Why Cryptocurrencies Are Popular in 2022
Bitcoin is the first digital cryptocurrency released in 2009; since then, Bitcoin and the crypto market have gained widespread popularity. Not only are there over 3,000 cryptocurrencies on the market, but also there is an increasing number of businesses that accept crypto payments. In this article, we provide an overview of why cryptocurrencies remain a popular solid alternative to fiat currencies across the world.
Virtual cryptocurrencies don’t rely on a third party like a financial institution to complete and secure crypto transactions. In fact, the distributed peer-to-peer payment system is one of the major reasons why the crypto market has become gradually popular among institutional and retail investors. When it comes to the business sector, it also has a great set of benefits since it is a completely transparent system, the transactions are processed quickly, and it represents a useful solution for cross-border transactions since the transaction costs are low.
Great Audience of Users
Due to the popularity of the crypto market, there is a surge in the number of crypto users. That means businesses want to connect and offer their products and services to crypto users that would purchase them with their crypto funds. For this reason, you would find a lot of online as well as brick-and-mortar businesses that accept crypto payments.
One example is online casinos which are always at the forefront of technological innovations and started to accept crypto transactions not long after the bull cycle started in 2020. Online casinos need to provide an array of payment options in order to cater to a global audience. For example, you would find zimpler casino sites you can make a deposit and withdrawals with Zimpler. Moreover, there are a lot of online casinos that expand their payment options and accept cryptocurrencies.
Also, a lot of reputable companies started to accept crypto payments like Wikipedia, Overstock, AT&T, Shopify, Burger King, and many others. This also elevated the status of crypto on the market.
Another reason for the popularity of virtual currencies is their value which can soar quickly and achieve higher value than other assets on the market in a short period of time. This is why there are a lot of investors who are interested in cryptocurrencies and another factor that fuels their popularity, and the demand for crypto.
For example, the Bitcoin bull market phase saw an increase of Bitcoin’s price in just less than a year of over 100% in 2020. It went from approximately $10,000 in May to over $20,000 in December. Lastly, some cryptocurrencies like Bitcoin, Ethereum, are considered safe-haven assets due to their value and decentralized nature, which is also another reason why virtual currencies will remain popular in the future.