The Digital Currency Market in 2021: A Brief Guide
Cryptocurrency is one of the most sought-after investment methods in today’s time. It relies on a technology known as blockchain technology , and this currency can be used to purchase various goods and services.
Although cryptocurrency has existed for nearly a decade, its boom is quite new. When it was introduced, cryptocurrency wasn’t a household name, but in recent times it has spread all over the world.
Certain companies have also created their own cryptocurrency, which allows their customers to purchase the goods and services they offer using their digital currency.
Keep reading this article to learn more about the digital currency market and its performance in recent times.
How Many Digital Currencies Are There?
Back in 2013, there were only a handful of cryptocurrencies available for traders and consumers; however, research shows that as of August 2021, there are more than a whopping 6000 cryptocurrencies available.
Compared to some years ago, it’s now much easier to create a cryptocurrency due to how open the creation process is.
Replace Conventional Currency
As mentioned before, many companies have created their own digital currencies which the consumers can utilize to purchase goods and services. It can be said that cryptocurrency is gradually replacing the conventional currency, like dollars, to buy and sell commodities.
However, in a much broader sense, conventional currency won’t become completely obese as it will be needed to buy the initial digital coins.
Since the concept of cryptocurrency is fairly new, there’s a lack of binding rules and regulations that can prevent the risks associated with it. Central Bank authorities are working on forming fool-proof laws and regulations to lower the incidents of cryptocurrency frauds and thefts.
There is high chance that there will be taxes charged on cryptocurrency earnings.
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