A cryptocurrency is a virtual form of money. It is digitally cryptographed so that no one can double-spend or counterfeit. Most of the cryptocurrency types that we use today are running on blockchain technology. This technology enables the decentralization of the networks. This means the network is distributed among a large number of computers. The name cryptocurrency has been derived from the encryption technique that has been used to ensure the security of these virtual assets.
Nowadays, cryptocurrency has become more than a form of transaction. Due to the volatile nature of the market, cryptocurrency has evolved into an art of investment opportunity. There are various types of cryptocurrencies that you can deal with today. Bitcoin, Bitcoin Cash, Litecoin, Ripple, NEO, Cardano are the sum of the well-known cryptocurrency types that are being used in 2020. But all of these coins have their pros and cons. As an example, even though we consider Bitcoin as the “Coca-Cola” of all the types of cryptocurrencies, there are some difficulties in converting bitcoin into Real currency.
Considering the year 2020, it is clear that the popularity of cryptocurrency has increased rapidly. It has started to gain importance all around the world. This is mainly due to the globalization of societies. And cryptocurrency has been an easy method to make payments. Also, as mentioned earlier, due to the volatility of the market, it has been a good investment opportunity.
From 2009 to 2020, thousands of cryptocurrency types have been introduced. In 2009 there was only Bitcoin. Today there are over 5000 cryptocurrency types that are being used all around the world. Every company is trying to introduce new types of cryptocurrencies with attractive features. many of these newly introduced cryptocurrencies just vanish after a few months. But ones like Bitcoin has gained its value up to a 5-figure price per coin over these years. As another example, in 2020, the newly introduced cryptocurrency by compound raise to a valuation of 2 billion dollars within a short period.
Also, the Global pandemic situation has created a trend of day trading around the world. The young generation who are adventurous and willing to take risks are gravitating to this market. Since it is mostly about making small profits in lesser amounts of time, cryptocurrency has proven to be the best option for day trading as well as it has gained popularity as the best investment option in 2020.
About Stankevicius Group
Stankevicius Group is a professional corporate service provider including professional public relations and advertising under Stankevicius MGM, and professional general trading insight consulting in global markets under Stankevicius International. In 2021, Stankevicius Group is aiming to open a digital asset investment bank.
Bradley attended Boston University where he received a Bachelor’s degree in Economics and Political Science as well as a Master’s degree in Business Administration from Columbia University Graduate School of Business (currently attending). He loves to write about everything business related.