Cryptocurrencies are on their way to become the money of the future. With every passing day, the cryptocurrency market has been flourishing tremendously and more people have started showing interest in it.
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On the other hand, cryptocurrencies also have the reputation of being highly volatile, and hence, this asset is thought to affect the world’s economy and stability in terms of finance.
The European Commission has had its eyes on cryptocurrencies ever since they have made their entry in the market, and the Commission is all set to put forward a proposal to grasp the many possibilities that unfold as these currencies are growing in the market. The best part about these tokens is that they have a very low fee, and their transactions are quick as well.
According to the officials of the Commission, Europe is all set to lead in this industry and the commission believes that any kind of new regulations won’t stop the users from investing in the market. Europe expects to gather $350 billion worth of market which will be spread across 6,700 currencies.
The commission is all set to get to a point where the riles will push the cryptocurrency platforms to innovate, and it will also protect the users. But before we dive into the future, let us dig into the past!
The ‘Tulipmania’
It is a throwback to 1637. The prices of Tulip had gone up and Tulips went on to become exotic flowers. The bulbs became a speculative investment and the wealthy people paid hefty amounts for the same. This Tulipmania ended in February 1637, and it left many investors with no money.
For many people, this story is what resembles that of Bitcoin. Bitcoin has come into the spotlight and its price has been going up since 2017. Talking about the statistics of December 2018, 3,300 dollars was the worth of one Bitcoin.
Bitcoin has had huge ups and downs in the cryptocurrency market. Bitcoins have also become an alternate mode of payment for illegal funds and for drug dealers.
Libra’s Earthquake
Talking about Libra’s Earthquake, Facebook made an announcement that Stablecoin will be launched in 2020. The coin will aim to provide a mode of payment that is quick and cheap. This announcement received a backlash and it also made the Facebook users uncomfortable, as they were confused about Facebook’s intentions behind the decision. The confusion also arises because the users were already furious as Facebook was unable to respect the privacy of their personal data.
The National Authorities did not trust Libra as they believed that this cryptocurrency could directly affect the global economy, as the reach of the social media platform is huge. The fear was there because Libra had the power to destabilize the economy as Facebook can reach more than 2.7 billion users worldwide.
How To Play Safe In The Cryptocurrency Market?
As much as the cryptocurrency market is flourishing, people still think before investing in cryptocurrencies as there are several fake platforms and bots out there, who are all set to rob you. It is highly important to select and invest in the right platforms in order to gain profits.
Here are a few tips that will help you stay stable in the cryptocurrency market.
- Don’t rush! Study the market properly, take a close look at the patterns of the cryptocurrencies, and then invest.
- Do not invest in companies that are not regulated. These companies may not be legit, and they will simply put your hard-earned money in jeopardy. You should always look into the company before you invest your money with them.
- Learn from the best, and listen to those who know. The so-called investors will always have something to say to you. You need to ensure that you don’t listen to anyone or everyone. You should learn from those investors who have been there in the market for a very long time, and they know what they are saying. This will ensure that you do not make the wrong decisions.
- It will take a long time and loads of practice. However, the fruit will be worth the wait.
To end this article right here, we would like to say that just like anything else in the market, cryptocurrency is new and it has a long way to go. The market will face several challenges, risks will always be involved, but it is also about taking a leap of faith. Cryptocurrency is going to be our future money, and as of Europe, let’s see what the future holds for us.
