5 reasons why you should invest in cryptocurrencies
Cryptocurrencies today have taken the world by storm. Some have already got their heads around the phenomenon, while some are still figuring the possibilities that come with it. There are a number of advantages of cryptocurrencies that can prove to be extremely profitable for investments. With apt research and study, the profits are endless in the crypto world. Infact, all of these details are sophistically mentioned on the cryptocurrency websites.
Here are 5 best out of the rest reasons for why you should invest in cryptocurrencies.
1. It will be the future of currencies
One thing the economic crisis of 2008 has shown us is that traditional banking systems are flawed. More and more people are looking for viable alternatives and that’s exactly what crypto offers – a secured decentralized form of banking. It takes governments and banks out of the equation. Germany’s Deutsche Bank’s Imagine 2030 report talks about how fragile the traditional money system is. By 2030 over 200 million people will be using digital money and by then traditional money will be already on the way out. Twitter’s Jack Dorsey has said that he believes that Bitcoin will eventually become the world’s single currency.
2. Getting familiarised with the technology
Cryptocurrencies are the biggest technological invention since the internet. If you’re not up to speed with it yet, you’re behind. But the good news is it’s still early to be on board with the millions of users that are using crypto. Just like in the 90’s when the internet was taking off there were those who resisted adapting to it and there will be those people with the blockchain and crypto revolution. Do you really want to be one of them? Just like we rely on the internet for information and communication, it’s going to be the same for financial transactions using blockchain. So if you’re not familiar with using it yet, now is the time.
3. Inflation-proof
The problem with traditional money is that it’s constantly going down in value. This isn’t by accident. Governments and central banks do it on purpose. Especially when there is a financial crisis like the pandemic in 2020. When there is a shortage of money the governments get around it by printing more. In fact 22% of dollars in circulation today were created in 2020. Cryptocurrencies just like gold don’t get created as a short-term fix to financial problems. Crypto holds its value in crisis and is inflation-proof.
4. No one controls your money
If regular money is controlled by governments and banks, who controls crypto? The beauty of crypto is it is controlled by nobody and everybody at the same time. For example, the code of Bitcoin is stored in thousands of nodes. These are nothing but the computers of tens of thousands of people who voluntarily run bitcoin software on their computers. There’s no central authority or mastermind behind it. All users effectively retain control and it’s in everyone’s control and interest to keep the network active and healthy. Running it this way has all kinds of advantages over the banks.
5. Blockchain is here to stay
What you have to understand about blockchain is that Bitcoin and other crypto are built on blockchain in the same way that Facebook or Google are built on top of the internet. It’s what makes crypto possible but there’s more to blockchain than crypto. Crypto is proof enough that blockchain is going to become more important. But just in case you needed more, here are a few more things blockchain is being used for. Big businesses are using it to record data. Companies are using it to keep data that is too complex for a spreadsheet to record. Healthcare providers use it to store their patients’ medical records safely. There’s potential for it to grow into records of property ownership and in elections to keep track of votes and take away the need for recounts.
Crypto market is now amplifying with new cryptocurrencies emerging with the finest strategies. Jump into this bandwagon & empower yourself with financial freedom.