The opportunity to invest is now
Cryptocurrency is an incredibly fast-growing asset. No one could have predicted that with the creation of Bitcoin in 2009, it would be worth over $15,000 in less than 10 years later. Now everyone is investing – from seasoned traders to your next door neighbour. This makes the value of Bitcoin inflate rapidly and though it can be volatile at times, investors are seeing amazing returns on their investments.
Bitcoin may be the most well-known cryptocurrency but it is far from the only one. Ethereum, Ripple, Litecoin and Bitcoin Cash are beginning to make their own dents in the financial market. Investing in one of these, as well as any new currency that sees significant growth, could see you getting in on the ground floor of the next Bitcoin-like rise.
More than just Bitcoin
Ethereum particular has seen a lot of interest from both investors and tech experts because of its unique ability to create smart contracts using the Ethereum blockchain. The cryptocurrency attached to the Ethereum blockchain, Ether, is now the second most valuable cryptocurrency after Bitcoin. It has been predicted that it may have a lot more staying power than other cryptocurrencies. All of the above-mentioned cryptocurrencies have been making incredible leaps in market value and are worth taking a look at.
Moving out into the real world
Cryptocurrencies, Bitcoin, in particular, are becoming increasingly more accepted as a real-world currency. You could buy a Lamborghini, a pizza, McDonald’s and even a flight to space using Bitcoin. As the technology advances it will become easier and easier to use cryptocurrency for all your daily needs. In future, you may go to the grocery store and scan a QR code to pay for your purchases in cryptocurrency eliminating the need to have a credit or debit card. All you will need to carry is your phone.
The currency of the future
Cryptocurrencies may well become the de facto currencies for global transactions in the next 10 years. They eliminate the need to deal with exchange rates and inflation as their price is not linked to any one country or government. They offer a secure, verifiable way to deal with buyers and sellers all over the world, without having to provide too many of your personal details, thus making identity theft less likely.
Change the way we relate to our money
Since cryptocurrency transaction doesn’t involve transaction fees many people might abandon traditional banking altogether and exclusively use cryptocurrency. If cryptocurrency prices stabilise and banks continue to take advantage of people, more and more people will want to have complete freedom over when and how they use their money. Of course, this will also be true for online transactions. We may well abandon clunky online pay portals in favour of simply sending and receiving cryptocurrency. There’s be no need to give your banking details to a second party. You’ll be able to safely and somewhat anonymously do all your shopping online.