Cryptocurrencies have been in vogue for over a decade now. With the invention of Bitcoin back in 2009, Satoshi Nakamoto opened the doors for digital currency forever. Cryptocurrency and Bitcoin have become household terms due to being in the news all the time.
However, it seems as though only the fintech sector truly understands it and is open to being involved with it. The common person might have some misconceptions or myths regarding cryptocurrency and blockchains.
When they hear about cryptocurrency, many people might think it’s a fad or a Ponzi scheme or only meant for illegal trading. It’s important to address these misconceptions and help the average person understand the value of the currency of the future.
What is Cryptocurrency?
A cryptocurrency is a digital form of currency that can be used as a substitute for fiat or paper currency. These currencies are secured with cryptographic hashing. The main advantages of cryptocurrencies are the decentralized, peer-to-peer networks on which they are stored and traded.
This means that third-party authorities like banks or the government have no role to play in their exchange. As a result, there are minimal charges on trading cryptocurrencies as opposed to excess fees charged by banks, especially in the case of international exchange.
These currencies do not have any tangible form. They exist as pieces of computer code or encrypted messages transferred between two parties. Even though cryptocurrency offers anonymity to people involved, its exchange is completely transparent, and trades are recorded on the server.
Cryptocurrencies have come to be the new form of wealth and a globally valid form of currency. Many tech enthusiasts and people who understand the scalability of this technology are investing in them. Cryptocurrencies are being seen as a new class of asset, in addition to stocks, gold, silver, real estate, etc.
Some of the top cryptocurrencies in 2021 are Ethereum, Bitcoin, XRP, Stellar, Cardano, and Dogecoin.
4 Reasons to Trade and Invest in Cryptocurrencies
High Return on Trade
For as long as cryptocurrencies have been around in the market, they have been volatile. However, they have been more profitable than most other investments. According to Nasdaq, Bitcoin, Ethereum, XRP, and others have rocketed in value this year. The incredible returns from investing in cryptocurrency are evidenced by the fact that $1,000 invested in Ethereum’s ICO will be $3.3 million today.
Cryptocurrency is a safer alternative to traditional investment solutions, especially in the event of a stock market crash. After all, cryptocurrencies emerged after the crash of 2008, as a reaction to it. Experts believe that cryptocurrencies will thrive in such a situation.
Your Money is Solely Yours
Money in a bank is controlled by other people and authorities. At any point, your rightful access to your money can be curbed or restricted by the bank or governmental structures. Banks are also prone to robbery or bankruptcy, jeopardizing your money. However, cryptocurrencies offer you a level of independence not possible with other means, and you won’t be at the mercy of other people. Financial institutions play no role in holding, transferring, or safeguarding your money.
A principal characteristic of any asset is its liquidity, how easy it is to buy or sell it at a price closely related to the market price. Cryptocurrencies have very high liquidity. You can easily buy and sell them using a variety of technological tools and tactics such as limit orders and algorithm-based trading.
Go Digital with VersaCoin
VersaCoin is a community-friendly digital coin. While other major cryptocurrencies focus on the value of the coin, VersaCoin focuses on the quality. It is the right digital currency for the average person to get involved with since it values community and aims to revolutionize eCommerce.
The digital revolution has been accelerated, especially with the onset of the COVID-19 pandemic. eCommerce and digitization of small businesses have become essential during the current day and age. VersaCoin brings like-minded people together and meets the needs of the global community with fast, safe, and secure processes.
News Alert Sign-up
Sign-up for the VersaCoin NEWS ALERT and have all the latest info sent directly to your inbox. Don't worry about getting spammed, we will never sell your personal info.