It was in 2017 when everybody seems to be talking about cryptocurrencies. Surely, this was the year when BitCoin and other popular cryptos peaked. Cryptos appear to be popular to millennials, but Gen X and few baby boomers still give this currency a chance.
Now, what exactly is a cryptocurrency? Cryptos are basically currencies that are regulated through encryption techniques. It’s now considered as a digital asset that is ideal for secure financial transactions.
Cryptos are mainly used to transact online and invest in startup businesses. People see its value because unlike bank transactions, whatever you do with your cryptos are decentralized. It means that no single entity is in charge of your transactions as cryptos rely oy on blockchains.
When you ask a person about cryptos, it shouldn’t be surprising if they only know about Bitcoin. After all, Bitcoin was the first blockchain made available to the public. Interestingly, this was developed by an anonymous entity who we only knew as Satoshi Nakamoto.
Right now, the use of cryptos is very popular in countries like China, Russia, Vietnam, Bolivia, and Columbia. In the US, it’s perfectly legal to use Bitcoin, but the payments made with these are now subject to taxes.
Aside from Bitcoin, other popular cryptos out there are Ethereum, XRP, Litecoin, Binance Coin, and Thether. In fact, a report generated from August 2018 showed that there are now over 1600 cryptocurrencies available. This number is only expected to grow because new cryptos can be created anytime.
But since Bitcoin is the dominant crypto out there, it is most likely that this will be the medium of investing in other cryptos. XCoins can assist you to make your Bitcoin purchase whether it’s your first time or not. It accepts credit cards and transactions through this are made simple.
All you have to do is to sign up with them, make a payment by using your credit card, PayPal funds, or eCheck, and wait for your Bitcoin funds to be transferred to your account.
It’s safe to say the investing in any form of cryptos seem to not be as popular as it was in 2017, but is it still worth it?
Here, we’ve come up with reasons why you should give cryptocurrencies a shot.
A simple form of Investment
There are simply fewer entry barriers to invest in cryptos now than before. Platforms are made available for people to easily convert their cash to a digital currency. Most transactions also happen real-time. What’s good is that plenty of startup businesses take cryptos for you to invest.
You can select and invest in plenty of businesses through the use of this money. There’s less pressure as all of these are only done online. Some businesses would even give you crypto tokens too that you can eventually use for your benefit once the business is already established.
International Trade Made Simpler
Think of how it sometimes could be hard to find a way to convert currencies to be able to but what you need that’s outside your country. Cryptos are as it is and can be used for your online transactions worldwide.
Cryptos are simply not subject to exchange rates, transaction rates, and interest rates. This could help you save more by avoiding those fees. This is mainly because the system is decentralized and no one needs to get paid to process your transactions.
Supported by Big Companies and Government Agencies
Even if cryptos are not as popular as how it was in 2017, financial institutions are still interested in its market. There are now more businesses that accept this as payment. Online stores would even allow you to make a purchase with it.
It may simply be the future of digital purchases. Last year, plenty of casinos already incorporated this to their business. A music festival completely dedicated to digital currencies was also held and a lot of millennials showed up for support. This just means that the people still see its value.
May be Better than Gold
Bitcoin is basically the digital gold to many. It could be something that could replace the value of gold and so it’s simply worth the investment. Like gold, its value could also change, but cryptos are more likely to have better growth in the next few years.
What’s better is that cryptos are more regulated and can be used worldwide, whenever. The actual gold itself will have to go through the market and be purchased before it really becomes a well-worth investment. A lot of analysts believe that Bitcoin alone can overtake gold in the future.