Cryptocurrency is Increasing in Popularity in Asia

Asia has almost always been ahead in terms of technology innovation and development. With the rise of digital currencies, they have also made themselves noticed. They do not hold back when it comes to investing in this vastly growing market. Read more about the cryptocurrency market in Asia in the following article.

Most of the cryptocurrency transactions take place in Asia. As much as 31% of all transactions of the different cryptocurrencies happen across Asia. Which is a large amount of the worldwide population. In a report from 2020 by Blockchain Valley Ventures in Switzerland Asia is responsible for 95% of the bitcoin futures market. A future is a type of financial contract where two parties agree on a date and a price for a future transaction. And no matter how the market or the value of the asset has changed, the transaction is set in stone. 

These predetermined transactions naturally have a big impact on the market and the dynamics of the cryptocurrency assets. If you are eager to understand the cryptocurrency movements and the dynamics of the market, you can visit Cryptomeister.com here. Here you will be able to find news on this digital currency and learn about the trading and selling of cryptocurrencies. 

A taste for technology and possibilities for a quick profit

Asia consists of plenty of populations with a taste for technology. This is probably why such a big part of the Asian population has jumped to invest in the different cryptocurrencies quite fast. With the entry of Bitcoins on the market we witnessed how quickly these currencies can rise in value. This was among others due to the millions of Asian investors, which you can read more about on Wsj.com. 

This promise of quickly gaining a profit was linked to the cryptocurrency which probably made more people eager to invest in them. And the Asian investors who acted quickly have probably gained a great amount of money from their investments. The possibility for quick output is a result of the constant movements in these cryptocurrencies. They can rise as quickly as they can fall.
Since the Bitcoins entry, the number of cryptocurrencies has only increased. And today Bitcoins are out of reach for the typical worker as their value has increased immensely. In South Korea, a third of all workers have invested in cryptocurrency. 

The backside of the cryptocurrency’s growth

It has been discovered that Bitcoin mining stands for a big percentage of the production of global electricity. Research done at Cambridge showed that Bitcoin mining consumes more energy than the consumption of Malaysia and Sweden. Bitcoin mining refers to the process of getting hold of Bitcoins through a computer or tens of thousands of computers. It should be the most energy-demanding transaction of all. As this cryptocurrency takes on the world and increases in popularity, a concern about the environmental effects is on the rise. This worldwide interest in cryptocurrency could pose a new environmental issue. 

 

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