Ethel Bruce
02.09.2023
The growth of cryptocurrency as a decentralized asset class has attracted investment. For example, $6.1 billion was invested in the U.S. cryptocurrency market in 2021. The growth is also supported by the increased demand for cryptocurrency as an alternative form of payment in developing economies suffering from devaluation of national currencies.
One of the key factors influencing the growth of digital currency is the increase in the number of businesses that now accept cryptocurrency as an official payment method. The adoption of digital currency by large corporations such as Tesla Inc. and MasterCard Inc. is expected to spur industry expansion.
We should also note the possibility of cryptocurrency trading in the Forex market. Broker NFG Finance can act as a reliable intermediary when buying or selling cryptocurrencies. Clients of NFG Finance broker can buy popular types of cryptocurrencies.
Growth of the North American regional market
The North American regional market is expected to grow significantly over the forecast period. This is due to several factors, namely:
- The use of cryptocurrencies in the NFT (non-interchangeable tokens) in the region;
- The growing acceptance of cryptocurrencies as a form of storage;
- significant investments in companies developing blockchain technology and advanced solutions for mining systems.
For example, in February 2022, Intel Corporation announced its contribution to blockchain technology with a roadmap for energy-efficient gas pedals. The company said its blockchain gas pedal chip will ship later this year. Argo Blockchain, Block & Grid Infrastructure will be among the first customers of this upcoming product.
The emergence of regulators
Government agencies around the world are focused on developing laws to regulate cryptocurrencies. The European Union has developed the Markets in Crypto Assets Act (MiCA), created to legally regulate the market for cryptocurrency assets.
In February 2022, the Indian government took steps to legalize cryptocurrency by announcing a 30 percent tax on income derived from digital currency transfers. Cryptocurrencies such as Bitcoin are gaining popularity in countries with high inflation, including Argentina, Zimbabwe and Brazil. This is due to the devaluation of these countries' currencies.
The rise of Bitcoin and Ethereum
Bitcoin and Ethereum are two of the most well-known and widely used cryptocurrencies in the world. Here are some basic differences between them:
- Distribution. Bitcoin has a limited supply of 21 million coins, while Etherium has no limit on the number of coins that can be created, and now uses an inflationary release model;
- Based on the Etherium platform, you can create your own tokens. Bitcoin has no such functionality.
- Unlike Bitcoin, Etherium, launched in 2015, not only provides a digital currency (ether), but also provides a platform for creating smart contracts.
- Technology: Bitcoin and Etherium use different technologies. Bitcoin runs on a blockchain platform based on Proof-of-Work (PoW) technology, while Etherium is now moving to the more energy-efficient Proof-of-Stake (PoS) technology.
One of the trends is the growing interest in Etherium. This cryptocurrency segment is expected to grow significantly in the coming years. Since Etherium allows users to create various decentralized applications, there is a significant increase in network traffic, which is directly related to the expansion of the Etherium market.
However, Bitcoin, which now occupies more than a third of the cryptocurrency market, will also grow. This is due to the emergence of Bitcoin exchange traded funds (ETFs). Such exchange-traded funds should lead to a surge in global Bitcoin transactions.
The emergence of unscrupulous counterparties
When trading cryptocurrency, there is always a risk of encountering fraudsters. The growth of their number is an expected trend in the growth of the market. When trading in the Forex market, it is worth paying attention to a broker. A reliable and honest intermediary is a necessary element for successful trading and investment.
To distinguish between honest brokers and scammers, it's worth looking at the reviews. So in the reviews of NFG Finance customers note:
- support professionalism;
- high speed of operation and transactions;
- a wide range of assets for trading:
- ease of handling;
- reliability and honesty of the broker.
These reviews can be found on major review sites like Trustpilot, Sitejabber as well as on other no less famous sites. All this unambiguously proves that NFG Finance is not a crook, but an honest broker, which is worth cooperating with when trading crypto on Forex market.
Comments
Emil Merritt
In terms of commissions and service. Low commissions allow me to increase my profits while maintaining favorable conditions. I like the fact that NFG FINANCE is committed to its obligations and does not suddenly change its terms like many other brokerage companies do.
Randolf Jennings
In the past, I have used the Quick trading terminal. I liked its functionality and it met my needs, but when I decided to significantly change my trading strategy, I needed a more advanced trading terminal. In this matter, NFG Finance provided me with exactly what I needed. It was immediately clear that this was exactly what I needed.
Amos Bennett
I always read the digest of key events that NFG sends out. It is always interesting to read it and I know that it allows me to grow and develop as a trader. In principle, this broker is a pleasure to deal with.
Roland Sullivan
I don't like when a brokerage company offers me some aggressive strategies that involve high risk. I like when everything goes smoothly and predictably and that's why I like NFG. Unless you ask them to, they will not impose some high-risk strategies on you.
Chester Reynolds
Studying together with NFG Finance specialists, I get knowledge no worse than from trading books. The material is given systematically, they check how well you have mastered the material and provide additional help if necessary. This gives me the opportunity to constantly develop and move forward.