By Jane Lucas
Cryptocurrency – that mysterious tech money thing that seems to be worth over $40,000 at times. Most people in the world don’t pay attention to cryptocurrency, but when a single coin jumps from $22 to over $57,000 in under a decade, it’s hard for the average person to ignore it. Cryptocurrencies have become an incredibly interesting form of technology that used to be seen as a joke. These days, everyone wants to jump on the cryptocurrency train and start trading it like a typical stock.
But why does it feel like more people are talking about cryptocurrency than ever before? What’s causing this rise in popularity, and should you care about it?
Bitcoin has hit new highs once again
Perhaps the popularity of crypto is to do with the incredible prices that it commands. A great example of this is Bitcoin; the cryptocurrency that always seems to recover after a dip. In fact, it recently hit its newest high, exceeding $53,000 in February 2021. This made many headlines and media websites can’t help but report about Bitcoin every time it breaks a new milestone. While it’s definitely seen its lows in the past, the coin has recovered time and time again to reach new heights.
Cryptocurrency is getting a lot easier to use
In the past, the only places that accepted cryptocurrency were online stores. Only very specific places even bothered to accept it as a payment method, making it very hard to use. The most convenient way to spend cryptocurrency in the past was to convert it to money first by selling it and then using your cash. However, there are many more places that accept cryptocurrency these days. For example, there are several online betting sites that accept crypto, and payment gateways are starting to take it. You can even find some stores that accept cryptocurrency payments.
While there’s a long way to go until it’s mainstream, it’s clear that cryptocurrency adoption is at an all-time high. There are more services that support it and it’s becoming even easier to exchange your cryptocurrencies for money thanks to all of the exchanges around.
Cryptocurrency isn’t just about Bitcoin
While it’s clear that Bitcoin prices have been surging recently, it’s also helped other cryptocurrencies gain more attention. Bitcoin is the most popular one by far, but it’s not the only one and there are loads of different currencies to invest in and learn about. Another popular one is Ethereum, and there’s also a semi-joke coin known as Doge Coin. These all have different values and all have the potential to grow as large as Bitcoin as long as people are willing to adopt them.
Prices can fluctuate a lot, but when you consider the growth that Bitcoin experienced, it’s clear that every cryptocurrency has a lot of potential that we just can’t ignore. Of course, you shouldn’t consider it a get-rich-quick scheme, but you should certainly consider investing if you have money to spare.