The cryptocurrency space has grown rapidly within the last year and continues to cement itself as a modern-day player in the world of investing. The global cryptocurrency market is projected to hit $4.94 billion by 2030 from $1.49 billion as of 2020, according to Allied Market Research. Fortune Business Insights has already begun reporting on cryptocurrency market size and regional forecasts up to 2028. As emergent as the crypto space is, the growth of the marketplace is nowhere near capped.
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The cryptocurrency market originally seemed out of reach for most ordinary people. It felt like a marketplace designed for the top tier of financial investors and existing millionaires who wanted to capitalize on potential fast cash investments. This couldn’t be further from the truth. Cryptocurrency is quickly becoming a staple in investment portfolios as well as an acceptable form of payment for vendors.
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What is Cryptocurrency? Cryptocurrency is a digital currency that can be exchanged for traditional currency, goods, or services via an online computer network. This digital currency is set apart from other forms of payment because it is not beholden to a government or bank. The blockchain technology that cryptocurrency uses makes it difficult to counterfeit and is secured through multiple system points. Without a single point of failure, hackers cannot corrupt the system.
The goal of cryptocurrency is to give power back to the currency holder and solve several traditional currency issues such as fraud, lack of privacy, hacking, limit exceeded issues, system malfunctions, and technical errors. Because cryptocurrencies use digital wallets and are virtually hacker-proof via confidential blockchain technology transactions, these issues are non-existent.
To break it down further, consider the way PayPal, Venmo, or CashApp work. These peer-to-peer (P2P) exchanges let people share directly with one another, avoiding costly fees. However, these P2P exchanges still require a bank account, debit card, or credit card to work. You cannot opt out of traditional currency systems when using these platforms.
The closest to opting out would be through PayPal’s cryptocurrency adoption. That said, although PayPal adopted bitcoin cryptocurrency in late 2021, customers cannot withdraw or deposit crypto and must keep the coins in their PayPal account. This is not the full control that customers can have with databases such as Coinbase or Crypto.com, but it is a massive step towards cryptocurrency adoption in everyday life. Cryptocurrency creates a peer-to-peer network that allows customers to directly transfer funds without fees or third-party involvement.
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Why should you care about cryptocurrency and its impact on the financial market? If you follow cryptocurrency news, then you are likely aware of the market volatility surrounding crypto coins. Most financial advisors and investment firms are recommending that investors not put all of their investments into cryptocurrency, but ultimately no one can deny the industry’s ability to rapidly grow funds and potentially cash out quickly.
The high-risk, high-reward model is far from guaranteed but every day bigger players enter the blockchain market. Square, Tesla, and MicroStrategy both bought massive Bitcoin shares in early 2021 and have continued to grow their blockchain portfolio. From the Ethiopian government’s partnership with Cardano blockchain to Tesla’s acceptance of Bitcoin as a form of payment for their electric vehicles, blockchain technology is finding its way into every corner of the globe. Cryptocurrency is here to stay.
When it comes to investing in cryptocurrency, there are several online databases to choose from. Coinbase is the largest U.S.-based cryptocurrency exchange and offers close to 100 different coin options. It also enables crypto-crypto trading pairs and has routinely been called “the biggest IPO in history” by Don Tapscott, Executive Chairman of Blockchain Research Institute. In 2022, the largest cryptocurrencies include Bitcoin (the most widely accepted) followed by Ehtereum, Tether, Binance, USD, Cardano, Solana, Luna, Dodgecoin, and XRP.
In cryptocurrency, an initial coin offering known as an ICO is the equivalent to an IPO or an initial public offering among traditional currency stocks. New coins often raise funds through launching an ICO. Some of the highest earnings within the crypto market have been through early investors who find new coins, buy as much as they can, and then wait for the price to increase as the coin’s popularity grows before selling out. Other methods include purchasing established coins and holding out as the price increases or day trading.
VenturePR published an article in CNN, “Bitcoin ‘Halving’ Could Boost Its Price as More Investors Flock to Cryptocurrencies” that takes a look at the latest prediction: all-time highs for bitcoin.
Another sign of legitimacy within the crypto market is the beginning of regulatory practices across countries. The U.S. Department of the Treasury stated in May of 2021 that any crypto transfer of $10,000 or more would need to be reported to the IRS. Furthermore, the government is looking at cryptocurrency databases and exchanges with an eye on how to regulate them to make it safer for all parties involved. One of the more difficult aspects of crypto technology is the use of individual coins. Not all coins are created equally and it is up to investors to research the founders, technology, and platform behind each coin to determine whether or not the coin is a good investment.
Many are calling blockchain technology and cryptocurrency the latest revolutionary change to the economy. The platform has been called a “platform for truth and a platform for trust” by Don Tapscott, the Executive Chairman of Blockchain Research Institute. The ability to securely send digital currency through an unhackable and untrackable database will revolutionize the payment sector.
Although cryptocurrency is a relatively new technology and the risks associated with investing in any coin on the cryptocurrency list are high, investment opportunities abound with quick high-income earnings possible. Cryptocurrency is becoming a mainstream option for investors, both at the individual and corporate levels. In fact, many investors have compared Bitcoin and other crypto coins to the beginning of ATM cards and online banking. The public has to become comfortable with the new technology to find lasting mainstream popularity, but this acclimation process has already begun.
Venture PR offers public relations cryptocurrency coverage to clients and crypto articles have been featured in online publications such as Bloomberg, CNN, The Cointelegraph, and Fox Business.