to get involved with the massive exchange market using your cryptocurrency of choice.
The Rise of Bitcoin and Cryptocurrency
Bitcoin was the first decentralized cryptocurrency developed and released in 2009. At the time, the coin itself was not taken seriously by media outlets or financial institutions, with coins originally valued at $.06 USD in 2010. Due to the nature of cryptocurrency and the willingness of investors in the market, each Bitcoin is now worth more than $4000 USD, making it more valuable than the gold standard.
Getting involved with cryptocurrency is simplistic and does not require a robust computer rig or setup (unless you are interested in “mining” coins). Cryptocurrency’s accessibility is what makes the market popular and appealing, allowing you to purchase and sell digital currency using your smartphone or a traditional desktop or laptop. Accessing your virtual wallet is possible while traveling or on the go, providing maximum convenience for individuals who prefer to take advantage of mobile apps designed to manage and secure cryptocurrency wallets.
It is also possible to choose between a mobile virtual wallet or a hardwired wallet which is only accessible using a downloaded program on your computer. Mobile virtual wallets are ideal when traveling or completing transactions on-the-go, but hardwired virtual wallets are known for their increased security and encryption which is optimal when you accumulate a large amount of cryptocurrency to your name.
Cryptocurrencies are mined, purchased, and sold using a blockchain system. Blockchain systems are extremely difficult to hack or meddle with, which is why digital currency has become appealing to those who wish to protect and secure their financial transactions. With blockchain, it is much easier to track transactions while preventing fraud and money laundering which is common among standard fiat currencies.
Using blockchain allows you to instantly complete transactions whether you are buying, selling or trading cryptocurrency. You no longer have to wait through a processing period which is common and standard in traditional banking institutions. Instantly transfer funds or purchase additional cryptocurrency using your virtual wallet setup on your computer or with the mobile app of your choice.
You are not limited to one cryptocurrency exchange, which is optimal for those who are interested in seeking out the best exchange markets and interfaces that suit their needs. Multiple cryptocurrency exchange markets such as Coinbase, Poloniex, Kraken, Bitstamp, and Bitpanda provide choice when obtaining your virtual wallet and becoming an involved member of the cryptocurrency community.
While cryptocurrency is still not considered a traditional form of currency in everyday life, it may not be far of from achieving the title. With billions of dollars invested in cryptocurrencies such as Bitcoin, Litecoin, and even Dogecoin, the sky is the limit as the value of digital currency becomes more apparent.
Retailers such as Overstock.com and local Subway sandwich shops are now accepting Bitcoin, legitimizing cryptocurrency’s value. There are Bitcoin ATMs popping up throughout the US, providing access to real fiat cash within seconds due to cryptocurrency marketplaces.
With the rise of cryptocurrencies and the expansion of the marketplace, there has never been a time with more potential opportunities to get involved.