How Does Cryptocurrency Gain Value?

 Cryptocurrencies are the latest 'big thing' in the digital world and have now been recognized as being part of the monetary system. In fact, enthusiasts have tagged it as 'the revolution of money'. In clear terms, cryptocurrencies are decentralized digital assets that can be exchanged between users without the need for a central authority, the majority of which being created via special computation techniques referred to as 'mining'. The acceptance of currencies, like the US Dollar, Great British Pound and the Euro, as legal tender is because they have been issued by a central bank; digital currencies, however, such as cryptocurrencies, are not reliant on the confidence and trust of the public on the issuer. As such, several factors determine its value. Factors that Determine the Value of Cryptocurrencies Principles of Free Market Economy (Mainly Supply and Demand) Supply and demand is a major determinant of the value of anything of value, including cryptocurrencies. This is because if more people are willing to buy a cryptocurrency, and others are willing to sell, the price of that particular cryptocurrency will increase, and vice versa. 

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