Cryptocurrencies are here to stay!

Bitbay Bureau | BB 08-03-2021

Cryptocurrencies are financial tools that are accessible, and can be useful to everyone. By offering easier access to capital and financial services, cryptocurrencies have the potential to enable social and economic growth in developed as well as developing countries. With the digital era, people are increasingly getting inclined to invest in digital currencies. Launched in 2009, Bitcoins have been around for more than a decade. The rise in demand for bitcoins will gradually increase its prices.

Cryptocurrencies eliminate physical barriers, thus making transactions faster. The procedure is simple and less time-consuming. There is absolutely no involvement of third parties in transactions, which happen only between the sender and receiver. This not only makes both the parties comfortable, but also keeps transactions secure and data safe. The records cannot be deleted or changed, and it is only you who has the access to your cryptocurrencies. Various merchants including MNCs such as Microsoft, KFC, and Overstock accept bitcoins as payments.

There is an entire industry built around cryptocurrencies, and it is held by institutions dedicated to supervising all the digital coin exchanges taking place throughout the world. The rate at which the cryptocurrency industry is growing is earth-shattering, and this can be confirmed by early adopters who became rich overnight and found opportunities to grow financially.

More than a third of the world population does not have access to basic banking services that can help them out in case of a personal financial crisis - loans, checking accounts and the list can go on. These people that in most cases are already financially disadvantaged typically resort to doubtful and dangerous lending practices. The interest rate of these practices is anything but fair, which consequently leads to more instability among the people who requested the loan. This is where cryptocurrencies come in with their high volatility and ease of use.

There are now many apps and programs that facilitate the use of cryptocurrencies, and bring them closer to the wider audience. An added benefit of cryptocurrency use is that it is completely decentralized, so trading can be done freely across borders. The use of technology will facilitate a financial revolution that will leave everyone more financially connected, empowered and enabled.

Because cryptocurrencies and blockchain don’t need an actual brick-and-mortar building to exist, the costs associated with their transactions are minimal. There is no need for employee wages, utility bills or rent to be paid, so these savings naturally morph into low transaction fees. This, in turn, encourages more and more people to trust these new financial tools and start transactioning, allowing for the global economy to be more closely intertwined.

Since all blockchain and cryptocurrencies transactions are automated and digitized, they are all tracked in a distributed ledger. The best part is that it cannot be manipulated by either people or companies, which greatly diminishes the risk of fraud and corruption. This means that underdeveloped countries also have a greater chance of entering the financial transactions game, and boost their own economy and social prospects. What’s more, citizens will be able to keep a track of where state funds will be oriented, and will thus have a say within their own political climate.

There’s never been a more prosperous time for business than it is now, in the sense that blockchain technology and cryptocurrencies can help entrepreneurs receive payments in more currencies. This will help small and medium business everywhere get better financial coverage, and a liberated financial connection with the rest of the world.

The world is changing, and it is changing quickly. The speed at which cryptocurrencies are taking over is a clear indicator that traditional financial institutions can no longer hold the fort, and that other financial needs are arising and need to be addressed. Similarly, the world is facing a growing need to tear down borders, in search of a complete social and financial inclusion - this blockchain technology has everything it needs to address such issues.

It will only be a matter of time until these cryptocurrencies definitively find a way into our lives, shaping them for the better, with economic growth and inclusion in mind. Millions of people will now have the opportunity to invest, send money across borders, save money and start a business thanks to the amazing possibilities that cryptocurrencies bring to the table.

All you need to do is find an appropriate platform. A correct platform will make your transactions smooth and convenient to use. This is where Bitbay, world's first live trading platform where investors can watch their investments in cryptocurrencies growing live right before their eyes, comes in.

Bitbay brings innovative crypto trade tools at your fingertips! The right investment decisions in the cryptocurrency market can make you rich. Here, you can choose from a curated selection of investment packages. Bitbay Autobots will continuously work on increasing the value of your portfolio by capitalizing on fluctuations in the cryptocurrency market, while you can track your investments grow live on the website.