Cryptocurrency is the hottest trend for investors in the last couple of years. Although the market is on a flat run recently with Bitcoin failing to cross the $10000 threshold, ING reports show that the adoption rates are higher than ever. Their recent study on mobile banking has presented the facts that close to 15000 respondents from 15 different countries have chosen cryptocurrency as their chosen payment method and have actively participated in the cryptocurrency market trading in thousands almost in every quarter. The even brighter side to the story is that 65% of respondents know and have heard of cryptocurrency while the remaining 35% believe that cryptocurrency will be the future of all online transactions.
One man’s loss is another man’s gain
What is bitcoin? Why is it so popular?
One of the main reasons why cryptocurrency is on the rise and is being widely adopted is because people do not trust the central banks fully. Australia has the highest awareness for crypto with 79% while Poland is just a shade behind with 77%. This goes to show the interest of people in cryptocurrency and that age is not a barrier for this trade. ING did a survey on people aged from 25 to 44 and almost everyone had an idea of what cryptocurrency is. In fact, people aging more than 65 years knew something or the other about cryptocurrency.
The growing distrust of centralized banks and the overall financial systems has been beneficial for the crypto industry. The craze is such that people are even using crypto trading apps such as Bitcoin Trader on their mobile phones so that they can trade on-the-go. Amongst all the other countries, Romania and Turkey have the highest number of crypto owners with 12% and 18% respectively.
The cry to replace fiat with crypto
Could Cryptocurrency Be the Answer to Income Inequality?
Although the replacement was long overdue, the final decision is yet to be taken. Fiat is rather a speculative investment vehicle that is not as responsive as a cryptocurrency. This is one of the reasons why it has become so important to promote cryptocurrencies. It has the ability to revolutionize the financial system and the sooner the decision is taken to replace the fiat system, the better it will be for everyone. The concept is very simple. If you want to make a profit in the crypto industry, you will have to learn to buy and sell at the right time and also know when to hold the coin instead of being restless.
Charlie Lee, the founder of Litecoin has urged countries that are observing significant downfall in the fiat system to opt for Bitcoin and Litecoin. There is a huge currency crisis that is ongoing in Venezuela and Lee believes that cryptocurrency can be the answer to their problems.
With the recent trend, it can be safely said that cryptocurrency is going to take over fiat sooner than later. Traders have to wait and see when that happens because it is expected that the market will boom as soon as the hammer is blown for the decision.