What You Need To Know
Since 2016 there has been a dramatic growth in the capitalization of cryptocurrencies of all shapes and sizes which makes them attractive to a wide swath of the investment market.
Once again, Bitcoin remains the reigning champ, both as the most stable cryptocurrency on the market and the one that showed the greatest overall increase in 2016 at 300 percent.
This doesn’t mean that investing in cryptocurrencies is without risk, however, which is why it is important to keep in mind the pros and cons outlined below before making any serious investments into this rapily changing market.
Decreased chance of fraud: Due to the fact that cryptocurrencies are all-digital it makes it much more difficult for traditional types of fraud to occur around them. They cannot be counterfeited, or forged, and it is impossible for one person in the transaction to sneakily reverse it once it has gone through.
Protection against identity theft: After you have purchased a cryptocurrency you don’t need to worry about identity theft the way you do when you are dealing with more traditional exchanges.
This is a serious concern when it comes to typical ex- changes as each new transaction brings along additional charges to your debit or credit card which, in turn, means that there are always new opportunities for thieves to do something nefarious.
Currently, there are three billion people in the world who have access to the internet but do not have regular access to any form of exchange. This leaves the cryptocurrency market with a lot of room to maneuver and it is expected to see significant growth as it gains wider acceptance.
This means that an increasing amount of business is going to take place purely through digital currencies which means those who invest in cryptocurrency now aren’t just likely to see an in- crease, they are likely to see a dramatic increase.
For example, as of 2017, fifty percent of all Kenyans now own a Bitcoin wallet while less than forty percent have access to reliably clean water and only thirty percent have modern plumbing.
Less cost: Despite the fact that every cryptocurrency transaction comes with an accompanying transaction fee, the fees for utilizing a cryptocurrency exchange are almost always going to be lower than what the traders who use more traditional ex- changes pay on a regular basis.
Published at Sun, 09 Feb 2020 22:34:09 +0000
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