Cryptocurrencies were founded in 2009 as a revolutionary method of transmitting cash via the Internet. More specifically, Bitcoin was created as the first decentralized cryptocurrency, which sparked the creation of numerous altcoins based on blockchain technology that are now referred to as cryptocurrencies. Today, the crypto industry is expanding, and several cryptocurrencies such as Bitcoin, Ethereum, and even Dogecoin, among many others, have achieved record-breaking levels of success.
As a result, it’s understandable that many people are curious about the primary variables that have led to the current levels of crypto acceptance. In this essay, we’ll look at the primary causes that contributed to cryptocurrencies becoming a global phenomena in 2021.
Innovative Technology
The decentralized, peer-to-peer system is regarded as one of the most innovative aspects of the cryptocurrency industry, as well as the business sector in general. It all began with Bitcoin, the first cryptocurrency established without relying on a third party and independent of any government or financial institution.
The transactions are really handled and validated by the network’s peers or users. These are the primary reasons why cryptocurrencies have grown in popularity among ordinary investors, and they are now embraced by institutional investors and a number of well-known companies.
The Bitcoin blockchain network’s original blueprint demonstrated that the digital money may be used for transactions and investments without the intervention of a third party. It provides complete anonymity to other members, allowing them to conduct transactions without fear of being identified. This is not the case with its conventional currencies.
Furthermore, it ensures complete openness in terms of information about network processes and transactions. Furthermore, like with most cryptocurrencies, the processing fees are cheap. As a result, they are a viable option for cross-border transactions.
Attractive Features of Online Trading
Many factors contribute to the popularity of online trade. There are several trading platforms to select from, and you may trade from the convenience of your own home or on your smartphone.
Furthermore, it is mobile device compatible, allowing you to trade while on the go. You can also benefit from the fact that you can make up to ten free withdrawals every month. Aside from that, you may exchange BTC for 21 different cryptocurrencies and 25 different fiat currencies. Furthermore, you have the possibility to profit up to $850 every day, and the starting deposit for trading is $250.
Business Assistance
One of the main reasons why cryptocurrencies have grown in popularity is because they have become connected with major companies that have stated their support for them. This not only enhanced the value of the cryptocurrency by making it available to cryptocurrency users who want to buy goods and services with their crypto cash, but it also reinforced the image of cryptocurrencies as trustworthy assets for companies like OkCupid, Twitch, PayPal, and others.
Social Media Sites and Cryptocurrencies
Crypto influencers and their views on the values of various cryptocurrencies, as well as the future potential of crypto, contributed to the growth of cryptocurrencies. Dogecoin, for example, was established as a joke, specifically a meme, but it grew in value by over 10,000 percent in 2021 due to widespread backing from individual investors on social media channels. Elon Musk, the CEO of Tesla, was also in favor of it, tweeting in support of it.
There are also social media influencers who are not directly affiliated with the crypto community but share crypto news with their followers and explain the benefits of investing in cryptocurrency. Michelle Phan, for example, is a well-known beauty guru who has promoted Bitcoin and other cryptocurrencies on her social media platforms.
