Interest in Cryptocurrencies | Adoption Analysis
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It is indisputable that Cryptocurrencies has become very popular worldwide due to the high profitability it has generated over time, and not only due to speculation or investment, but also due to the technology behind it, such as the distributed accounting record "DLT" or Blockchain, which is essentially decentralized and does not require approval from a third party to execute certain features, which results in each person having control of their money without having to rely on a central entity such as traditional banks.
In addition to this, it offers many other benefits such as instantaneous transfers without border limits, also immutability, that is, no one can modify absolutely anything in the records in the blockchain and can be used as a refuge of value, as is the case with Bitcoin, which I have commented in previous publications that it is a finite asset, where no more chips can be printed, having a limit of up to 21 million, which makes it a deflationary asset over time.
In which regions is there more interest in the Cryptomocurrencies?
At this point, it is simple to know the countries where cryptomonies are most used, we only need to know in which regions the fiat currency of each one has collapsed due to the bad economic practices implemented by them. In that sense, countries like "Venezuela and Argentina" for example, have a great interest in cryptomonies and Bitcoin especially just for the fact that in a safe and completely digital way they can protect their money and of course speculate with its price, in short, make trading.
Now, there is interest and of course usability, but that leads me to the next question:
Do people have the financial knowledge and education for this kind of money?
Really in my personal opinion, there is a need for a lot of education and training for the general population, not only for crypto currencies and blockchain technology, but for financial education itself. I mean, people really need to know what money is and how it works. I don't want to say with this, that I know completely how money works, in this aspect I still need to train and keep learning, where despite being an active trader, I keep learning more every day.
So don't forget Knowledge is power!
Recommendations to learn about what money is
Really the basics to know in my opinion, would be the concepts of savings and debt. Although it sounds very simple and we all at least know that these are two important words in the financial world, the reality is that the vast majority of people do not put this into practice, almost no one saves just for the sake of acquiring products quickly and in many cases necessary, on the other hand, everyone tends to get into debt, either by asking for a loan or getting a new car on credit.
Bitcoin's potential in the current financial crisis
Given that the pandemic has largely overwhelmed many sectors of the economy, coupled with the bad economic practices of governments printing more money in an excessive manner, there is no doubt that Bitcoin from an economic point of view has a really great potential, not only because of its decentralized essence and as it is technically constituted, but also because of the particularity of safeguarding value and revaluing it over time.
This technology has been a total paradigm shift in finance, "cryptocurrencies and DeFi" have brought a new structure in the way transactions are done, something that had never been seen before, so the potential in the medium and long term is enormous.
Finally, I would like to see the interactions on this topic in the comments, to know what the community thinks about the adoption and interest in cryptomonics and Bitcoin today.
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A lo of people are into cryptocurrencies but do not have the financial knowlegde. Some just follow what others do without learning the deep things and they expect financial advices from others. When it comes to cryptocurrencies, everyone should be learned so as not to fall into silly mistakes of any kind.
Hello friend @oredebby, thank you very much for your comment, I agree with you, it is bad to imitate the action of others without knowing what you are doing, I prefer to educate myself to be able to do it.
Lenonmc21
Financial Markets Analyst
@lenonmc21
@tipu curate
cool
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Cryptocurrencies they are a great solution worldwide, one of its current advantages is that due to fear of covid-19, people have stopped using the currency physics and has found a valuable alternative in btc and other cryptos.
This is the future and I definitely think that soon the banking institutions and the sector financial will start to offer interest in having yahoo savings with them in crypto currencies.
Hello friend, my apologies for responding late @reinaldoverdu.
I agree with your comment in my opinion is also the future and is becoming the present of many people to solve all the problems that is causing the pandemic.
Lenonmc21
Financial Markets Analyst
@lenonmc21