During the first quarter of 2021 the popularity of crypto expeditiously grew with Bitcoin reaching over $50,000 in value. With investments into crypto now becoming more recognised across sectors such as retail, automotive, tech and gaming, keen interest in its value and how it could be used to pay for goods is becoming really exciting for companies who are looking at new methods to adopt crypto.
Even the traditional finance markets have begun to take an interest, whether its for fear of being left behind or a keen enthusiasm in how the financial market will evolve during the future. The likes of Barclays Bank, Royal Bank of Scotland and NatWest are happy to let their customers freely buy crypto, by using a debit or credit card and cash out funds from crypto investments.
Some Crypto Facts!
- Interest in crypto began following the 2008 financial crisis when people lost faith in the banking industry
- Crypto currency (digital) could replace Fiat currency (notes and coins) in the future
- There are over 4000 types of cryptocurrency
- Crypto is not yet recognised as legal tender
- Bitcoin-backed bank notes are currently being designed in the US
- Crypto is still not regulated but the financial industry is looking into how this could be done in the future
- Crypto is stored and traded via the blockchain network
- The currency could become widely adopted by e-commerce solutions over the next 10 years
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