While the value of Bitcoin has not been able to bounce back to its highest value of $20,000 almost a year ago in 2017, the cryptocurrency did see a jump of 4%. This jump to $6,623 was based on the news that a workgroup set up by asset-management BlackRock to look into blockchain and cryptocurrency.
There have been many other big investment institutions that have made comparable moves as above, leading many experts and investors in this field to believe that the crypto value and the investor confidence will rise. Below are some reasons why people should be investing in cryptocurrency:
The system that the world of cryptocurrency works is based on cryptography and cryptographic security. This means that rather than trusting the middlemen (the bank, for example), your money will be safer if you invest in cryptocurrencies. This security means that there is a very small likelihood that your account will be compromised.
The blockchain technology is unique only to cryptocurrencies and has done a good job at pulling away investors from financial institutions like banks. This technology will give investors the knowledge that, apart from miners who complete the cryptocurrency transaction process, no one will be involved in any transaction.
Privacy and anonymity
While it was once considered an advantage to the people on the dark web, investors and traders today will still see it as a plus point. The pseudonymous nature of cryptocurrency is a benefit because the real identities of either the buyer or the seller are exposed to one another. Once the crypto address is given, it is almost impossible to track them.
Privacy and anonymity were the basic grounds on which Bitcoin was invented. This was done to prevent governments, organizations and external parties from knowing from whom you are buying, how much you spent, or what are you buying or investing in.
Another advantageous feature for traders and investors is that cryptocurrency involves lower fees than any other forms of money. Usually, there are no transaction fees or very low transaction fees to compensate for the work done by miners in the network. The only fees you will see is applied by operators of third-party apps that are involved in maintaining and creating crypto-wallets.
Low transaction fees are great for first-world countries. But when it comes to third-world countries, traditional banking fees means that they are excluded from the world of banking altogether and remain unbanked. Low transaction fees of cryptocurrencies allow such people to become a bigger part of the wider commercial world.
The blossoming world of cryptocurrency can be a real game-changer in the way most of us are accustomed of doing things. As we speak, experts are working their way to better applications and disrupt the current status quo for the better. A decentralized system will allow the masses to leverage each other’s qualities and resources, thereby uplifting the community as a whole. Cryptocurrency is a force of good. Additionally, you can also earn a lot if you invest in this ecosystem at the right time.