Yes, the future of crypto is bright: Here’s how PrivacySwap aims to make it even brighter
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Cryptocurrency’s popularity is uncontrollable. One camp sees it as vulnerable and unsafe. Despite the volatility and doubts about its future, there are those who are still drawn towards such investment. They continue to prove that cryptocurrency is secure and makes an excellent long-term investment.
Experts shared their thoughts on why the crypto boom is happening and how it will look years from now. Let’s see how these experts see crypto and what affects its popularity. We will also explore how PrivacySwap aims to make the ecosystem even brighter.
Good money source during the pandemic
The pandemic is slowly being contained, and more countries are going back to normal. However, its economic devastation persists, rendering many jobless. In addition, small business owners opted to close their businesses due to sluggish reception. Naturally, most people sought a temporary source of income, such as part-time jobs and online businesses. Others took the route of crypto investing, catalyzing the crypto boom.
After losing their jobs, most people who invested in crypto depend on the ecosystem to provide finance to their families. Dominic Lumabi (NFT player from the Philippines) lost his job at an advertising firm. Because of that, he decided to invest in cryptocurrency to make money despite the pandemic. He plays Axie Infinity and earns about Php 8,000 to Php 10,000 (USD 160 -USD200) a month. He uses his earnings to support his parents financially, buy necessities and pay bills.
“Everything has gone digital as a result of the pandemic. Crypto was no different. As people sat at home playing with digital assets, the DeFi (decentralized finance) and NFT (non-fungible token) markets exploded”. Rarible co-founder Alex Salnikov said.
Kosala Hemachanra- MyEtherWaller also mentioned that she thinks crypto is made for situations like the pandemic. Thus, crypto thrived through 2020.
Mass Adoption
Crypto became popular due to mass adoption. Many countries are starting to legalize cryptocurrency, and some even accept it as legal tender. As more countries use cryptocurrency in the future, the price will be affected.
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Kathleen Breitman, the co-founder of Tezos, mentioned that NFT’s popularity attracts newcomers. Famous personalities also saw the potential for such products to monetize.
“This was the first time I saw individuals who had previously been suspicious about cryptocurrencies look to them as a potential answer for their business and truly care about the technology underpinning them. This was the greatest dramatic development I’d seen in the industry to date, in my opinion,” she added.
Indeed, cryptocurrency expanded uncontrollably and even provided fortune to everyone.
Recently, we covered how cryptocurrency became a favorable substitute for legal tender.
Businesses from Venezuela started accepting cryptocurrency as payment. Uruguay has installed its first Bitcoin-accepting ATM. Lastly, a city in Brazil encourages crypto as a tax payment. With all these developments, cryptocurrency is fast becoming mainstream which significantly proves how popular crypto has become.
How PrivacySwap adapts to the stiff competition
It is not just the users who became interested in cryptocurrency. Investors, tech-savvy individuals, and developers have also started to show interest in such investments and build their cryptocurrency projects. In fact, at the moment of writing, there are already 30 new coins/ tokens created and listed at CoinmarketCap alone. Competition has never been this tough
PrivacySwap sees this as an inspiration rather than a threat. We admit that we are still an early player in the market. So, we are still learning a lot in the ecosystem. However, we are very confident that we offer strong features that will surely provide promising returns and convenience to our users.
We are still fixing a few things on our DEX and PrivacyCard. However, this layer will offer a more competitive and seamless platform to everybody. Nonetheless, we will release these features once flawlessness is ensured.
Conclusion
The pandemic indeed helped cryptocurrency to boom. It helped many people from any walk of life to earn money despite the lockdown. In addition, more countries are also using this to bypass inflation. Thus, mass adoption also happened worldwide. With that, more platforms arise, making the competition more challenging.
However, PrivacySwap is confident that our features will provide convenience and more earnings to every user.
Engage with us now!
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