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February 3, 2023

Why Is Cryptocurrency So Popular? The Results Are In!

Cryptocurrency's popularity has grown for many reasons.

For example, cryptocurrency is not controlled by a government, bank, or corporation, but instead, it’s watched over by a group of individuals who developed the crypto and some of its owners.

These individuals are known as developers and miners, and no I don’t mean they use a pick axe and gold sifter, they’re actually what’s known as digital miners. 

So unlike fiat currencies, cryptocurrency puts the power back into the hands of its users.

Another reason people purchase cryptocurrencies is that they are easy to obtain & use, and they also offer transparency and anonymity, all at the same time.

What is it about Cryptocurrency that makes it Popular?

Cryptocurrency’s popularity is because it allows access to financial markets for unbanked people around the world. It makes transferring money fast, secure, & easy and it’s pseudonymous too. Its ability to be used with more merchants recently and its protection from the seizure of assets rounds it off.

Cryptocurrency is Easy to Acquire & Use

People who have never had access to banking or financial services will now be able to, thanks to cryptocurrency.

Since crypto can be used by anyone anywhere; all they need is an internet-connected device, such as a smartphone or a laptop.

Also getting & setting up a crypto wallet is a lot easier than most people think too, especially compared to starting an account with conventional financial institutions.

There’s no credit check or a need to show your ID, none of the usual hoops you have to jump through, like with regular banking.

Not to mention, the speed of transferring digital assets and settling transactions is usually a lot faster than the way it’s done with traditional currencies.

Stock transactions take two days to settle and most wire transfers take about 24 hours at least.

However, generally, a cryptocurrency transaction can be completed in about 60 minutes or less.

Once it’s confirmed and the miners add the block with all the details to the blockchain, then bingo bango, the deal is done.

It is being Accepted by more Merchants

Dark green sign with Wine Merchant written on it

Crypto and shopping, well it seems to be gaining steam as of late since more retailers appear to be accepting it.  

All you need do is a simple search of the net and you’ll see what I mean.

For example, the Flexa app offers a few different options regarding merchants that accept crypto, including Drupal Commerce.

It is Decentralized

To start with, decentralization was one of the main premises behind bitcoin and crypto.

It was meant to take total financial control out of the hands of a few and give it back to the many.

So as far as decentralization and crypto go, it means that no single entity or authority rules over it and controls it.

It is a part of the blockchain network, with thousands of computers and operators, where no one has more power than the other.

There is also the trust factor associated with it, the transactions on the blockchain are immutable, meaning they’re everlasting and can’t be changed.

It is gaining Acceptance from Countries

Black Map of the world on a white background with someone pointing at it

Speaking of acceptance, El Salvador is the first country in the world to accept bitcoin as a legal tender along with the US dollar.

This country is so all in, that it has plans to create a whole bitcoin city, shaped like a coin and next to a volcano, so it can use its geothermal energy.   

The next and last one I’ll mention is Malta, a small nation that’s also referred to as blockchain island.

In Malta, they recognize some cryptocurrencies including bitcoin, as a medium of exchange, store of value, & unit of account.

There are other countries where cryptocurrencies are legal, and it looks like this now exclusive list, will continue to grow.

It is Assisting with FinTech

Actually, cryptocurrencies in and of themselves are FinTech (Financial Technology) and a prime example of it in action.

Crypto is connecting all kinds of users to financial markets and is making the transfer of money more efficient as well.

Also, the blockchain that most of them use is a way to aid in the prevention of fraud too.

There are also over 1.5 billion people without any kind of bank account, but they do have mobile devices.

So being bankless, they don’t have access to the financial services that most of us do.

But cryptocurrencies and the blockchain make it possible for some to be created, which they could easily access and would open up a whole new world for them.   

Now, these are only a few examples of how the crypto realm is and can be used in the world of financial technology.  

But from what I’ve been reading and hearing, the future of cryptocurrency and FinTech looks bright.

It is Pseudonymous

Now even though cryptocurrency transactions are completely transparent, everything about it isn’t.

Let me explain, all the transactions that take place on the blockchain can be seen, as far as wallet addresses and crypto amounts.

But the names of the owners of those addresses are only made known if they want it to be.

So, instead of being totally anonymous, it’s pseudonymous

Because the transactions can be identified, but not by their real name unless they allow it.

It is Protection from the Seizure of Assets

With everything going on in the world lately, I’m sure you’ve probably heard of instances where people's bank accounts & assets have been frozen or possibly even confiscated altogether.

Well if those assets were in crypto that wouldn’t have happened.

Now governments can overregulate and shut down exchanges and whatnot.

They can even say it’s illegal in their country.

But they can’t take crypto off the blockchain unless they have someone's private key.

This is another reason cryptocurrency is so popular.

So, to sum it up

Many people assume that cryptocurrency is too complicated for them, but it has become simple enough that an average Joe can get involved in the process, especially recently. Even people with just a Smartphone and an internet connection can purchase Bitcoins or other Cryptocurrencies. That’s the beauty of crypto. It’s easy to acquire & use, it’s becoming more & more accepted, and it’s decentralized as well as considered safe. So getting involved with it seems to be the in-thing to do.

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