It is common knowledge that bitcoin was the first decentralized cryptocurrency. It was developed in the year 2009 by Satoshi Nakamoto. However, today, digital currencies have a place and are commonly known as ‘altcoins’. In fact, it is estimated that the number exceeds 4000.
Before understanding how companies are making the process of simplifying cryptocurrency, it is important to understand what it really is. It is basically an active currency in digital or virtual medium. It was established to create a new way of making payments globally. It is also independent of specific currency banks. Unexpectedly enough, it was during the banking crisis that they were first created.
Since this was a completely new concept, cryptocurrency did not enjoy rapid uptake and acceptance. This can be attributed to the lack of trust in digital money. Furthermore, for most people, the process of creating or even obtaining crypto tokens was highly misleading and risky. In addition, many credible entities such as JP Morgan Chase were vocal against their use.
However, over the years, a dramatic shift was seen with the increase in global acceptance.
What was the shift?
Even today, bitcoin cannot be considered a mainstream currency. But it is an undisputed fact that the adoption of cryptocurrency saw unprecedented growth.
Some large investment banks in the US have changed their views on adopting cryptocurrency and have started offering cryptocurrency investments and funds to customers. In addition, Blackrock, the world’s largest asset manager, announced that it had entered the cryptocurrency space. Tesla recently acquired $ 1.5 billion worth of bitcoin, making it possible to pay for a Tesla vehicle with bitcoin, and just a year ago, PayPal incorporated bitcoin, Ethereum, Litecoin and bitcoin cash.
Several reasons are attributed to the sudden rise in digital currencies. Apparently, the increase in adoption is one. The continued rise in its value is another reason, as Bitcoin, Ethereum and Litcoin have enjoyed dramatic increases in value in just one year.
Furthermore, it is also true that with the improvement of cryptocurrency exchanges and platforms, it has become easier to get one’s hands on digital currencies, even for the average investor.
However, this does not mean that bitcoin and other cryptocurrencies are devoid of any issues. In fact, before they can really go mainstream, there are many hurdles and regulatory issues that they must overcome. However, they are definitely on the right track. Today, bitcoin is valued at $ 1 trillion.
Although many well-known entities are entering the crypto scene, many refused to enter the world of digital currency because the process of a purchase was overly complex.
The rise of cryptocurrency platforms
To solve this problem, several online platforms have been established, which simplify and exchange the process of cryptocurrency. The acceptability of such platforms increased with the establishment of Coinbase and its decision to go public this year.
Over the past few years, several platforms and exchanges similar to Coinbase have started. Each of them provides a platform where cryptocurrency can be purchased, with some focusing on novices and security, as this is an issue that is causing suspicion among many.
A good example in this context is Bit2Me, Which is a European platform which was established in the year 2014. Although, they operate globally and facilitate the trading of various currencies, their latest expansion focuses on attracting a wider audience, especially focusing on beginners.
According to Bit2Me, Leif Ferreira co-founder and CEO, security is the most important aspect of cryptocurrency trading, which cannot be ascertained if there is a difference in knowledge. They state that about a decade ago, people involved in cryptocurrency were knowledgeable about the field. “But today, with its rise in popularity in the media, there has been an influx of new people, whose enthusiasm exceeds their knowledge of technology,” he adds. Platforms like Bit2m are intended to ensure that crypto is accessible to everyone and that everyone understands its complexities well.
This is achieved through the simplification of their UX which helps new users. In addition, throughout the platform, they provide walkthrough solutions through features such as Academy, an e-learning platform that draws knowledge from both verified bibliographies and trusted patrons in the industry. “We provide videos, articles and step-by-step guides,” Ferreira added. However, it is also important to note that the academy is not just for new users. The training sessions offered are also for micro, small and large businesses.
Many new users do not understand how the digital wallet works. Some platforms require users to have a separate digital wallet, while many platforms, such as Bit2Me, started with a wallet.
“Our first product was the Bit2Me wallet, which is included on Fiat / off-ramp. Thus, our users can quickly buy, sell, trade and exchange cryptocurrencies. Ferreira explains. With their own wallet in place, Bit2Me ensures optimum security, augmented with their complex planning that includes hot / cold wallets and custody solutions.
Today, with the increasing popularity of digital currencies, many platforms are also coming to the fore. As Bit2Me is an old platform, it has managed to create a community. Many other platforms are still very fundamental in terms of structure. Thus, users need to keep their own wallets and understand intricacies on their own.
Today, governments and units of various countries are in the process of launching their own digital currencies. Thus, it is not going to be long before bitcoin and altox come into the mainstream. However, it is important for new users to start with a platform that is user-friendly. Today, the rise in popularity of cryptocurrency has certainly made its adoption process easier and, over time, it will probably become even simpler.
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