Why Are Cryptocurrencies Getting So Popular?

With all the attention cryptocurrencies are getting today, are you wondering why cryptocurrencies are getting so popular?

If you are, you are not alone. We were wondering the same, which is why we decided to find out some reasons why we decided to find out.

Here are some of the reasons we believe are contributing to the rising popularity of cryptocurrencies:

1. Novelty

No one can deny that cryptocurrencies are an extremely novel concept.

To have digital money that can be used to ensure smooth, speedy transactions without the hassle of depending upon a central authority does sound like a quite exciting proposition

Although cryptocurrencies were first introduced about ten years ago when Satoshi Nakamoto burst into the scene with Bitcoin, it has obviously proved to be a short time to really introduce the concept to layman masses of the world.

The novelty of crypto makes them all the more alluring, and hence popular, to the people.

2. Media Coverage

Of late, given the bear market that has gripped the crypto world, these incredible coins have found more and more mentions in the media.

Other media coverage has stemmed from increased adoption of cryptocurrencies by countries, especially Venezuela’s recourse to the oil-backed Petro crypto to save its economy from going down under.

3. Increasing Levels of Official Adoption

Although the number is few, some governments are definitely warming up to cryptocurrencies. We have already mentioned Venezuela. Marshall Islands has also announced its Sovereign cryptocurrency (SOV) as legal tender.

The government of “blockchain hub” Malta has also extended a definite support towards cryptocurrencies, leading to heightened awareness about and popularity of crypto, among the common people.

Besides, US states like New Hampshire and Indiana are following in Ohio’s footsteps to begin accepting taxes in the form of crypto, bringing it to the forefront of the public consciousness.

4. Merchant Support and Discounts

If you follow business headlines, you would know that more and more merchants are beginning to accept crypto payments, thereby contributing to their popularity boom.

You May Also Read: Top 10 Companies Accepting Bitcoin Payments

Many of these stores also provide special discounts to crypto users, making it more viable for users to hold them and use them while buying products.

Examples include a discount from a German drugstore called NEON and Valentine’s Day crypto purchase offers from lingerie website panties.com.

5. Ease of Use

Cryptocurrencies, once you get the hang of them, can be really really easy to use. They are secure, fast and often quite private because you have no central authority to rely upon.

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