The world of cryptocurrencies has not been shy to take centre-stage in recent years; for positive or negative reasons.
Although Cryptocurrencies are a relatively new currency, they have become immensely popular as a source of investment, despite it’s controversies. Bitcoin is currently leading the pack; and in 2020, it reached an all-time high of almost $20,000 three years after the cryptocurrency last spiked to that level. During 2020 the value of the cryptocurrency has risen by about 170%.
It’s not only Bitcoin that has emerged as a popular cryptocurrency, the top three include: Bitcoin, Ethereum and Ripple.
Cryptocurrency looks like it’ll be sticking around for a while, despite the ups and downs it’s faced in the past. Blockchain, the underlying technology behind many cryptocurrencies, has spread far outside of the digital currency industry and is likely to see new applications this year.
We’ll look at 5 intriguing cryptocurrency facts.
Despite the controversies and the threat that it poses to the banking system, and while it is predicted to become ‘the norm’ years to come, investors will continue to see the upsides to cryptocurrency market,
The popularity of crypto is booming, and with the integration of blockchain technology, growth isn’t far away thanks to faster and safer transactions.
There’s no doubt that there are risks involved when dealing with digital trading; and it’s important to understand the risks before you decide to invest. The currency is not backed up by any kind of government or central bank. A third of brits aren’t comfortable with the idea of investing in crypto.
One of the key benefits of cryptocurrency is the ease of which you can buy, sell or trade currency – in particular Bitcoin. As a result, the amount of Bitcoin ATM’s have increased. The United States has the highest number of Bitcoin ATMs at 5780, followed by Canada with 775 sites, and the UK with 292.
Although a portion of Britons feel that experimenting with cryptocurrencies; approximately 1.9 million of brits own a cryptocurrency. 700,000 people have also held crypto at some point. 79% of those that own cryptocurrency are male, while 69% are over the age of 35.
On average, Visa is processing about 1,700 transactions every second. Furthermore, these Visa transactions amount to more than 150 million transactions a day. Blockchain has a scalability problem, which causes a bottleneck.
The issues with Bitcoin cash speed are actively worked on, but most new solutions come with new problems, such as privacy or security issues.