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The crypto coin made national news in 2017 when its value unexpectedly skyrocketed to $19,873 per share, highlighting the general idea of cryptocurrency and blockchain on a global scale before it was largely being considered as an alternative currency option.
“The most popular crypto is Bitcoin … because it was the first one to be widely used and is generally considered the safest to own,” Alex Mashinsky, CEO at Celsius Network, a crypto lending and depository company, told FOX Business. “Bitcoin is up 9 million [percent] in the last decade, outpacing Wall Street top performer Netflix, which returned 4,000 [percent] during the same time.”
One Bitcoin is worth nearly $10,000 as of Feb. 8, according to Google Disclaimer.
Mashinsky noted that cryptocurrencies are becoming increasingly popular because they “bypass all the fees and tolls banks [that] credit cards and financial platforms charge us today. These new rails enable new services and products to be created that act in the best interests of the user and the community and not the banks and Wall Street.”
“The young crypto community is trying to create these new services and convince hundreds of millions of users to move their assets to the new rails,” he added.
Richard Dennis, founder and CEO of a cryptocurrency called TemTum, noted that while the “speed of settlement, which takes several days on the traditional banking system,” it takes only about an hour with cryptocurrency, and banking hours are not an issue.
“The popularity of cryptocurrencies is clear to see,” he said, adding that benefits include “greater security, faster payments and audible qualities” that have “made the industry take notice of cryptocurrencies so much so that national states and central banks and frantically working on trying to catch up and deploy this technology for their people.”
Other popular cryptocurrencies include Ethereum, Ripple, Tether, Litecoin, Monero and EOS. Even Facebook announced plans to start a cryptocurrency called Libra — an idea that came under strong government scrutiny and quickly lost support.