Even though people use various online payment options, Bitcoin and other cryptocurrencies are becoming more prevalent every day. While it’s true that many internet users don’t understand blockchain technology, that doesn’t prevent them from purchasing different items and paying for services paying with Bitcoin, Tether, Litecoin, Ethereum, etc.
Also Read | South Africa And The Love For Bitcoin
Nowadays, we can use cryptocurrencies for all sorts of things. That’s why according to this research, people average 1,200,000 transactions per day using Ethereum and 300,000 with Bitcoin.
Why do people use cryptocurrencies?
Also Read | Bitcoin Surpassed a Record High of $50,000
The main reason people use Bitcoin and every other cryptocurrency are that they are secure. Therefore, you can make your purchases online without worrying whether your personal information will be leaked.
Another thing that makes cryptocurrencies appealing is the fact they are decentralized. In other words, there isn’t an authority that regulates these currencies. This has its advantages and disadvantages, but, judging by the popularity of most cryptocurrencies, it has an overall positive effect.
Which are the countries where cryptocurrencies are prevalent?
Generally speaking, you can find multiple cryptocurrency users in almost every country in the world. Yet, some places, such as Russia and Ukraine, have way more cryptocurrency users than others.
In addition to these two, countries like Venezuela and Nigeria are also among the world’s biggest cryptocurrency fans. Bitcoin and Ethereum allow them to send money across borders and pay for various items and services.
Is Bitcoin better than every other cryptocurrency?
Most people who are not into cryptocurrencies have heard of Bitcoin because it often gets featured in the news. One of the things that make it more attractive than everything else is the price. After the boom in 2017, experts predicted that the “cryptocurrency bubble” will eventually burst and put an end to Bitcoin and its alternatives. Although the following year was challenging, late 2020 and early 2021 made Bitcoin even more popular. At one point, this digital currency reached nearly $42,000, a record for any cryptocurrency.
With more than 18.6 million Bitcoins globally, it doesn’t look like this cryptocurrency will go away anytime soon. However, another digital currency is also making a name for itself, and that’s Ethereum. The fact that it is cheaper means that more people have access to it, so it will be interesting to see whether it can surpass Bitcoin.
A few things to keep in mind
There are thousands of cryptocurrencies out there, and each one has the potential to become the next Bitcoin. However, before you start using or investing in any of them, you have to remember that most of them are highly volatile. As a result, it’s nearly impossible to predict what would happen with their price in the future.
You should also be aware that some online shops do not accept any cryptocurrencies yet. Those that do might require you to pay an additional fee whenever you’re making a transaction with Bitcoin, Ethereum, etc.