What Should You Know About Cryptocurrencies?

In the past decade, cryptocurrencies became one of the most talked-about subjects in the financial industry. They have managed to present people with a new payment method, as well as a chance to make a profit. That is the reason why there are over 5 million crypto users and there are thousands more that are joining each day.

Since they’ve become so popular, we have decided to name a few interesting things about them. They are worth knowing, especially if you are considering investing in them. Without any further ado, let’s check the details.

Bitcoin is the Most Dominant Cryptocurrency

Bitcoin was the first cryptocurrency on the market. It was established in 2008 and since then, it has made fantastic progress. To this day, it remains the most dominant cryptocurrency on the market. There are many features that make Bitcoin superior when compared to the competition.

First of all, Bitcoin is far more secure. Not only that, but some statistics have shown that more than 90% of crypto traders only use Bitcoin. The network is far more stable and its infrastructure is ever-growing. But, the biggest advantage that Bitcoin has over other cryptocurrencies is its value.

At the moment, the value of 1 Bitcoin fluctuates between $50,000 and $60,000. Experts even believe that it can go as high as $100,000 by the time 2021 ends. Due to the fact that Bitcoin is the dominant cryptocurrency, most trading sites have optimized their services according to it.

Some of the most reputable platforms of this character even started using AI systems that are able to analyze the market and collect all the details about Bitcoin, thus create very accurate predictions on its future fluctuations. Bitqh is one of those platforms and this trading site has thousands of registered users from all around the world and a high daily profitability rate.

They Have Tons of Advantages As Payment Methods

The main reason why cryptocurrencies are so accepted by the public is that they have tons of advantages over regular payment methods. Due to their peer-to-peer focus, banks are excluded from every transaction. That provides users with two advantages. First, every online transaction made with them is instant and users void all fees that are applied by banks.

Not only that, but they provide people with a certain level of anonymity, which makes them far more secure. As mentioned earlier, Bitcoin is the most secure cryptocurrency on the market. Finally, they have great value, hence users can use them to pay for products and services, but also to trade them and make a profit with them.

Why Are They Considered as Outlaw Currencies?

The first reason why cryptocurrencies are considered outlaw is because they cannot be controlled from one centre (that centre being governments). They are self-sustainable and highly decentralized. Next up, we mentioned earlier that they totally exclude the banks from every transaction, meaning that they cannot apply fees and make a profit out of online payments.

Since banks and governments are in a tight relationship, cryptocurrencies are considered by them as a threat to the financial status quo. Hence, they are considered outlaw currencies and countries are spending a lot of money trying to blackmail them.

Not only that, but every profit made with cryptocurrencies is 100% kept by the traders. Governments do not regulate this market, hence cannot impose any taxes. Taxes are the main budget filler and authorities will wage war against anything that doesn’t comply with their tax rules.

What The Future Holds for Them?

The future of cryptocurrencies is very hard to determine. Even though they are very well-accepted by the public, authorities consider them as outlaws. Some experts believe that a point where a majority of the world’s population uses them will be reached, hence authorities will have no other choice but to make them legal.

Others are not so optimistic. They state that even though they are far superior to other payment methods, they cannot be controlled, hence they will always remain outlaw currencies. That means that only time will tell how they will be regulated in the distant future.