Also known as digital currencies or electronic currencies, cryptocurrencies are virtual currencies that are not physically accessible but are highly valued as trading currencies.
The world is fast developing into its uniform digital age, and almost everything can be done with the use of the internet with both striking speed and amazing convenience.
To start with, there are many types of cryptocurrencies currently available in the currency market. These include bitcoins, litecoin, ethereum, tron, unocoin, and so on. For some of them, their values and worth have been established while some are still fighting for recognition and relevance.
Let’s talk about why you should invest in cryptocurrencies:
They are not controlled by banks
For every national currencies like the naira, dollar, euro, pounds, and so on. The central banks of the various countries are completely aware and in control of every single transaction taking place with their currencies on an accumulative basis. But with cryptos, it’s different – you’re your own bank, you’re completely in control of whatever you do with your coins, there’s no third-party snooping around and monitoring your transactions. The only third party involved is your hosting service or your platform for exchange.
Because they are independent currencies, cryptocurrencies have no regulations from the banks. Banks do not and cannot operate them, neither can they shut them down.
Their values increase over time
Bitcoin, a cryptocurrency, was launched in 2010 and it cost less than $1 per coin, today 1 bitcoin equals approximately more than $53,000.
They’re universal currencies
With cryptocurrencies, you’re a global citizen. That is, you can travel anywhere in the world and cater for your expenses with currencies like bitcoins as long as you have access to your wallet. What’s more? Many online merchant systems now accept payment for goods and services via the use of bitcoins and other e-currencies.
They can also be used to acquire properties anywhere. Because cryptocurrency is becoming generally accepted, it can now be used to purchase a whole lot of things including properties.
In Nigeria, for instance, large acres of land, cars, and houses can now be bought with either full bitcoin payment or half-BTC, half-cash payments, and this is a great development. This is also practiced in many parts of the world too.
They incur fewer transaction charges
To the best of my knowledge, cryptocurrency transactions are much more economical than real bank transactions. With a third party like blockchain, bitcoins can be transacted with a transaction charge of just 0.001 bitcoin, which is about $1.5 and far lesser than what banks charge.
Their transactions are swift and confirmations are quick
Cryptocurrency transactions are much faster than bank transactions. Blockchain confirmation, for instance, takes not more than 3 minutes and many transfers take not more than 20 seconds. There are hardly any network distortions and location restrains.
They are largely secure
The inflation of local currencies has no effect on them. They cannot also be stolen except when accounts are hacked and the funds are transferred. However, a secured wallet cannot be easily hacked into, and many cryptocurrencies have well-secured wallets.
Their values hardly depreciate
Cryptocurrencies hardly depreciate in value and when they fall, they usually recover within a very short time. Unlike many currencies, like our naira, they do not struggle to regain value and strength.
Have you invested in cryptocurrency? How has it been paying off for you? Have you been considering investing in cryptocurrency? Perhaps now is the time to do so.