The use of cryptocurrency has been on the rise for a while now, but has seen a particularly noteworthy boost in the last few years. In fact, the amount spent by Bitcoin users on merchant services almost doubled between 2017 and 2019, with an impressive $4billion worth of the currency being spent. This doesn’t take the other types of cryptocurrency into consideration and, although they are not used as widely or frequently as Bitcoin, they would certainly add more to this total. In 2019, over 100,000 merchants accepted cryptocurrency as a method of payment, with many more on the list, making it far easier for people to spend their coins than it was before.
With so many benefits to using cryptocurrency, and more places accepting it, perhaps it’s unsurprising that it has seen a rise in recent years. Here, OWNR Wallet take a look at the rise in cryptocurrency trading and the reasons why this may have come about.
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The benefits of using cryptocurrency
The first thing to consider when looking at the rise in cryptocurrency are the reasons why people are using it. One of the main benefits of using this currency is that it cuts out the need to use banks. All assets are kept on a blockchain which cannot be altered, so only the sender and receiver are involved in the transaction. This makes transactions transparent, and negates the need for third parties, like banks, to get involved in your financial history each time you want to make or receive a payment. Due to this, you won’t find the need to pay fees and commissions to brokers, agents, or legal representatives, as cryptocurrency trading completely cuts out the middleman.
Another benefit of using cryptocurrency is that if you want to send or receive funds from a different country, you don’t have to worry about exchange rates, transactions, or interest rates put in place by other countries. Your cryptocurrency is worth the same everywhere, so you’ll pay the exact price that is agreed with the party you are sending funds to. With cryptocurrency, you are the sole owner of your assets, and managing them is completely up to you unless you choose otherwise, which is what makes it so attractive to a growing number of people.
The rise in cryptocurrency trading
These benefits have led to a rise in cryptocurrency that has been noticeable in a number of countries. Data from Coinmarketcap shows that in the first quarter of 2020, nine countries in particular have shown a huge growth in the use of cryptocurrencies. This has also included a 43.24% increase in female users and a 46.04% rise in young users between the ages of 18 and 24. In fact, the numbers of young users in Nigeria, Australia, Spain and Canada have grown by over 100%, showing a definite trend in the younger generation starting to use this currency. Other countries showing an increase in young users include Mexico, the UK, Colombia, India, and Pakistan, suggesting that we can expect to see this trend continuing over time.
Who are OWNR Wallet?
This look at the rise in cryptocurrency trading comes from OWNR Wallet. A team of IT professionals who have created a multi-currency, multi-platform cryptocurrency wallet for everyone from traders and developers to businesses and beginners.
