We’ve all heard about Cryptocurrencies. This topic has been trending ever since the unprecedented rise of Bitcoin, Ethereum and other such cryptocurrencies. While some technology and financial professionals are well-versed in what it truly is, there is a vast section of the society that is still in the dark when it comes to understanding what cryptocurrencies really are and how it can be used. So we at Zippy Opinion, one of the best survey sites out there, will cover this topic to make our users understand this concept better. The more you know, the better, right?
What is cryptocurrency? 💱
‘Crypto’ as it’s often called is a digital currency that holds value. Think of it as a currency that holds value digitally in the online world. It is not a physical source of currency. It can neither be touched nor felt. But it exists. It’s worth is measured by the way of what people value it. When more and more people speculate and believe that digital currency is the future, then it holds value. This is true for any digital currency out there.
How does Crypto work? 🤷
Crypto works on something called block-chain technology. Block-chain technology is nothing but a network that isn’t monitored and regulated by an official financial institute or bank that comes under the government of any particular country. Crypto is therefore an unregulated currency. Even something like Zippy Points available on Zippy Opinion can be considered as cryptocurrency if it is made tradable freely across various platforms. Since using Zippy Points, you can purchase vouchers. However, this is very singular and not tradable and hence cannot be considered as a serious cryptocurrency. But you get the general idea of how cryptocurrencies work now, don’t you?
What value do different Cryptocurrencies hold today? 💸
There are plenty of different Cryptocurrencies available today. Take a look at the table below to get an understanding of how many ‘Crypto coins’ exist out there for the top 10 most prominent cryptocurrencies:
(Data as on 27th May, 2021)
|Cryptocurrency||Total value available in the market|
|Binance Coin||$57.5 billion|
|USD Coin||$21.9 billion|
|Internet Computer||$16.7 billion|
Why are Cryptocurrencies so popular today? 💎
There are several reasons why cryptocurrencies are so popular today. You friendly neighborhood paid survey site will help you answer that (Read on!)
- Many people (especially prominent figures in the world) believe crypto will be the future currency of the world. They strongly believe that these digital currencies can be monitored and regulated in the future by an official body. The more we acquire now, the better, are their thoughts on this matter.
- Currently available non-cryptocurrencies that are regulated by national banks can be adjusted for inflation and deflation by these organizations. However, in the long run, digital currencies can ensure that the power of valuing a currencies are firmly within the grasp of people themselves.
- Another reason why supporters of crypto and pushing for cryptocurrencies is due to the fact that digital currencies are more secure and can be monitored more easily. The issues of black money that plagues the current currencies of the world today doesn’t apply here.
- To make some money in the short-term. Some holders of crypto simply want to make some money because of how dynamic the value of crypto is right now. They buy when the value of crypto dips and sell when the value is high. Some holders are even prominent enough that they can sway the value of certain crypto-coins. One such figure that has been notorious for doing this is Elon Musk.
Are there any drawback to Cryptocurrencies? 🙅
While there are plenty of ‘Pros’ to owning crypto, there are also some ‘Cons’.
- The national banks of the world do not recognize this digital currency as they are mere speculation at this point and are not centralized and regulated by any government organization or body of significance.
- Governments may ban crypto in the future as they are not regulated by an authority of significance. In fact, China has already banned all cryptocurrencies and even introduced their own regulated cryptocurrency in the country.
- The sheer volatility and change in value that is observed in the market makes crypto a very tough instrument to invest. The price and value of these digital currencies may even drop 50% in a single week or even rise to new heights never seen before.
- While crypto may find more acceptance in developed countries, it is still tough to fathom it being used often and frequently in developing and undeveloped countries. There is more focus there on people getting basic living necessities here. Digital currencies are a luxury which most people cannot even fathom, let alone use so freely. They are still using physical cash of their currencies and not even on internet banking yet.
To come to a ‘Coinclusion’ 🌝
Whether this is the future currency of the world or not is yet to be seen. But with more and more people backing cryptocurrencies to be the future of the world, it’s hard to overlook how important these digital currencies are in the world today. Their impact is undeniable and we will only more and more in the day ahead.
We hope you enjoyed this read on Cryptocurrencies by Zippy Opinion. If you have any opinions or questions on this matter, leave us a comment below.
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