I bring up cryptocurrency with almost everyone I meet but I get a mixed response. Some are as passionate as me and we share strategies and news. Some are skeptical but receptive. Some are outright against it as if it is the scam of the century. Like any investment, there are risks, hence there are rewards too. Like any investment, blindly putting your money in is not a winning strategy. It requires some knowledge and skill that you can learn from others, from studying the unlimited resources online or in books, or from your own experience. Today I want to share with you my journey in crypto so far and why I think everyone should invest in it, or at least have an open mind about it. (Not financial advice)
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Blockchain technology is here to stay
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Crypto is not a fad, get-rich-quick scheme or ponzi scheme.
IT IS BASED ON TECHNOLOGY. There are over 9000 cryptocurrencies and sure, not all of them are good. Some are outright scams. But most of them have a very practical real world use, using blockchain technology. Think back in recent years what technologies have changed our lives drastically? The internet, smart phone, video streaming just to name a few. Which companies have profited from these technologies? Google, Apple, Samsung, YouTube, Netflix.... But before all this happened, were there skeptics? Were there opposing voices? Were there stubborn people and companies insisting on old tech that got hurt? Remember Nokia? Remember Blockbuster and other video rental stores? Remember non-cable TV? In general we don't like change, but sometimes it is necessary. Blockchain technology can be applied to anything from banking to tourism, healthcare to education, making it faster, cheaper, more secure, tamper proof, more convenient, more accessible, more comprehensive. Cryptocurrency is merely the fuel that drives the technology.
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| Better than investing in Gold |
Bitcoin is often compared to gold, but IT IS BETTER THAN GOLD. They are similar in a way because people invest in both to hedge against inflation because of their limited supply. But they both have very distinct differences that make crypto a much better choice. For example, we will never know when gold will run out but with cryptocurrencies we do. Therefore crypto prices are perfectly based on economics - supply and demand. Gold can be made into jewelry or items but other than that it has no other use. Other than storing and transferring value, crypto has other real world uses. It is very difficult to use gold to make purchases, very difficult to transport or store securely. Crypto on the other hand is easily transferable, but yet secure. In order to purchase gold, you would have to go to a dealer physically, and have somewhere secure to store it. Crypto can be bought and sold at your fingertips but also secured where it can only be accessed with a complex key.
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| Better than investing in Real Estate |
My father had a bad experience making his first major investment. He bought a house with another guy but in the end was scammed by his partner. Since then he became extremely risk adverse, and kept his money in the bank. But because of inflation, the money he kept lost value year after year. As things become more expensive, you lose purchasing power. That's why many people invest in property or gold. Because generally when your currency loses value, that means your property prices will increase therefore protecting your wealth. However investing in Bitcoin
IS BETTER THAN BUYING REAL ESTATE. First of all property supply is erratic. Even though most property appreciate over time, but sometimes oversupply coupled with bad economy can affect the value. The value also depends on other factors beyond your control, for example what kind of neighbours you have, what other developments are in your area, land reclamation make your once beachside property now far from the shoreline, wear and tear, and buyer sentiment. Also buying and selling property takes time and money. If you are in need of quick liquidity, you might be forced to sell at non-optimum prices. Comparing to cryptocurrency, transfer is almost instant, the value is based on the market price so at the time of the sale/purchase, no one got the better of the other. And no pesky legal fees either. It is clear about the supply of the coin, and in most cases, there is a fixed maximum supply in circulation. Some coins burn their supply periodically making it scarcer and higher in value. Some coins can even
EARN YOU INTEREST (between 5-20% per annum) while you hold it. You might argue you can lease your property for rental income, but the hassle of managing your tenants won't earn you the returns most cryptocurrencies offer.
From my observations, those who oppose investing in crypto are those who don't understand it. If they take the time to learn what blockchain technology is about and how cryptocurrencies apply to daily life, it is such an easy decision to invest in it. "Let your money work for you" and I haven't worked a day since I started doing this.
Please support me by using my links below:
Binance - Biggest Exchange around
BlockFi - Earn 5-9% interest on BTC, ETH, LTC, USDT (sign up to earn $250 BTC FREE)
Kucoin - Become a bank yourself and create loans to earn up to 50%+ with your USDT
