Advantages of cryptocurrencies
Cryptocurrencies holds an amazing future. It might not be reflected now as the price of major cryptocurrencies has plummeted drastically this year.
Bitcoin saw a massive downturn this year falling deep in value from a wholesome amount of $19,000 to below $8000, but this is not how to judge the blockchain technology. Cryptocurrencies haven’t been welcomed by all the countries in the world that is why it sees this current price volatility. Before we begin to judge cryptocurrencies let us not forget that Bitcoin rose from $1000 per bitcoin to $19,000 just within one year and let’s also not forget that bitcoin does not cover the entirety of cryptocurrencies, bitcoin is just one of the types of cryptocurrency.
While Bitcoin saw a 28% decrease in value in January, ethereum, stellar and neo saw an increase. By the end of the year, more crypto funds will emerge, and the total market capitalization will see a massive rise to $2 trillion dollars this year. For those who judge cryptocurrencies using bitcoin as a yardstick, investors have predicted their take on bitcoin’s fall in value. Spencer Bogart, who is a block capital partner, predicted that bitcoin would see a massive rise in value, he predicted that by the end of the year bitcoin would have risen to $50,000 per bitcoin, he states that this is achievable as institutional investors would aid in its rise.
Imran Wasim who is a financial analyst at AMSYS is not even faltered in bitcoin’s decrease in value, he instead predicted that bitcoin would go more mainstream in 2018 and hit a total of $30,000 – $50,000 per bitcoin by the end of the year and in a couple of years it would definitely hit the $100,000 margin. Bobby Lee simply gave his predictions by stating that in 20 years’ time, Bitcoin would see an amazingly high increase to 1million dollars per bitcoin. There are other new and emerging funds in the market, and it is very important to steer clear of shitcoins as they hold no benefits at all. It is right to repeat that cryptocurrency is indeed the future.
An advantage of cryptocurrency is the fact that, without mincing words, investing in this would get you a lot of money. Yes, there is a lot of volatility and current instability in prices but the minute you understand the intricacies of blockchain technology and is ready to take the beautiful risk, then would you begin to enjoy the real benefits of investing in cryptocurrencies but if these numbers listed above is still unable to convince you, here are some advantages of cryptocurrency.
- Cryptocurrency is owned totally by you
One amazing thing about cryptocurrency is that you are the real owner of your wallet. You hold the keys and nobody can have access to your account without your permission. It is important to understand now that you are not the actual owner of your bank account. You might not understand this until you have your account frozen or your assets seized. This can be really worrisome especially because the real reason you create an account with a bank in the first place, is so that you can have the full rights to your assets alone and now you are being made to share your account with the bank too? Pay pal even blocks your account if you don’t adhere by their rules and regulations. With cryptocurrency, what you see is what you get. It is black and white. You own your account and you manage your transactions yourself.
- It cannot be counterfeited
Cryptocurrency does not come with the hassles of trying to decipher counterfeited notes and currencies as cryptocurrency is not physical cash in the first place. Cryptocurrency is virtual cash and exchange can only be made online. It does not give room for worry as it promises and ensures a transparent form of business. Physical cash has always been faced with the problems of counterfeit, every single currency in one way or the other has been saddled with the task of having counterfeits. This can be detrimental to innocent business owners and can also cause a downturn in any nation’s economy. Cryptocurrency has come to bridge the gap and make currencies more available without having to face the hassles of counterfeits.
- It can be used universally
This is one of the amazing features and advantages of investing in cryptocurrency. Cryptocurrency speaks one universal language and uses one kind of technology; the blockchain technology. This gives room for easy transactions between business partners from different countries. It saves them the stress of having to convert to a preferred currency to make payments. It also makes the transferring of currencies to any country of your choice as simple as an ABC recital, it takes little to no time to transfer a fund from one country to another, this is really ideal for any business having lots of foreign business partners. Cryptocurrency has come to make business very easy amongst foreign business partners.
- Cryptocurrency is highly secured
A major problem with most cryptocurrency critics is the fact that currency exchange happens on the internet which has been associated with hackers and during its early stage became a preferred financial alternative for terrorists and ransomware creators. The truth of the matter is that contrary to popular belief, cryptocurrency is extremely safe. It makes use of a secured hash algorithm which was created by the NSA. This secured hash algorithm known as SHA-256 is a highly created cryptography which runs on digital data. SHA-256 is used mostly during mining and uses a cryptographic hash known as a signature which stores passwords.
- No third party involvement
The idea of cryptocurrency is the creation of a decentralized system that eliminates the third party from your transaction. It is as transparent as it can get. Normal transactions would involve saying a lawyer to further bind an agreement, but with cryptocurrency, a transaction can be sealed without even having to see who your partner is. The most important thing is that cryptocurrency is safe seeing as we have already established that and it guarantees you no third party involvement while offering you the best transparency in business you can get.
- It is not regulated by the government
Seeing as cryptocurrency does not have a central system, it cannot be regulated by the government. They have no policies; currencies retain their values during transactions, no limits to what you can do with the cryptocurrency or how many cryptocurrencies you can have and most importantly no undue inflation. This also makes for the easy transferring of funds between different countries as there is no central bank to control how transactions should be made
- You can be anonymous
In cryptocurrency, you can choose if you want to be seen or not. You Id is protected by a proxy Id. Being anonymous protects your transactions and protects your identity if you have reasons why you do not want to be seen or known by your other business partners. This also ensures your privacy and keeps the person behind any transaction anonymous.
- Cryptocurrency is accessible to everybody
Cryptocurrency is the evolution of decentralization. What is even more amazing is the fact that anybody from any part of the world has access to this revolutionary trend provided you have an internet. With an internet you can control all your transactions without having to bother about uncalled charges, or a third party, you can comfortably make all the business decisions you want to make in the comfort and with any device of your choice. Even a smartphone would do.
Having a means of getting that financial freedom you’ve always craved can be exciting. Cryptocurrency promises you that and more. Cryptocurrency has an amazing future. We take into cognizance the fact that no future is set in stone but we strongly believe in the future of this great piece of innovation that is already setting the pace and changing trends. Governments of developed and developing countries are beginning to jump on this innovative bandwagon and gradually, other countries and other investors would emerge
Investing in real cryptocurrency is a safe way to invest. If offers you a decentralized system where every form of transaction is transparent, spick and span. Little wonder more investors and individuals are beginning to show interest in this. With the emergence of more cryptocurrencies in the market, investors are left with a wide selection of cryptocurrency to choose from.
It is important to understand that the world is going digital and with the emergence of the internet of things being adapted in every country and niche, it would not be far-fetched if business owners decide to take transactions and money exchange digital.