Cryptocurrencies have been lying around us for a while now and, as time went on, these digital currencies also evolved. From being mere some sort of new technology to becoming a great medium of storage and investment and also becoming a method for people to become rich overnight. The scenario has changed so much that for someone who would have become a laughing stock if he/she invested in cryptocurrency back in the 2000s to someone who is followed and called the ‘trend setter’ if they have invested in the cryptocurrency.
But before a non-trader tries to invest in cryptocurrency, many questions cloud their minds. The concerns like- ‘Where would cryptocurrencies be in next five/ten years? Is it really worth investing in? Is it safe? Do these have any intrinsic value? Are there any better options for investment than cryptocurrencies? etc. It is mainly because of these concerns people end up avoiding investment in cryptocurrencies altogether. So today, through this article, I have tried to cover some of the issues that might help you to gain a better understanding of the crypto market and reach an effective level of comparison, where you could easily compare many alternatives for investment and choose the best one for yourself.
It is natural for each one of us to be a little bit hesitant when it comes to any source, where we seek to put our hard-earned money. Like any other investment, cryptocurrencies are not 100% only profits. There are losses as well. Needless to say, your trading history depicts your very own skills and methods. One thing we should consider before investing in any asset is its trend and predictions.
Trends have shown a sudden upward surge in the cryptocurrency market when the price of the most famous and no-1 cryptocurrency of the world-‘Bitcoin’ soared above $20,000. The predictions were mixed but the outcome was positive. The price of Bitcoin rose to a great level and as of today, it has passed $60,000 per bitcoin. The course of flow of bitcoin shifted from being ‘the currency for the dark web’ to ‘the mainstream currency’ due to massive use and demand by many traditional traders along with the newbies. The market speculates that the price of Bitcoin may reach as high as $300000 per bitcoin.
The promising future of cryptocurrencies can be judged from the fact that many big names in the market showed their interest in dealing with cryptocurrencies. For example, PayPal has added cryptocurrency as a method of making payments and conducting transactions on their platform. ‘Tesla’ has added bitcoin to its portfolio etc. Even though the volatility of this market is a downside but many other features make up for it, and this is the main reason why the use of cryptocurrency is favored by so many people. More and more business houses, as well as non-business institutions, are finding working with cryptocurrency rather useful and profitable. They are also promoting their users/customers to try working with cryptocurrency.
Another reason why you should consider investing in cryptocurrency is- as a customer you gain more freedom in dealing with your finances. You get more opportunities at low costs and also at your own convenience. As we already know, that the cryptocurrency assets were created because of the centralized control over the finances by the governing authorities and to rule out the shortcomings of the traditional banking system, this makes it even more favorable to invest in these crypto-assets. The cryptocurrency assets provide a huge benefit to the common people, solely because of the concept of decentralization and blockchain technology, on which these are built.
The assets are linked directly to the consumers because of the open-source nature of the cryptocurrency assets hence eliminating the weak points of the banking system. Its decentralized nature makes it even more trustworthy and transparent. You can happily avoid the long and tedious paperwork, as it usually happens in the banking industry and you can easily control all your finances and investments while sitting at any part of the globe.
As we have studied, why cryptocurrency stands as a strong candidate for the future of investments and why you should consider investing in cryptocurrency, but it all boils down to your own judgment and interest. Some call it the money of tomorrow, while some refer to it as a gamble. The choice is yours. Research and read as much as you can and take the action at the right time. You can always leave your valuable feedback to us so that we could also improve. Take your time and hit the iron when it is still hot.
We wish you happy trading.