It is worth asking whether the popularity that cryptocurrencies have gained over the years is small. Although cryptocurrencies, particularly Bitcoin, are far from replacing institutionalized cash, they have gained wide acceptance around the world.

As a means of payment

As a means of payment for merchants, Bitcoin initially had little value. However, over time, several merchants around the world have come to accept it as a viable payment method, including restaurants, airlines, jewelers, and apps.

One of the most well-known companies that accepts cryptocurrencies as a viable payment method is Apple Inc. This will allow 10 different cryptocurrencies to be traded on the App Store.

However, India as an economy is still in the stage of seriously exploring cryptocurrencies as a viable means of payment. Still, with major companies like Apple and Facebook championing the cause of cryptocurrencies, it is expected that cryptocurrencies will soon gain traction in India as well.

Investments

Cryptocurrencies, especially Bitcoin, are one of the most profitable investment opportunities today. Price increases are very dynamic and can prove to be a great way to increase your capital.

However, individuals should also be aware of the volatility of this investment opportunity. Bitcoin, the most popular cryptocurrency with the largest market share, has experienced the most unpredictable price fluctuations of any asset. For example, in December 2017, the value of Bitcoin fell from $19,000 per BTC to $7,000 per BTC.

Such price fluctuations are natural as cryptocurrencies are based on changes in popularity and fashion rather than major changes.