Cryptocurrency is the newest trend in the money market today and there is so much excitement surrounding it—and for good reason! It provides a safer and more secure means of transferring money, by converting legible information into unbreakable codes. If you are thinking of investing in cryptocurrency, read on these useful infos to guide you towards a profitable investment in the future.
- Investing in cryptocurrency is a lot like investing in basic commodities and just like any other commodity, you can use it in 2 (two) ways: as an asset OR as an investment. You can sell and/or exchange them!
- Buy “coins” directly. If you are interested in possessing real altcoins, such as Bitcoin, then it is better to buy them directly to avoid additional fees. There are plenty of options from where you can buy altcoins directly.
- While cryptocurrency is gaining popularity, only a small amount of the world’s population uses it. Bitcoin is the most common and popular cryptocurrency in the world today but only 24% of people know about it and in the US, only 2% of the population uses it. This might not look good but it’s actually good news for investors as low usage means a rewarding investment for the future.
- Cryptocurrency usage is on the rise. Data shows that the combined market cap of all cryptocurrencies amount to more than 60 billion dollars. Real-time usage of cryptocurrencies has also gone up indicating a rise in trend.
- If you’re planning to invest in a cryptocurrency, then usage is a very important factor to consider. Remember that the demand and supply for cryptocurrencies indicate a good opportunity for investment. Strong usage of the digital currencies for facilitating monetary transactions between financial institutions significantly push transaction costs down.
- Currently, the cryptocurrency market is at the point where your investment may not appear of value now but trust that its value will grow higher from there. Plenty of businesses, governments and people around the world will be using cryptocurrencies soon.
- The purpose of money is to solve problems. Hungry? Use money to buy food. Want to have new clothes? Use money for shopping! The bigger the problem money is able to solve, the higher its potential value gets. The good thing with owning cryptocurrency is that it gives you access to money and basic bank functions such as paying and transferring funds.
- Crypto can be converted to actual cash. This therefore eliminates the lock-in risk that existed a while ago.
- Because cryptocurrencies are exchangeable, you can use them as a way to build your portfolio. Simply store cash in the form of crypto and convert it to cash anytime you need physical money.
- Lastly do your research! It’s easy to fall into the hype especially when everyone is telling you this and that. In fact, you’d notice almost everyone starts becoming an “expert” when something starts gaining attention. Be very skeptical when choosing your research sources and the people you do cryptocurrency investment with.
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