The cryptocurrency market has been increasing at an exponential pace and making a number of people very rich. But is it all about making money? The technology underlying cryptocurrencies – called Blockchain technology – has the potential to change our lives for the better. What does the crypto world have in store for you?
Here are 4 reasons why you should get on board and invest in cryptocurrencies.
1. Returns You Could Never Have Imagined
I wish I can say that we’re fantasizing. But we’re not. Say you invested $10,000 in early 2016 in U.S. stocks, by now your total investment value would be around $12,000. But if you invested in Bitcoin, you would be worth a whopping $60,000. Let’s choose another prominent coin: Ethereum.
This is even crazier. If you’d invested in Ethereum, your investment would have increased by a multiple of 46. If you had invested $10,000, you would have $470,000 in a span of 6 months. Think about it. These kinds of returns are impossible to acquire within the realm of traditional investments.
Cryptocurrencies Aren’t Just Bitcoin & Ethereum!
Bitcoin and Ethereum may be the major coins now, but there are hundreds of coins which can reach comparable or even better rates of return. Each coin has a specific purpose or solves a particular issue.
Nevertheless, a word of caution: Make sure appropriate due diligence is undertaken before investing. Cryptos can be highly unpredictable and they are at the stage of infancy; there’s a possibility that many coins may fail or are downright scams.
2. Massive Growth Potential
The crypto world is extremely daunting, due to the complexities in understanding the technology. The use of technical computing terms can obscure and deter outsiders. This is the main reason why many stays away from cryptocurrencies.
In addition, it can be a real test navigating through the ecosystem; from opening an exchange account, to sending coin transactions, to managing one’ private wallet for safekeeping.
The fact that the Cryptos terrify most people is the very reason why you would want to be in it. Jumping on the bandwagon earlier than most would give you an edge, both in terms of potential gains and experience.
It can be a steep learning curve, but it would all be worth it. Once there’s satisfactory mainstream coverage on cryptos, the masses will start pouring in, purely because the rates of returns are relatively shocking!
3. Ideological Empowerment
If you’re not a big fan of the government, the big banks or monopolistic firms, then cryptocurrencies are perfect for you. Let’s face it, humans are used to a central authority– in the form of a government, an institution, or a company- that set rules to order the way things should be done.
The decentralization of cryptocurrencies democratizes traditional powers and empowers the masses. No more shall you depend on financial institutions for moving money that comes with an overpriced fee. There are many coins – most notably Bitcoin – that allows users to transfer money to anyone at any location with a fraction of the fees.
Not only that, having private wallets to store your coins gives you full control of your money. It’s like managing your own bank; you decide your own rules.
Moreover, the nature of an open, decentralized economy powered by Blockchain naturally aligns the economic incentives of participants. This means that actors with bad intents would find it extremely unproductive and affluent to attack or compromise the system, as the amount of resources needed to do so would be astronomical. Instead of wasting their resources to compromise the system without gaining any incentive, the logical thing to do is to contribute their resources to strengthen the security of the system (a process called “mining”).
They would, therefore, be entitled to economic rewards for doing so. Anyone can take part in the network by underwriting resources and earn coins for the proportionate work that you put in. The capacity of any person to participate and power the entire ecosystem is the nature of decentralization.
4. Bragging Rights
Picture having the opportunity to be part of the internet revolution in the 1990s. It was a perfect opportunity for you to gain a huge amount of wealth and more significantly, bragging rights. The rights exclusive only to the initial investors and backers of the revolutionary technology, and that which could serve as your lifetime legacy. That recognition goes beyond material wealth and it really is currently at your fingertips.
“Having bragging rights and being extremely rich along the way is combination that only few have, and will ever experience.”
The crypto world is a maturing to be a real game-changer that could change the way we do things. As we speak, applications are being developed to interrupt the current status quo, for the better. Imagine having transparent access to government or organizational activity at your fingertips, or allowing part of your computing power to be shared in the development of key scientific and medical projects. A decentralized system allows the common people to leverage each other’s resources and qualities to uplift the community. It is a force of good. Additionally, you can also get very rich investing in the ecosystem too.