Know Why These Two Cryptocurrencies are Always in the News
A large segment of the news and the financial aspects of the globe consist of cryptocurrencies. Rightly so, since they have changed the game and have introduced a whole new population of younger and enthusiastic investors to the world of finance and investment.
Bitcoin was the first cryptocurrency that came into existence in 2009 and since then it has sparked several debates on several platforms around the globe. There were the bitcoin believers who began allotting a large chunk of their savings to this particular crypto while the skeptics argued that this was a happy bubble that may burst any time. Slowly, seeing the growth and potential, bitcoin mining began in full force. This gave rise to the origin of other cryptocurrencies and the field has been growing ever since.
There are several reasons for the unprecedented popularity of bitcoin and why there is some conversation or the other going on around it. Most people on the internet have been exposed to the nuances of bitcoins, however, here are a few explanations regarding the surging popularity of bitcoin:
- Low transaction fees – While transferring large sums of money on a national or international scale, you do not want to worry about the transfer rate or conversion fee. With bitcoin, this problem is automatically resolved as this is a standard digital currency that can be used globally and the transactions do not require any additional payments.
- Decentralized and transparent – People love to be able to own their money and have full control over it. With BTC that is possible as there is a total absence of government bodies and therefore, no interference. Moreover, the transparency in terms of transactions – each payment is recorded and added to the blockchain for everyone using the network to see – is another added appeal.
- Ease – It is not a tough task to be able to acquire bitcoin and other cryptocurrencies. Platforms like CoinSwitch Kuber make it easy for the users to set up their accounts and buy BTCs for a price as low as 100 INR
The second-most dominant cryptocurrency would naturally be an important part of the financial discussions and debates occurring in the media. With a total market cap of 487 billion dollars, the value has seemed to rise in all parts of the world. The current ETH to INR ratio is approximately 1,98,090 rupees which are subject to fluctuations based on the market trends. The popularity of the coin, however, does not change.
Here is why:
- Ethereum 2.0 – The advent of Ethereum 2.0 has been a turning point in the growth of this ecosystem. With a more environment-friendly system, lesser energy consumption, and much faster transactions, this upgraded version is gaining more traction than ever before. It also plans to adopt DeFi systems and enter the NFT space.
- Liquidity and low inflation – Since this is accepted in several different platforms and online brokerage systems, Ethereum is undoubtedly considered one of the most liquid assets. It is also not susceptible to any kind of tampering and adulteration and therefore there is a reduced danger from inflation.
- More than cryptocurrency – Ethereum has been an inspiration for several other cryptos like TRON as it offers more than simply trading cryptocurrencies and coins. It offers several methods that can be used to exchange cryptos and other online information.
The two cryptocurrencies dominate the market cap and are the most popular ones for these reasons and many more. Since the concept of cryptocurrency is now slightly older, it has become easy to invest in them. Many people in India have already joined this arena, you can join them too by keeping a keen eye out for the projections and predicted trends for maximizing your profits and overall monetary growth.