Since the introduction of Bitcoin, the first ever cryptocurrency, back in 2009, cryptocurrencies have paved a path of their own in the world of investing. Part of decentralised finance, crypto investing is adopted by millions of investors around the world, especially young men and women in their twenties. Several new millionaires were created due to the rise of crypto coins, and crypto investing became the first ever experience in investing for many youngsters in the last decade or so. In this blog, let’s take a look at some of the benefits of investing in cryptocurrencies.
Understanding Cryptocurrency
Cryptocurrencies are built on blockchain networks, which are public ledgers formed by peer to peer connected computer networks called as nodes. When bitcoin was introduced in 2009, it remained the single digital currency until April 2011, when Namecoin was introduced, followed by Litecoin later that year. Soon, more and more crypto coins were introduced in the market with unique functions and utilities, collectively known as altcoins. For example, Ethereum network introduced smart contracts and decentralised applications, with their cryptocurrency, Ether, acting as a medium of currency to gain access to services and products within the ecosystem. Some countries like Venezuela are promoting cryptocurrencies so much that they have become a parallel mode of payment even in domestic retail stores.
Benefits of Investing in Cryptocurrency
Cryptocurrencies are built on blockchain networks, which are public ledgers formed by peer to peer connected computer networks called as nodes. When bitcoin was introduced in 2009, it remained the single digital currency until April 2011, when Namecoin was introduced, followed by Litecoin later that year. Soon, more and more crypto coins were introduced in the market with unique functions and utilities, collectively known as altcoins. For example, Ethereum network introduced smart contracts and decentralised applications, with their cryptocurrency, Ether, acting as a medium of currency to gain access to services and products within the ecosystem. Some countries like Venezuela are promoting cryptocurrencies so much that they have become a parallel mode of payment even in domestic retail stores.
