May 30, 2019 05:15 UTC
May 30, 2019 at 05:15 UTC
Is Cryptocurrency a Wise Investment Choice for You?
No doubt, Bitcoin is the best-performing asset class of the year in the world by far. If you were out to mint some money during this year, there’s been no better option than this.
At press time, interest in virtual assets is one of the pursuits pushing the financial world forward. Digital currencies can be an alternative to the economic chaos which traditional fiat currencies can be, particularly amid the times of crisis.
The only problem is that the price of cryptocurrency coins is quite volatile, which is not a problem when all the numbers are green. However, that scares people off when the numbers are in red. So, the fair question would be, is cryptocurrency investment for you?
The answer to this question is decidedly affirmative, and there are many reasons for that. For a start, Bitcoin is more likely to rise in value in the long-term, and there’s no way of pinning down a date for when this cryptocurrency will reach USD 100k, but there are chances for this to get there. Thus, Bitcoin is an excellent choice for investors who are all about patience, discipline, and fundamentals. But, it’s undoubtedly not for those who wish to get rich quickly.
The media is everything behind the hype surrounding digital coins, the hype that leads to false expectations, which ultimately affect the market’s performance. When dust sets down, things get back to normal.
Accessibility to Bitcoin has dramatically improved all this while. In the beginning, it was quite challenging to get a hold of some. You needed to be a part of an approved club of specialised technology aficionados.
On the other hand, mining bitcoins is even more complicated. The Bitcoin’s protocol increases the difficulty level in the collision that allows creating new blocks for the chain by design. On top of that, many people are mining Bitcoin now. Thus, it has become a very competitive field. However, it takes a high initial investment with a lot of expertise.
However, if you look at the big picture, then you will find that Bitcoin does have the edge over the world’s traditional legal tender currencies. Successful international transfers with Bitcoin is cheap, quick and reliable. In case you keep your digital wealth in a safe offline digital wallet, then there’s no other way in which your tokens could be stolen, different from your analogue wallet that you could forget anywhere.