There’s no doubt about it; cryptocurrency is making big waves. You’ve probably been hearing more and more about it on the news and heard people talking about it more. At the same time, some are just reading the headlines and discussing it. Well, others getting busy are getting busy working on becoming a part of this revolution and grabbing this huge opportunity.
Hello everyone; if you’re still not convinced of cryptocurrency’s opportunities, get ready because we’re about to write it out for you. For starters, it’ll be the main currency in the future. One thing that the economic crisis in 2008 showed us is that the traditional banking system is flawed, and it was confirmed in 2020. More and more people seek viable alternatives, and that’s exactly what crypto offers. Secure decentralized banking. That takes the government and banks out of the equation. The crazy thing is, even banks realize it.
Let’s look at 6 reasons to justify cryptocurrency as a great investment.
1. It’s a great alternative for saving money
It’s a whole new option for savings. We’ve already talked about cryptocurrency’s skyward direction. Now let’s analyze it with regular money. Let’s say you took a couple of hundreds of dollars and locked it somewhere safe for 15 years. After all those times, the goods and services you could get with the said money could be a lot less than you expect. And that’s because of inflation. On the other hand, if that money was saved in a bank account, it wouldn’t be any better. Why? Because of the interest rates, which vary from quite low to nil.
Where on the other hand, in the case of cryptocurrency in 2018, we’ve all seen that bitcoin boomed in the marketplace. So, what are you waiting for get enrolled into Bitcoinprime!
2. You’re safe from inflation.
Now let’s discuss inflation. The issue with traditional money is it’s going down in value, and that is no mere coincidence. Governments and central banks do it based on how it suits their needs. Especially in case of a financial crisis. For example, in the year 2020, when there was a financial crisis due to a shortage of money. The government tried to overcome the situation by printing more money. In fact, 20% of all dollars that exist today were created in 2020, with the federal reserve injecting two trillion dollars into the economy. Bringing money from nothing but just printing might sound fascinating until you figure out the hole.
Let’s say there is $100 in the $1 bill. And a limited of bread you can buy is also 100. Now each bread is $1. If the government prints 20 more bills of $1 and the amount of bread stays the same, The value of bread decreases. Here, the value of traditional money lowers compared to goods and services. That is called inflation. That’s why brilliant people trust gold more than traditional money. Because when in crisis, the gold doesn’t just appear from nowhere or out of thin air. Thus, it holds its value.
Bitcoin and other cryptocurrencies are just the same as gold. They don’t just get created and are limited in amount. And just like gold or any other limited object, crypto also holds its value and inflation proof.
Read: A Beginners Guide To Trading With Cryptocurrency
3. No one controls your money.
So, if everyday money is disciplined by the government, then what controls cryptocurrency? The amazing fact about cryptocurrency is that it’s controlled by no one and everyone simultaneously. Let’s take Bitcoin, for example. The codes are stored in thousands upon thousands of lumps. That means the computers of millions of people who run deliberately run bitcoin software on their computers; there’s no centrality or mastermind behind it. Every user can adequately control it, and it’s everyone’s concern to keep the chain healthy. This way holds more control than a traditional bank. For example, banks are open on the business days of the respective country. Blockchain can function non-stop, while a traditional bank can delay a transaction by 48 hours.
Bitcoin transactions usually take anywhere between 15 minutes, if not instantly.
4. The best security on the market.
So, I guess there might be a question. If there’s no big establishment that watches over, is it safe? The answer is a DEFINITE YES. It’s got one of the best securities out there because of how the information is stored. Whenever a transaction is made, the digital money is handed over to the new user, which gets recorded permanently and can’t get erased, even though it changed hands. This data is stored by hundreds upon hundreds of users, unlike a traditional bank that has one central database. If any user tampers with the data, the other thousands will cross-check each other to check the data. So, basically, it’s as secure as the network.
In the case of bitcoin, it’s big. So, you can count on it to be secure.
5. High returns if done right.
We’ve already discussed how this ever-growing trend continues to grow. Now I won’t repeat it again but will tell you more about various other cryptocurrencies. In 2020, even during the pandemic at its peak, quite a few cryptocurrencies witnessed its growth. The world’s second-largest crypto – Ethereum, started the year at $145 and is now at $600, and some are speculating it to be as popular as bitcoin. And Ripple started at just over 20 cents. But it’s now around 65 cents. Saying that these various others are already on their way to seeing big changes. And now’s the time to get into cryptocurrency, if you haven’t already.
6. It’s in limited supply and can’t suffer from inflation.
Do you guys recall how I said how regular currencies lose their value because of inflation? Well, there’s just one and only simple reason why cryptocurrencies don’t. The supply is strictly limited. The source code is written in a strict manner that there can never be more than 21 million bitcoins worldwide. As of this moment, 18.5 million have been mined. You may have a question. What is mining? Well, mining is when an advanced computer cracks multiple complex problems and unlocked various nodes which contain cryptocurrencies such as bitcoin. Even though new bitcoins are getting mined, there’s no end to this.
Unsimilar to normal banks, which decide to print new bills, in reverse, bitcoin slows down the amount that can be mined every 4 years. This also means the supply of bitcoin is limited. This means bitcoin won’t suffer from inflation.
Read: Is It Possible to Buy Bitcoin Anonymously? Interesting Methods for Crypto Investors
Cryptocurrency is yet new on the table and is making its way up. It’s quite a new concept relatively. Many more people need to acknowledge and understand the currency. But rest assured, it’s going to be the new widely used currency in the future.