Cryptocurrency Boom : What To Know and Why To Invest?
Cryptocurrency is the new buzz in town and 2021 is now termed as the ‘Year of Cryptocurrency’. Everyone around the world is jumping into the wagon to join the crypto trend. Garnering popularity, the craze has soared heights and economists predict cryptocurrency to be the future of economics.
A long term investment that remains perpetual amidst the fluctuating trends of recession. A global currency for all that stands tall in the virtual world. The narratives are many but people worldwide still struggle to understand the basic concept of cryptocurrency and linger around the crypto bubble wondering how and why to invest?
Some consider it as a passing trend, many fear its volatility, yet it steals every headline opening up an avenue of investment opportunities. As of now, there are more than 300 million cryptocurrency users across the world. And nearly 12 cryptocurrency billionaires amongst the lot who made it to the Forbes’ 35th Annual World’s Billionaire List this year.
The popularity is not farce, never before in human history has there been a way to digitally transfer value through a system that is almost impossible to forge and secured to the core. A system that is unaffected by Dollar supremacy, fluctuations of world economy, exchange rates or inflation.
Cryptocurrency is basically an encrypted virtual currency. A currency created by computers through secure aisles of cryptography. Anyone can buy a cryptocurrency as it’s open to all with no guidelines. A decentralised digital currency, a medium of exchange with only virtual presence.
Bought and sold via cryptocurrency exchanges, the transfer involves only two parties with no middlemen involved. It is this ease of transfer and security that has rocketed the reputation of cryptocurrency right from the start. The exchanges are open 24 x 7 and with low transfer fees, people are eager to embrace the virtual currency over the paper counterpart.
Though its growth attained a spike last year amidst the pandemic, unknown to all is the fact that the legacy of cryptocurrency is more than a decade old. It all started with the 2008 recession when Satoshi Nakamoto (a pseudonym) created the first cryptocurrency – Bitcoin as an aftermath of the financial crisis.
But how it became people’s favourite is because of the features offered and technology used – guaranteed data security feature and the blockchain technology. Breaking down these complex concepts to the most simplified version, here is a two episode series by Tell- A Story that helps any lay person understand this new trend in finance.
This first video focuses on how cryptocurrency works, the process involved and why people prefer to invest. It also sheds light on how you can gain from cryptocurrency and what makes it different from traditional financial institutions like centralised banks. Let’s explore it further and understand the concepts for better investments and long term sustainability.
About the author: Tell-A-Story is a venture into video storytelling, founded by Suchithra Pillai, who comes with over 15 years of experience in the field of journalism, exploring and writing about people, issues, and community stories for many leading media publications in India and the United States. Video narratives along with thought-provoking content in less than 5 minutes, to engage and entertain the audience, is its preeminent vision.
Suchithra is a writing professional with 12 years of experience in content creation that spans around a wide range of business verticals, right from newspapers, magazines to websites, social media, and now Artificial intelligence. Nothing excites her more than having new acquaintances and writing stories about the wonderful journeys and unexplored talent out there.
In her spare time, you would either find her sketching, scribbling down some thoughts in paper trying to find a rhyme or story out of small things or expressing her love for dance on stage. : )