Platforms Accepting Cryptocurrencies Have Expanded
Cryptocurrency has gained traction in the world and with numerous platforms, allowing you to take hold of a new currency and be able to use it as you would a traditional form of currency. With many platforms catering to this type of currency and a lot of millennials learning new ways to not only save for their future but also have monetary freedom away from a governing body; it is no wonder that the world of cryptocurrencies has gained so much traction in the world today.
Cryptocurrency exchanges were not once known in the past. They were something that those deep into the technology world knew about, traded and pretty much kept secret. As of lately though, in the past 5 years, cryptocurrency has grown.
Increases in Cryptocurrency Platforms
With the rise in users for cryptocurrencies, there has also been a rise in the number of platforms that are accepting the currency, as well as providing a way for users to trade and purchase.
With around 150 different cryptocurrency exchanges currently being used online, even more continue to dive deep and take the plunge, offering even more for those that use this currency to their advantage. These exchanges provide the user with a way to exchange, build and create new wallets for their currencies. Instead of using the traditional bank that you would place your paychecks in every week, these exchanges are much like that, but with cryptocurrencies.
These platforms are currently growing and providing even more capabilities for users that wish to trade currencies, purchase items or even make a transaction to turn their cryptocurrencies into actual currencies. These platforms provide users with many capabilities that in the past were not readily available.
With even more people than ever using the cryptocurrencies, it is easy to see why this is a top leader within the industry, providing the services to those that wish to cash out on their saved coins.
The Rise in Cryptocurrency Usage
The usage of the cryptocurrency is due, in part, to the millennials that are currently throughout the population. With many of them focusing their efforts on ways to create a way to social share with others, they want a way to use a currency that is not governed by the local government. This provides them with a freedom that they would not normally get from other currencies.
With almost everyone having access to the internet, cryptocurrencies are one of the most popular choices of currencies for many that use the internet on a regular basis.
Studies highlight the fact that cryptocurrencies are currently one of the fastest growing markets of all the currency markets. With over 3 million people using the currency, it is expected to have a growth of millions more by 2020. 3 million people is more than three times the amount that originally started using the currency when it was first discovered.
Additionally, the rise of cryptocurrency use has also sparked many businesses to also provide a way to pay for their products and services through the use of this currency, or the other traditional payments that they allow normally. With a way for users to pay for their items or services this way, the currency is becoming recognized as one of the leading ways to pay for goods or services throughout the market.
These Platforms are Plentiful
The cryptocurrency platforms are plentiful, giving users the ability to choose which they feel the most comfortable using. These platforms welcome newcomers, while also providing them with the necessary information regarding the currency, as well as what they provide them with. This alone makes the platforms beneficial to the users.
Kraken is the largest platform to date, founded in 2011 and is also a partner with the first ever cryptocurrency bank. Coinbase is also another highly reputable trading platform that welcomes newcomers, while providing a wealth of information for those new to trading. ShapeShift was the first platform that allows multiple cryptocurrencies for the visitor to use within their account.
Just a few names in the field, more platforms are expected to be introduced to the users that have cryptocurrencies that they regularly use. Each one comes with their own set of benefits, providing users with a way to expand their wallets and get more from the currencies used.
Ernest Miller is a research analyst for Investment Talk. He has built his career as a banking officer and later on a financial advisor. Now, he is focusing primarily on blockchain and cryptocurrency, but here you will also find his texts on the traditional economy, as well as analyses of stocks and investments.