5 Signs to Show Cryptocurrency Use Is Growing in The World

By Staff Reporter - 15 Aug '20 10:21AM
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  • 5 Signs to Show Cryptocurrency Use Is Growing in The World
  • (Photo : pixabay)

Since the COVID-19 outbreak, the use of cryptocurrencies has increased. I am not saying this statistical data is, well it also says that gold and bitcoins have been in high demand lately.  Even this is not a myth, and I can say it for a fact that 17 million bitcoins have already been mined.

There are only 21 million bitcoins that will be minted, this means the demand is very high. But, as bitcoin has taken the market, few other cryptocurrencies have also picked up the pace. As the failing economic conditions fear people, they will be more inclined to assets that are not affected by the fiat currencies.

There are so many sings to the fact that crypto users are increasing throughout the world. Let's, for example, look into 5 such signs are a clear indication of the growth. 

5 Signs to Show Growth of Cryptocurrency Use

The are many signs that show that cryptocurrencies are growing as an asset and more and more people are investing every day.

1. Even though bitcoin is the darling of the crypto industry another cryptocurrency was seen battling its rates.

Bitcoin experienced one of the highest growth rates in 2017, which had reached a peak value of $19,783. On the contrary, the worldwide statistics of cryptocurrency showed that another cryptocurrency reaching higher than bitcoin's percentage of growth. Ripple in 2017, was being pegged at 36018% while bitcoin's growth percentage was 1318%.

This clearly shows that not only bitcoin but other cryptocurrencies are performing quite well. 88% of the entire market value of cryptocurrencies is made of the first ten cryptocurrencies. These currencies have the highest market values. It includes Bitcoin, Ripple, Ethereum, Bitcoin Cash, Tether, Litecoin, Tezos, EOS, Binance Coin, and Bitcoin SV.

2. The increasing threat to this community doesn't seem to end as of yet.

The existence of malware around 980 million has been traced on a global basis. Malware is an algorithm coded for forking out crucial information from your personal computers. These activities allow crypto jacking exposing you to potential threats such as hackers stealing your private key. Once your private key is compromised that crypto account can be used by the person holding your key. With this said, you should think about protecting your systems with an antivirus so that it is firewalled from malware.

3. Apart from bitcoins, there are around 5,098 alternate cryptocurrencies present worldwide.

Bitcoin was the first cryptocurrency but it also attracted other cryptocurrencies to emerge. However, this not only submitted to 2-3 but ended up flooding the crypto market. Different cryptocurrencies come with various offers and unique applications of cryptocurrencies.

To name a few Ethereum has its own blockchain, and they use smart contracts for user security. Another altcoin called Libra launched by Facebook will allow a thousand transactions per second, while bitcoins only allow 12. Tether is a stablecoin that keeps its users away from the volatility of the market giving them a steady asset. And, there are many more as you learn about these you will know. 

4. The market is foreseeing upon spending nearly 15.9 billion for technology related to the blockchain by the year 2023.

In 2018 the net global spending on blockchain technology was $1.5 billion. The market experts are saying that the investments will increase as more and more organizations recognize it as useful.

5. The market capital of cryptocurrencies was $265.55 billion as of 17th May 2020.

The statistics of cryptocurrency volume shows that bitcoin continues to be in the highest position in the crypto sector. Ethereum is the second cryptocurrency that comes right after bitcoin, for increasing rapidly.  But, of course, there are several other cryptocurrencies that are contributing to the growth of cryptocurrencies.

Conclusion

I hope these facts interest you, and you learn what you need to. But if you are planning to make crypto investments you will have to visit this site prime advantage. This is one of the best exchanges that is safe and will allow you to trade cryptocurrencies seamlessly. But before you invest to make sure that you are conducting research on which cryptocurrency you should purchase. This will depend on the amount you are willing to send for cryptocurrencies.

Copyright © 2017 News Everyday
* This is a contributed article and this content does not necessarily represent the views of newseveryday.com

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