Investing in Cryptocurrency has always been a matter of debate because of the uncertainties related to this trade. Cryptocurrency is a virtual currency that uses high-end techniques which are popularly known as Cryptography. Bitcoin was the first cryptocurrency that was mined in 2009 and since then, though slowly and steadily, but the market of cryptocurrency is growing.
However, there are speculations about the future of Cryptocurrency. It all depends on how cryptocurrency will be used in the future in order to ease the transaction process. Bitcoin achieved a peak of over $2 million. This shows the potential of investment in this market. We will discuss the new investment opportunity that cryptocurrency provides. We shall also highlight the risk factors associated with crypto.
Growth of Cryptocurrency
We can determine the growth of cryptocurrencies by a simple statistics figure. This figure tells us that when Bitcoin came to the market in 2009, it was being sold at a rate of $0.009 per Bitcoin. But the tables have turned now. Today, each Bitcoin costs over $11000. This is because of increase in the number of companies such as Prime XBT which deal with the buying and selling of Bitcoins and other cryptocurrencies as well and is also available for trading: forex, commodities, indices. The success of Bitcoin led to the emergence of alternative cryptocurrencies like Ethereum, Ripple and many more.
Why Invest in Cryptocurrency
Despite the volatile market, people who know how to invest and trade in these currencies are making decent profits. They are now looking out for newer cryptocurrencies that have the potential to grow and will make good profits in the future. Apart from this, cryptocurrency is being considered as the currency of the future. There are chances that it might replace the conventional currency that we use today. There are certain other features which attract investors to this sector:
- Decentralized Currency:
Unlike the conventional currency, this is not regulated or influenced by any central force such as the government. The prices are determined by an algorithm that can be viewed by anyone.
- Transparent:
All the records of transactions are stored in a blockchain. It is open and can also be distributed. This process makes the transactions transparent.
- Fast:
Conventional transactions are very slow when compared to crypto transactions. Through cryptocurrency, you can transfer Bitcoins to any part of the world within a few minutes.
For more details regarding investing in Cryptocurrency, click on Prime XBT. Also coming soon: copy trading! Follow the best traders and profit while you sleep.