Cryptocurrencies have managed to take over the global financial industry. They are considered futuristic payment methods due to the fact that they are superior to regular payment methods. They are far more secure, provide users with instant online transactions, let people void fees, but most importantly – some of them will help people make a hefty profit.

The main reason why over 6 million people invest in cryptocurrencies these days is the profit itself. With that being said, we decided to list a few things that you should know about them. They can help you get familiar with the crypto world and get to know how trading works. Let’s start.

There Are Thousands of Cryptocurrencies on the Market

The first cryptocurrency that was created was Bitcoin. It was established in 2008 and it sparked the movement that would, later on, revolutionize the financial industry. These days reports state that there may be as many as 2,000 cryptocurrencies on the market.

Considering the fact that they are digital assets, they do not have a physical form and can only be used for e-transactions. Thanks to the technology that powers them, each online transaction made with them is instant.

Where Do You Trade Them?

As mentioned earlier, the main reason why people use cryptocurrencies is the chance to make a profit. After all, research shows that there may be as many as 100,000 millionaires who made their fortune by trading crypto.

The best marketplace where you can connect with buyers from all around the world is trading sites. These platforms will allow you to access their services after you register and verify your account. The process is very fast and simple. Not only that, but reputable sites such as the Yuan Pay App platform utilize advanced AI systems that analyze the data on cryptocurrencies and use it to make accurate predictions on their future fluctuations, thus increasing your chances of making a profit.

Blockchain is the Technology That Powers Them

Think of the blockchain as a log that stores all transactions made with cryptocurrencies. Each cryptocurrency has its own blockchain that is constantly updated through mining. Thanks to this advanced technology, cryptocurrencies manage to remain highly decentralized and out of the control of banks.

Since banks are cut off from every transaction, they are not able to impose fees. That leads us to the fact that not only can you profit off cryptocurrencies, but by using them, you can also save money.

Are They Legal?

Due to the fact that cryptocurrencies are self-sustainable and highly decentralized, many governments around the world consider them as outlaws. Not, the law does not specifically state that they are illegal, but banks do not accept them.

The good thing is that many companies are accepting them as a payment method and by trading them, you convert them to FIAT currencies. The only country in the world where crypto is legal is El Salvador. Recently, this nation became the first in history to legalize Bitcoin.

The Most Dominant Cryptocurrencies

Earlier in this article, we mentioned that even though there are thousands of cryptocurrencies, not all of them are profitable and dominant. Those titles go to a select few – Bitcoin, Ethereum, and Tether. Bitcoin and Ethereum are the two most valuable cryptocurrencies on the market. Bitcoin is valued at around $40,000 while Ethereum’s value is $2,000. Speaking of Bitcoin, it is worth noting that experts believe that it will rise to $100,000 by the end of 2021 or at the beginning of 2022.

The number 3 spot is reserved for Tether. Now, this cryptocurrency is valued at $1, but what makes it so dominant is the fact that it is a stablecoin.