We’ve all heard about cryptocurrencies. This topic has been trending ever since the unprecedented rise of Bitcoin, Ethereum, and other such cryptocurrencies. While some technology and financial professionals are well-versed in what it truly is, there is a vast section of society that is still in the dark when it comes to understanding what cryptocurrencies really are and how they can be used. So we at Zippy Opinion, one of the best survey sites out there, will cover this topic to help our users understand this concept better. The more you know, the better, right?
What Is Cryptocurrency?
‘Crypto,’ as it’s often called, is a digital currency that holds value. Think of it as a currency that holds value digitally in the online world. It is not a physical form of currency. It can neither be touched nor felt. But it exists. Its worth is measured by the way people value it. When more and more people speculate and believe that digital currency is the future, then it holds value. This is true for any digital currency out there.
How Does Crypto Work?
Crypto works on something called blockchain technology. Blockchain technology is nothing but a network that isn’t monitored or regulated by an official financial institution or bank under the government of any particular country. Crypto is therefore an unregulated currency. Even something like Zippy Points available on Zippy Opinion can be considered a cryptocurrency if it is made tradable freely across various platforms. Since Zippy Points can be used to purchase vouchers, however, this is very singular and not tradable and hence cannot be considered a serious cryptocurrency. But you get the general idea of how cryptocurrencies work now, don’t you?
What value do different Cryptocurrencies hold today?
There are plenty of different cryptocurrencies available today. Take a look at the table below to get an understanding of how many ‘crypto coins’ exist for the top 10 most prominent cryptocurrencies:
(Data as on 27th May, 2021)
| Cryptocurrency | Total value available in the market |
| Bitcoin | $735.3 billion |
| Etherum | $324.2 billion |
| Tether | $61 billion |
| Binance Coin | $57.5 billion |
| Cardano | $54.6 billion |
| XRP | $46.5 billion |
| Dogecoin | $44 billion |
| Polkadot | $22.1 billion |
| USD Coin | $21.9 billion |
| Internet Computer | $16.7 billion |
Why Are Cryptocurrencies So Popular Today?
There are several reasons why cryptocurrencies are so popular today. Your friendly neighborhood paid survey site will help you answer that (Read on!)
- Many people (especially prominent figures in the world) believe crypto will be the future currency of the world. They strongly believe that these digital currencies can be monitored and regulated in the future by an official body. Their thought is, the more we acquire now, the better.
- Currently available non-cryptocurrencies that are regulated by national banks can be adjusted for inflation and deflation by these organizations. However, in the long run, digital currencies can ensure that the power of valuing currencies is firmly within the grasp of the people themselves.
- Another reason why supporters of crypto push for cryptocurrencies is that digital currencies are more secure and can be monitored more easily. The issues of black money that plague the current currencies of the world today don’t apply here.
- To make some money in the short term. Some holders of crypto simply want to profit because of how dynamic the value of crypto is right now. They buy when the value of crypto dips and sell when the value is high. Some holders are even prominent enough to sway the value of certain crypto coins. One such figure notorious for doing this is Elon Musk.
Are There Any Drawbacks to Cryptocurrencies?
While there are plenty of ‘pros’ to owning crypto, there are also some ‘cons.’
- The national banks of the world do not recognize this digital currency as they are mere speculation at this point and are not centralized or regulated by any government organization or body of significance.
- Governments may ban crypto in the future as it is not regulated by an authority of significance. In fact, China has already banned all cryptocurrencies and even introduced its own regulated cryptocurrency in the country.
- The sheer volatility and fluctuation in value observed in the market make crypto a very tough instrument to invest in. The price and value of these digital currencies may drop 50% in a single week or even rise to new heights never seen before.
- While crypto may find more acceptance in developed countries, it is still tough to fathom it being used often and frequently in developing and undeveloped countries. There is more focus there on people getting basic living necessities. Digital currencies are a luxury which most people cannot even fathom, let alone use so freely. They are still using physical cash and not even internet banking yet.
To Come to a ‘Coinclusion’
Whether this is the future currency of the world or not is yet to be seen. But with more and more people backing cryptocurrencies as the future of the world, it’s hard to overlook how important these digital currencies are today. Their impact is undeniable, and we will only see more and more in the days ahead.
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