Cryptocurrency is rapidly gaining popularity this year. It is a form of digital currency that can be exchanged between shareholders, with no fee. It’s like a mix between the stock market and your wallet. Read on to see why millennials rave about it.
Cryptocurrency: All The Coins
The official definition is “a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.” At first, the digital currency exchange system was born from the dark web. It was used for illegal purchases and trading up until around 2013. Bitcoin allowed for crypto to become legal/legit. Legit crypto came around in the early 2010’s, but didn’t gain popularity until the 2017 Bitcoin craze. Then, the trend died down until 2020, when the pandemic pushed people to re-evaluate their finances. Dogecoin also found its way into memes and Internet circulation. So, with Dogecoin and Bitcoin becoming more popular, by 2021 almost everyone knows about digital currency.
Today, the digital currency system is making its way into everyday life. To buy or sell cryptocurrency, users will download a broker app, such as Robinhood or Coinwallet. So, you don’t have to go through a person to trade crypto. Then, you buy/sell as you would with stocks. One difference is that the crypto market doesn’t have an open/close time. You can buy Dogecoin at 2 AM if you want. Because of this, cryptocurrency tends to be more turbulent. Each coin is worth as much as people hype it up to be. More importantly, all crypto coins follow Bitcoin’s pattern.
As Wall Street moguls and legendary investors battle with novice crypto investors, cryptocurrency is still finding its place in society. Now, crypto holders are waiting to see if they can legally purchase items with Bitcoins and Dogecoin. Elon Musk, self-proclaimed ‘Dogefather’, reported that he is making way for people to buy Teslas with Dogecoin. It looks like cryptocurrency will slowly but surely make its way into investors’ portfolios, and everyday citizens’ lives.
Do you have any crypto investments? Are you happy with it, or was it an L? Let us know!
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Tracy is the Design Manager here at Redwood Creative. She’s been designing amazing graphics and web layouts for large and small businesses for upwards of 7 years.