Why People Are Hooked Up With Cryptocurrency [3 Reasons Why]

Since the development of Bitcoin in 2009, many investors, traders, and crypto enthusiasts have flocked the field with the hopes of potential profit. Until now, the number of people engaged in the crypto industry reached millions – individuals and businesses. This leads to the question: why are people so hooked up with cryptocurrency? 

There’s no denying that millions of people allot their time and money to invest and trade in this new trend, and it’s not a surprise why. Since its establishment, the crypto field has constantly been evolving and has something to add to its list of advantages that benefits its users. 

The establishment of Bitcoin led to the birth of altcoins, which gives users plenty of options to perform their transactions.

Crypto for newbies

If you are a beginner in this field, it is recommended to allow some time to study and explore how everything works before making a single move. You need to familiarise yourself with the terms commonly used in the market and develop the needed skills for crypto trading; these will be helpful for your career in the long run.

Doing extensive research gives you the appropriate knowledge and skills to start your career right and on the right path. If you feel confused or lost, don’t worry as a beginner, as that is pretty normal, and you are not alone; even the most successful crypto traders started just like you. What’s important is you have the determination for this field.

After having an understanding of how everything works, the first thing that you need to do is to choose a platform. Hundreds of crypto platforms in the market like Binance and Kucoin provide the chance to buy crypto flawlessly. Then, of course, there is Bitcoin Up. The latter offers unique benefits to their users, such as connecting them to reliable and certified brokers, so you must choose wisely. This first step is crucial as your career greatly relies on your chosen platform. 

To give you insights into the features of crypto that stand out and hook millions of users, we’ve come up with three of the main attributes of the field of cryptocurrency.

1. Transactions are private

One of the features of crypto that its users admire is its ability to keep every transaction private. Crypto traders take comfort with crypto, knowing that all the information for their transactions is stored privately and only visible to them. This is the total opposite of completing transactions traditionally.

When making arrangements with banks or cash and credit systems, all the info about your transaction is visible to you and the bank. When buying or selling something, your bank will utilise the process as a reference document. The possibility of the bank checking your account to check if you have sufficient balance available is very much possible. 

Banks need to perform a thorough and accurate investigation in a more high-end or business-critical transaction. They might even check your financial history, exposing your personal details to them and making hacking and stealing possible. 

On the other hand, cryptocurrency transactions keep your identity private and are stored in a public ledger in a blockchain, which protects your personal information and your funds.

2. Minimal fees

It’s common for every transaction to come with charges, and in the past few years, the fees have surprisingly increased. This can be seen in your monthly account statements in your bank or credit card company, and if you combine all the transaction fees that you’ve done, you’ll be surprised at how it takes up a significant percentage of your total assets.

Cryptocurrency has an unregulated system, meaning it is not involved with the government or a centralised bank. Due to this, the transaction fees you need to pay to complete a deal are much lower than the traditional way. 

3. Beginner-friendly and fast process

Some transactions are difficult and hassle to do since it requires users to print, sign, and fill up documents with the same information repeatedly. At the same time, some transactions are simple that even beginners won’t have a problem navigating them. 

Crypto transactions eliminate most of the time-consuming traditional methods, which makes the process faster. Since crypto transactions are not linked with the government and banks, all transactions take place in a network; sending money from peer-to-peer is now possible as long as both sides agree on certain terms and deals.

Final Thoughts

The transactions are done in the crypto market like purchasing, selling, or trading assets stored securely in a blockchain, making the field safe and fast and charging fewer fees. While the market is pouring with various benefits, keep in mind that it also comes with risks, but there are ways to manage these risks and use the market’s volatility to your advantage.