What is cryptocurrency?
An asset available in digital form using cryptography to assure its transaction, to ascertain the production of extra units and to control the channel of assets is called cryptocurrency. It is basically a mean of exchange and relegated as a set of a virtual, alternative and digital system of money. Bitcoins and altcoins are frequently used forms of cryptocurrency. Cryptocurrency is crystal clear because the deals are registered on the public blockchain account book. Investing in cryptocurrency has become a new craze for investors here are 7 interesting reasons of it.
1. Basic principle of blockchain makes the world technology raised and promoted
The trade in cryptocurrency is first sanctioned and affirmed by nodes before being carried over. This also guarantees that no financial fraud or manipulation will occur for investing in cryptocurrency. Apart from being limited, it is impossible to hack or dilute cryptocurrency as the deconcentrated account book cannot be modified if a ledger entry has been processed.
2. Modernized countries are paving paths for blockchain revolution
Countries like Japan, USA, Germany, and Europe are beating each other for using bitcoins for different purposes like money laundering, for being a biggest Bitcoin exchange market, for having the highest market share and for installing Bitcoin ATMs. That means, soon cryptocurrency will be a legalized currency with a day by day value increment. So investing in cryptocurrency will be the best investment.
3. Chances of cryptocurrency market development are great!
Investing in cryptocurrency is going to be very beneficial for smart investors from all over the world because this currency is progressively becoming a secure oasis for them in latest economic downswings. A blockchain network is being installed with satellites to improve the supply of cryptocurrency in response to the increasing demands by investors.
4. Blockchain assets are expected to be recognized as substantiating
Bitcoin, Bitcoin cash and Ethereum according to market capitalization will be accepted by private lenders as blockchain assets confirming safe investment. The main benefit of investing in cryptocurrency is its inexpensiveness to liquidate, transfer and store as compared to gold or real estate.
5. Gold capitalists are switching to cryptocurrency
Mike Maloney who is the founding father of GoldSilver.com boosted other investors for investing in cryptocurrency to deal with the market imbalance and unanticipated economic dubiety. Many media analysts have underlined that cryptocurrency has exhibited specifying demands as gold capitalists began to search for secure alternative haven pluses for the security of their investment.
6. Cryptocurrency is being viewed as security by SEC
Cryptocoins are being listed by SEC as securities. Proprietors of cryptocurrency will have to remunerate great gains just like they pay in case of stocks. The longlasting future of cryptocurrency can be judged by SEC actions which are legalizing and governing it. So you can expect a promising return connected to investing in cryptocurrency.
7. Quicker development of altcoin technologies
Development in bitcoin, Ethereum and altcoins will continue at an unbelievable pace in future. Golem and NEO are also coins in developing stage without a technical infrastructure. Evolvement in cryptocurrency can be a leader in getting rich by investing in it.
The rise of Bitcoin has started an open dispute about its future and that of other forms of cryptocurrency. In spite of Bitcoin's current issues, its prosperity since its 2009 launching has cheered the making of substitute of cryptocurrencies, for example, Litecoin, Ripple, and MintChip. A cryptographic money that aspires to become a portion of the standard financial system would need to fulfill exceptionally disparate criteria. While that plausibility looks remote, there is little uncertainty that Bitcoin's prosperity or failure in managing the challenges it confronts may decide the fortunes of different digital currencies in the years ahead.
Syeda Baymisal Zahra
University Of Management And Technology Umt Lahore
Punjab University PU Lahore
Punjab University College Of Information Technology Lahore
Allama Iqbal Open University Aiou Islamabad