14th February: Cryptocurrencies are a staple of today's economy, but some people are quite spooked by them. These are unsure of the uncertain and new things, and most of their fear is pretty baseless. It is our responsibility to clear those doubts, as the Best cryptocurrency news provider online.

If we check the current trend of cryptocurrencies, we will see that most companies accept cryptocurrency payments. This is a long way from where it first started when it was just a bunch of speculation and fear.

In the initial phase, Bitcoin, the original cryptocurrency, was coined as a dark element, the chosen currency for illegal activities, like ransomware attacks, hacks, trafficking, and money laundering.

Now, Bitcoin is used for several purposes, which led to more circulation, currently, 18 million (cap is at 21 million). People have invested more than $1million in these currencies.

But now, we see loads of news of cryptocurrency acceptance. El Salvador declared it as a legal tender last year, and we saw the emergence of Bitcoin-based ETFs, and they began trading on the New York stock exchange. Visa had also introduced the concept and aid multiple companies in the process.

In different countries where the economic situation is not strong, cryptocurrencies can be a lifeline, for example, Afghanistan, and Russia. Venezuela can be considered as a case where the country is trying to bounce back, amidst the US sanctions.

Smart contracts can be used to take care of traditional financial services and banking facilities. It removes the concept of centralized authorities. It can bring a whole lot of people into the banking sector, especially those who are unbanked.

As per the proponents of cryptocurrencies, these can be used to weed out corruption, as one can track these transactions. If a business wants to enter the market, it can. Yes, people will have to master the concepts, but they can create wealth with comparative ease.

Every good thing comes with risks, and cryptocurrencies are not an exception to that. We cannot ignore that these currencies have been repeatedly used in criminal activities. But there are ways for law enforcement officials to keep track nowadays. And because Blockchain is tamper-proof, it leaves behind evidence of any wrongdoing.

But, they are a better alternative to fiat money, if we think about the downward graph of saving rates, and other obstacles present in the market. So, in totality, it's neither all white nor black, but it's the need of the moment.