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3 reasons why you should invest in cryptocurrency before it is too late
Cryptocurrency has turned out to be one of the hottest topics of discussion, especially among investors in the past few months. Even though there are many reasons for it, let us discuss the three major reasons why you should consider investing in cryptos before it is too late.
1) The price of cryptos will increase, therefore a great future investment
It is a sure thing that the value of many major cryptos like Bitcoin, Ether, Bitcoin Cash, and Monero will increase in the coming future, at least for a few years.
The reason for this is based on simple economics, i.e., demand and supply. Satoshi Nakamoto, the creator of Bitcoin, said that only 21 million Bitcoins could be mined, out of which more than 18 million have already been mined. It will become more and more difficult to mine as we reach near to 21 million. Thus, the supply will decrease, and the demand will increase according to the current trend. This will increase the price of Bitcoin and similar cryptocurrencies.
For this reason, many businesses have also shifted to Bitcoins for any payments. Thus, if many businesses start using Bitcoin, then the usage of Bitcoins among common people will also increase. This will also result in an increase in the price of Bitcoin and other cryptos.
As of March 2021, the value of Bitcoin is $60,000. Some miners and crypto researchers say that the value of Bitcoin might touch $500,000 by 2030.
Similarly, the price of Bitcoin Cash and Monero might touch $4,000 and $1,000 by 2030. These are some huge increases compared to the current values.
Therefore, invest in cryptos before it is too late to maximize your profits and returns on your investments.
2) A great way of buying and selling goods and services
Many countries have made the use of cryptocurrencies legal. Therefore, many small and large businesses have started accepting cryptos like Bitcoin as payments. Due to this reason, many startups have also emerged that make these transactions of cryptos possible using a user-friendly mobile app or website.
Using Bitcoins in transactions and payments in items of daily needs has its own advantages. It is more safe and secure as your data is not shared with any third-party company. Since no third-party is involved, there is no transaction fee, and even if it is there, it is very low compared to the conventional online payment systems.
In some countries, some big fast-food chains like KFC, Burger King, and Subway are already having trials of cryptos. Thus, in the future, they might even permanently adopt the use of cryptos for any payments. Therefore, it is a good idea to invest in some cryptos before-hand.
3) Cryptos are decentralized
What decentralization here means is that no government or any other organization has control over the rules and regulations of how cryptos like Bitcoin operate, at least till now.
This is one of the key features of cryptos and the purpose of their creation.
Bitcoin was introduced in 2009 after the Global Financial Crises. These crises happened due to the flaws and failures of the traditional banking system. Thus, Bitcoin works independently of any third-parties that can influence the transactions done via cryptos in any form.
Thus, the value of cryptos remains independent and will remain to be independent in case another financial crisis happens. This was observed during the COVID-19 pandemic as well. When economies were struggling, the value of Bitcoin skyrocketed, thus, helping many people around the world who invested in cryptos in the early stage.
Contributed by a reader of Bitesizedessentials.com
25 March 2021