Bitcoin Trading Platform is based on an encrypted system known as cryptography, and people can send and receive funds through exchanges via cryptocurrencies. These are also known as digital currency or assets which are based on a decentralized network.
There are no third-party services like banks or the government involved in these transactions, and you can send funds with cryptos in less time. Along with that, you can save your transaction fees by using such digital currencies for cross-border transactions, where you have to pay a hefty transaction fee to your bank to make an international transaction with fiat currency.
Latest Crypto News 2022
Cryptocurrencies were widely accepted by merchants in 2021, and institutional investors started investing their funds in these digital assets. It gained huge popularity, and experts stated such currencies, especially bitcoin as digital gold. Here, you can find some news about cryptos in 2021:
- PayPal, one of the largest US-based payment companies, announced that their users can use bitcoin on their network to make payments, in Oct 2020. Apart from that, Elon Musk, the Tesla founder, announced that his company is going to accept bitcoin as a valid payment mode for his products and services. The Crypto market rose at a rapid pace after such news, and Bitcoin reached its highest value in 2021. But at the end of 2021, there was a downfall in bitcoin value, after the announcement made by Tesla that they will not accept Bitcoin as a valid payment mode because the mining process of this coin has a huge impact on the environment.
- Microstrategy, the biggest publicly listed provider of business analytics announced that they will invest $600 in bitcoin for the economic development of this market. They already purchased 72 thousand coins, which is equivalent to almost $3.6 billion. After this declaration was made in Feb 2021, there was a huge demand in the bitcoin market, that raised the value of this coin overnight.
- Cryptos are based on blockchain technology where all transactions are stored in blocks, and it was announced in 2021 that NFTs can be purchased through cryptos and cash. After this announcement, $73 billion in trading activity was done in the NFT market, where a major part of around $4.5 billion trading was done on the in-game assets.
- Elon Musk supported Dogecoin, which is a meme coin, and it reached its highest peak with a 73% hike. On the other hand, ETH, the second largest crypto in the world, based on a proof-of-work system started generating computing riddles to mine the ETH tokens. It requires a huge effort of miners and computer power, and it was criticised for its adverse effects on the environment. As a result, miners started using advanced GPUs for merging Ethereum 2.0 to save their electricity.
- In 2021, the Chinese government banned cryptocurrencies in their country, and they declared them as illegal assets. Chinese Government said that crypto mining takes huge energy that can increase the carbon emission rate, and they have shut down the mining business of their country. Now people living in China cannot trade or invest in Cryptos, but they can use their cryptocurrency which is approved by their government.
- Taproot, a famous bitcoin update was launched in 2021. The first update of Bitcoin was released in 2017, and Schnorr signatures, introduced by Taproot made the transactions with bitcoin faster, more secure and more effective. People can now use their coins to make cross-border transactions, and you can send your funds to a foreign account within a few minutes. Make sure to check every important feature before you proceed further to open an account at.
Conclusion
Apart from these mentioned-above factors, cryptocurrencies can be used for online transactions and many businesses are accepting these currencies as a valid payment mode. It is expected to launch uniform regulation for this crypto market by the government that can make this market more stable and less volatile. Lawmakers in different states are trying to implement uniform regulations for the crypto market.
Even, the Indian Government added such currencies to their budget and people living in India can trade cryptocurrencies, without any fear. So, if you are interested in trading crypto assets, be sure to check out News Spy.