The initial days of crypto made it look like a fad. The increased cultural and economic importance of the decentralized currency is luring everyone. Recent studies suggest more than 40% of millennials and 20% of American adults own cryptocurrencies.
The value of the crypto market is roughly $ 1.75 trillion. This figure is driving everyone to invest in cryptocurrency. You can buy cryptocurrency with ease using various cryptocurrency exchanges available online. The growing popularity of crypto is inspiring a large set of the population.
The biggest fans of crypto believe that these digital currencies will serve as a savior of the world, while its skeptics consider it to be a scam taking shape. Whatever the case is, you cannot ignore this rapidly growing currency. Should you purchase cryptocurrency? Let’s find out.
A Transformational Change
Skeptics must understand the impact of cryptocurrency on society as a whole. It can act as a transformative force touching numerous people’s lives in the coming years. Cryptocurrencies are generating vast new wealth for many. The magnitude of wealth creation is similar to the discovery of oil in the Middle East.
Although a few crypto riches can vanish in the short term, enough money is available to sustain the influence for a few decades. Many people consider the currency to be devoid of any proper ideology.
However, Bitcoin’s rise after the 2008 financial crisis made it a sought-after option for many. People looked for an incorruptible monetary system, and a decentralized version proved beneficial. It provides flexibility and you can buy crypto with a credit card.
There were many dissolutions of old cryptocurrency accounts dating back to the early days of crypto in the recent past. The success story behind each withdrawal states the transformation this new set of currencies brings. You can convert cryptocurrency (fiat) and directly transfer it to your debit or credit card.
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Avoiding Turning It Into a Destructive Force
It is essential to understand the domain of cryptocurrency as a lack of knowledge can become destructive later.
During the early days of Facebook and Twitter, many experts predicted these companies did not have a viable business model. The platforms will be popular for posting personal photos, and they will serve no purpose for the advertisers.
It will ultimately lead to the collapse of the social media industry. The hype will fade away as quickly as it erupted. During the rise of social media giants in the early 2010s, nobody considered questions like:
- What if it is successful?
- How could the platforms get under regulations if they become successful?
- How much value do these platforms give to free speech vis-à-vis safety when they succeed?
- What are the online hate tools that can cascade to offline violence?
Similarly, it is essential to think about the future of cryptocurrencies. No one is aware of how crypto will move. But will staying aloof result in making similar mistakes like the 2010s? Many tech experts feel the current crypto scene resembles that of the media scene during the growth of social media giants.
A Generational Trend
The crypto world is not too diverse yet. The largest share of crypto owners is primarily the high-earning classes of society. Also, some libertarians believe that cryptos will help them avoid government control. However, no specific intellectual monoliths exist in the subscriber pool.
Some extremists have an opinion against the government, and a few think that their crypto investment can topple big banks. The rest are people with the sole goal of earning a high profit. This emotional distance between the two situations makes it an ideal ground for a study.
Learning a few basics of crypto will make you feel like opening up to the whole world. It is evident from the richest man on the planet spending most of his time tweeting about a coin named after a dog.
Elon Musk’s tweets fired a lot of controversies and drove the demand for cryptocurrency. Prominent personalities like Stephen Curry and Jimmy Fallon changing their Twitter DPs to cartoon apes reconfirms the popularity of these currencies
As you can see, cryptocurrencies have become a generational phenomenon, and subscription reasons for everyone can be different. It is the fastest trend catching the attention of large masses, and cultural awareness will drive more to join. Setting a toe with the youth culture today means understanding the rising trend of money and power.
It does not matter whether you believe in this digital currency. You can steer clear or participate in it, but you will not be able to ignore it. However, you need to be aware of the vital question that everyone is asking nowadays – what is crypto?
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