How Cryptocurrencies Became So Popular

3 August 2020
By Tom Collins
tom@TheCork.ie

Cryptocurrencies have been on a steady rise in the public conscience for a good decade; private use, and interest since they first erupted in the market, but how did they become so popular?

Every age in human development has had a new form of currency; people have bartered with cattle, used shells, metal, banknotes; and now… cryptocurrency. This digital coin could very well become the most used form of currency in the near future. A change in currency is a reflection of the times, it’s human evolution manifested in money.

What Does An Increased Used Of Crypto’s Mean For The Future?

  • A move to digital transactions
  • Super secure money moving
  • Disruption of the status quo
  • More inclusion in markets
  • Diversification of investments

These are all results of a society that’s rapidly moving towards technology and making their lives easier.

It’s also a step towards gaining a more level playing field for people who were usually left out of Wall Street and can now invest at home from a laptop, with less money.

But How exactly Did Those Cryptocurrencies Become So Popular

Taking Over The Internet

That’s where they were born and where they found success, the spreading of information and rumours about cryptocurrencies, what they did, and could do became the fuel that fed the phenomenon.

It has all the ingredients to go viral once you look at it; mystery, the possibility of richness and technology, so people ate it up.

A lot still don’t even understand what it does actually but they can appreciate its value and covet to be part of it.

Information about cryptos grew online until it became a phenomenon outside of chat rooms and tech spheres.

Much Safer Ways To Move Money

Every transaction made with these coins uses cryptography and that makes it impossible to counterfeit, double send or lose.

It gives the user more confidence when making or receiving payments.

Using cryptocurrencies can protect your identity as well, a function that has been discussed in many debates, but is very appreciated by those that need obscurity.

Also, the transactions or deals made in cryptos do not require physical meetings, offering an extra layer of protection.

It Helps Democratise Markets

A fundamental reason why cryptocurrencies became so popular, they were made available to anyone.

You just need to have a good eye for where to invest, and you are in; there are no secret clubs or deals.

Following the nature of the internet, its originator, cryptos include all and offer an opportunity for the smart and a few lucky ones.

Crypto Investment has become Fun

One of the most significant differences between other investments and cryptocurrencies is that you can have fun while doing it.

Entrepreneurs have created games and crypto casino where you can pay using bitcoin instead of credit cards.

Having this diversity and enjoyments be part of the business has taken crypto’s to new heights, reaching millions.

Why go for an old school approach when this financial transaction allows you so much more!

People Can See Their Interests Reflected

A lot of cryptocurrencies follow a path created by a passion.

Founders of crypto’s wish to use the coins to solve a problem or create something new and the market sees and supports that goal, or turns away from it.

While there are thousands of currencies out there in the market, most don’t hold any real value, the ones that do have the most interesting stories behind them.

The success of a coin is intrinsically tied to what it does or wants to do.

A cryptocurrency that has a real-world effect creates interest, demand, and value.

Or you can play it safe with the usual suspects like Bitcoin or Ethereum.

It Made It Into Popular Culture

Once crypto stepped out of the internet and onto TV and Film it officially began its dramatic rise in popularity.

Nothing is quite as convincing to markets as seeing something make it to an entertainment platform.

It was portrayed as the coin of the future, and usually highlighted all of its benefits: quick, transparent, safe, made for people on the move.

Of course Hollywood made it more glamorous than the reality is, but spending hours researching trade doesn’t seem like movie material.

Conclusion

The bottom line is; cryptocurrencies are a reflection of current times and have also become a glimpse into the future of finances.

Their popularity doesn’t seem to stop as it keeps reinventing and evolving along with the uses people give them.

Follow TheCork.ie (The Online Newspaper for Cork, Ireland) on social media