In 2017, the cryptocurrency industry experienced a real boom that made Bitcoin mainstream. But after the euphoria, there is always a break, and until the spring of 2019, a protracted correction of cryptocurrencies lasted, and many believed that the crypto industry went into decline and will not recover any more.
During this time, many companies were wary of cryptocurrencies and tried to avoid them in every possible way. Among them was the payment giant PayPal, which blocked users’ wallets if it turned out that they were conducting transactions with cryptocurrencies.
But in 2020, everything changed. Cryptocurrency is once again becoming mainstream, and even governments are supporting it and developing solutions that will allow citizens to use cryptocurrency for various purposes. Developed countries are developing their own digital currency for Central banks (CBDC) due to the way blockchain simplifies the control and tracking of transactions.
But the crypto-thaw also affected large private companies, which abruptly moved from the stage of denial to the acceptance of digital assets. These companies include giants such as JP Morgan, Goldman Sachs, Visa, Mastercard, and PayPal. The last three companies that act as providers of money transactions have revised their policy towards the cryptocurrency sector and are now more loyal to users who are increasingly using cryptocurrencies against the background of their mass distribution.
Traditional companies ease the pressure on the crypto market
In 2018, Visa, Mastercard and PayPal imposed strict conditions for all crypto transactions amid the decline of the crypto market. But the payment system PayPal has moved further in this regard: The company blocked wallets, even if the user made an exchange for small amounts up to several hundred dollars.
But in 2020, payment giants began preparing for a new wave of digital asset development and are actively working on implementing payment solutions for processing cryptocurrency transactions. To develop a new service for exchanging digital assets, PayPal has partnered with Paxos (PAX), a regulated financial platform that serves as a bridge for users between traditional currencies and crypto assets.
Is it worth it to buy Bitcoin now?
Probably, this question concerns many newcomers today who want to invest in cryptocurrencies. Blockchain is rapidly developing, but this is only the beginning of the road. There is still a lot of work to be done before the infrastructure will be implemented everywhere in all financial institutions, and users will be able to use cryptocurrency as ordinary money.
At the same time, given the general trend, this moment is not far off, and soon we can witness the birth of a new era in which cryptocurrencies will be on par with or even surpass traditional financial instruments, and users will be able to pay with Bitcoin for coffee as easily as today with a credit card.
Here are a few reasons to buy bitcoin:
- Bitcoin volume is limited so in case of the predominance of demand over supply, its price will grow;
- Bitcoin is decentralized: neither banks nor any other companies can block it, confiscate it, or otherwise interfere with your rights to own the digital asset;
- Bitcoin is anonymous, and you don’t have to report for your coins or disclose your transactions;
- Bitcoin is transparent: all transactions are visible to other users, so you can track the activity of the blockchain network.
Keep in mind that the price of Bitcoin is unstable and may fall. However, in the long term, there is every chance that the price of the main cryptocurrency will grow significantly and exceed the absolute maximum of 2017,which was at $20,000.
Where to buy Bitcoin
There are several ways to purchase cryptocurrency. We will look at the most popular, simple and fast for beginners.
On crypto exchanges, users exchange cryptocurrency with each other at the market price. Crypto currency exchanges sets lower commissions, which rarely exceed 0.2 per cent. But you also need to pay for withdrawal from the exchange to your wallet. This method is less convenient and not the fastest, because buyers need to deposit funds on the exchange, and after the purchase, wait for the withdrawal request to be processed.
Popular cryptocurrency exchanges:
P2P exchange platforms
According to the principle of operation, P2P services resemble crypto exchanges, only all requests for exchange are processed manually by the contractors themselves, which slows down the exchange process a little, and the exchangers act as a guarantor of transactions. In addition, the coins are also credited to an internal account, so you will need to pay a withdrawal fee, the rate is usually 3% – 5% higher than the market rate.
Popular P2P exchangers:
There are mobile crypto wallets with a built-in option for exchanging digital assets. With the help of crypto payment providers, users can quickly buy cryptocurrency and get it immediately to the wallet and do not even need to enter the address, which eliminates the risk of errors. This is convenient, but you will have to pay a high fee or buy cryptocurrency at an inflated rate.
Popular multi-currency wallets:
- Trust Wallet;
There are many centralized exchanges, the exchange rate on which can differ significantly. But they are not so easy to find. There are special services for this purpose, such as Changevisor (https://changevisor.com/), which in real time monitor cryptocurrency exchanges with the most favorable exchange rate on the Internet and provides a list of reliable platforms for buying cryptocurrencies.
With Changevisor users can:
- To obtain a list of verified exchangers that are trusted by users, sorted from the most profitable offers;
- Find exchanges in specific directions, such as PayPal to USD and others;
- Read reviews about exchangers and evaluate the quality of their work.
Such exchangers allow you to quickly and easily exchange cryptocurrency at an inexpensive price, and the Changevisor service (https://changevisor.com/) will help you find the most favorable exchange rate for the selected exchange direction. This way users can compare several sites and choose the best option for themselves.
We are witnessing a new era in the crypto industry development. This is not a new HYIP that occurred in 2017, but the maturation of a decentralized market, which is getting closer to becoming the main alternative to traditional financial instruments. Perhaps now is the time to become a part of this new world.