First of all, the statements in this article do not constitute advice or recommendations for investing in crypto. If you are reading this text, it is because you certainly want to know more about the number of crypto assets. Indeed, very fashionable recently, and currently in the news, cryptocurrencies differ from conventional currencies by their exclusively virtual character. It is therefore digital currency with which you can make purchases. They can even be exchanged with each other. Given their recent proliferation, you are certainly wondering how many there are. The answer here! A pharaonic number of crypto!
On June 14, 2021, CoinMarketCap revealed that there are 15,617 crypto assets. They then had an estimated global value of 2,031 billion euros. This impressive figure is justified by the lack of a central bank for the storage of these modern-day currencies. They employ technologies and cryptography. As for the users, they are involved in the process of issuing and settling transactions.
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According to the statista.com website, there are nearly 6000 different cryptocurrencies in circulation. However, there are only 20 of them that are employed by about 90% of the market. In practice, it is quite simple to design and implement a crypto. De facto, in recent years, their use has seen a sharp increase. The best known throughout the globle are Bitcoin, Ethereum and Litecoin.When simplicity creates success!
The interest in virtual currencies is clear, because even those who do not really know about them, are looking for ways and means to use them. But everyone is attracted for a reason of their own. Five major reasons justify the popularity of crypto.
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First, the relative absence of fees is the first factor that boosted their popularity. Even if they exist, the fees related to cryptocurrency transactions are insignificant compared to those of conventional banks.
Second, they are proving to be unprecedentedly effective. Transactions are fast and available at any time. There are no holidays, weekends, or holidays in the crypto world. Restrictions on opening and processing by a third party are non-existent. Although this factor could lead to believe that virtual currencies are prone to risks of insecurity, they are rather very secure. This is because blockchain technology is known to complicate transactional data on the system. This decreases the risk of human error.
Also, remember that crypto excludes any involvement of governments. This highly positive point makes many users consider, and rightly so, virtual currencies as more stable and less at risk, even if an area is subject to difficulties.
Finally, the last and most important of the arguments in favor of crypto is their speculative profitability. Banks are investing more and more in Blockchain projects, and the crypto market is becoming more and more active. It is therefore quite normal for this financial landscape to be strengthened.
In addition, even if several people try to point out the difference between digital currency and cryptocurrency, it must be admitted that limit is still quite unclear. Indeed, digital currency includes all currencies in digital forms, including cryptocurrencies. But some digital currencies are just substitutes for traditional coins and notes. They are issued by a central bank. Types of cryptocurrency wallets
A crypto wallet is used to store public or private keys. They make it possible to track, receive or spend cryptocurrencies. There are several, but five stand out. These are wallets on computer, mobile, online, computer and paper. Note that if you engage in cryptocurrency trading through a CFD account, you will not need wallets. The reason is that you will not be an owner of the underlying. The mission of wallets is limited to storing, sending and receiving digital currencies.