The concept of cryptocurrencies is now more popular than it has ever been. However, it needs to be said that it wasn’t always like that. For a good number of years, there was a lot of skepticism that followed it. We can see that the highest amount of this skepticism came from official institutions and governments from countries from all over the world.
However, its popularity grew along with its worth. Many people saw the opportunity to make a healthy profit from investing in Bitcoin, Ethereum, and many other cryptos. Of course, Bitcoin, as the first one, is the most popular and most valuable one. Also, we can see that Ethereum is the one that can follow its example in the future. Sure, these two are the finest examples of this concept. But that doesn’t mean that they are the only ones. That’s who so many people are interested in it.
We can see that there are many communities established to make the process of trading much easier for crypto traders. If you would like to take a look at one of these, be sure to visit bitcoin-evolutionpro.com. So, it’s no wonder that so many people became interested in investing in one of these cryptos. Now, let us take a look at why so many of them have faith that the concept of cryptos will be among us in the future.
Cryptocurrencies and Their Value
We’ve mentioned that the value of cryptocurrencies plays a crucial role in their popularity. When the value started to pick up in cases of BTC and ETH, their popularity has skyrocketed. The reason is pretty obvious, people saw the opportunity to make a healthy profit from investing in these two cryptos. Of course, their value didn’t grow at once.
In the case of BTC, we can see that its value has grown in a couple of steps. For instance, the first time it started to grow, occurred in 2015, then in 2017, and the third and newest one occurred in 2020 and 2021. Naturally, there were some setbacks on this journey. For example, in 2020 the price of BTC declined from roughly $20k to just over $3k. However, it picked up and it is now worth slightly less than $60k. Despite the halving that’s done to avoid all the inflation, BTC value remains relatively stable.
When it comes to ETH, its journey was slightly different. It gained massive popularity in 2020 when online casinos have started using it as a method of payment. Unlike BTC, it didn’t face so many setbacks. Instead, it grew steadily for many years and is now the most valuable one, after BTC. All the projections are saying that it will only grow in the future, along with the adoption. Of course, its popularity will grow along with it.
Cryptocurrencies are a Part of Identity
According to Mark Cuban, a businessman, and entrepreneur, the question of cryptocurrencies is much more a religious solution for every problem than any other solution. In fact, we can see that crypto trading has become some sort of characteristic for these people. Furthermore, the culture around this concept is now part of an appeal.
When someone sets a foot into the market, it becomes much more than just trading. It opens a much more space and sets a particular atmosphere. Even though this market attracted a much wider following in the last couple of years, it can be said that it is still a subversive concept. We can say that it became much more than just participation in a certain market.
High Adoption Rate
Of course, the adoption rate of cryptocurrencies wasn’t so high a couple of years back. We can see that it was almost non-existent. However, with the price increase that followed, the adoption rate has become much higher. Nowadays, we can see that even multi-billion companies like Microsoft and Amazon have adopted it as a legit method of payment, even though it still isn’t a part of the tax system in the country.
It is important to know that not only these large corporations have adopted cryptos. We can see that some fast foods also adopted it. Also, according to some projections, we can see that cryptos will become a part of the mainstream financial system. Therefore, every business in the world will have the option of adopting it to the fullest capacity. For those who don’t know, the higher the adoption rate is, the more its price will grow in the future.
It Provides Hope to People
When you are aware of all the aspects that we have named above, you can see why people have so much faith in the concept of digital currencies. However, there is one more thing we would like to discuss. We are talking about a fact that digital currencies provide hope to people. The reason is that they can make a healthy profit off their investment in a relatively short period. Unlike any other investment they can make, this one is, without a doubt, the most stable one, despite the price volatility.
The foundation remains stable and there’s no danger that it will deteriorate over time. Also, we can see that one of the major reasons for people believing in it is that traders don’t need to provide their personal information, which is widely different from any other sort of financial system. Plus, the transaction process is a reliable one and you will not need to wait too long before it is executed. When you compare it to the time you need to wait before the bank transaction is done, you will understand.
The Bottom Line
We are living in a digital age, and it is no surprise that so many people are interested in concepts like this one. Here, we’ve provided you with the most important reasons why people have so much faith in digital currencies and their future. Without a doubt, they will be present in our lives in the future. At one point they will become a part of the mainstream, which will increase their popularity further.