There’s always been something a bit mysterious about cryptocurrency – maybe it’s down to a lack of understanding about how it works, or maybe it’s a lack of understanding about why it’s needed.
But has lockdown changed our perceptions? And is cryptocurrency now mainstream?
What is cryptocurrency?
Cryptocurrency is a way to pay for goods and services online. But, unlike most cash-based online transactions, cryptocurrency payments can remain completely anonymous. This is why many associate cryptocurrencies with the murky world of the dark web.
Cryptocurrencies work using a technology called blockchain, which is a decentrailsed technology spread across many computers that manage and record transactions. This is what helps makes cryptocurrency transactions secure and anonymous. For more info on blockchain technology, check out ComputerWorld.
Bitcoin is arguably the most famous cryptocurrency around, but there are a growing number of currencies and providers popping up.
Are cryptocurrencies now mainstream?
It seems the UK has adopted cryptocurrency in record numbers during lockdown. Especially among millennial demographics who feel that it’s a safer, easier and better way to make their money work for them.
According to the findings of a study from Zumo Money, an online cryptocurrency wallet provider, the last 6 months has been a key period for the cryptocurrency market, with over 50% of all those who have ever bought cryptocurrency, acquiring it within that time period.
As a financial system, it seems that cryptocurrency shows no signs of slowing with over 50% of 18 – 34 y/o believing that cryptocurrency will be accepted for everyday transactions within the next 10 years
Speaking about the rise in cryptocurrency during lockdown, founder and CEO of Zumo, Nick Jones said: “We’ve been saying it for years, but now we have the data. cryptocurrency is here to stay. Trust has never been higher and people are starting to make the move in a very real way. Maybe it was the extra time to research, or perhaps it was a desire for more financial control in uncertain times, but whatever it was, cryptocurrency has become a mainstream feature for the lives of people everywhere”
Trust was a key take-out as to the growth of cryptocurrency with over 50% of 18-24 year olds trusting it more now than they did a year ago. For more info, check out Zumo Money.
Have you bought, sold, or traded in cryptocurrency? Let us know.
