Everyone is getting into cryptos and digital currencies since they are the thing of the future! In fact, people are becoming aware of how profitable cryptos can be, as long as you know how to handle them and trade at the right given moment. However, what’s in store for them and how will the future affect the market? Will BTC and other currencies be as popular, common, and useful, or will they crash? Keep on reading and find your answers down below to understand the process even more.
5 Reasons Why Bitcoin and Other Digital Currencies Are the Future of Money
1. Statistics speak for themselves
Some analysts did the research, and have figured out that by 2030 the market will triple in this niche! This is great news for those who are in it for the long run and who can stay in it for eight more years. Most believe that this industry will reach a value of $5 billion. Although it might look lucrative and too good to be true, there is a catch. A ton of investors and newbies are trying to get a piece of BTC.
Compared to 2018, older consumers have begun to back crypto at much faster rates. In fact, over 45% of Americans above the age of 35 are investing in some type of crypto.
2. There are pros and there are cons
Thirteen years ago, cryptocurrency was a new (hip) trend, and almost no one bothered investing it in detail or giving it a go. Unlike traditional banks, you didn’t even need to have an address to trade in crypto, which began to appeal to people worldwide. Thanks to YouTube, Elon Musk, and social media, this industry is indestructible. Now, it is not about being an investor, a trader, or a crypto lover, all you need is cheap, effective, and reliable computing power to succeed. Although you might not need to study a lot you will be facing some mean competition in the future.
3. The government impact
How many times have you had an issue or a dispute with your bank? Do you hate waiting in lines and dealing with paperwork? Building trust and credibility in the crypto world is a whole new topic that differs so much from what older generations are used to! Each continent and country is unique and a story for itself, meaning that you will be presented with different regulations and options when it comes to payment options or withdrawal options. In case the government doesn’t come up with a unanimously solid solution for all users, everyone will want to turn to cryptos in the future. No fees, fast & convenient, secure and hack-free, with no reason to justify your transactions to your local bank or country, what more can one want?
4. The CBDC bank option
Have you heard of the CBDC bank just yet? A central bank digital currency or the CBDC is a digital currency that would be issued and overseen by a country’s central bank. This is a good idea that could take some time to see the light depending on the country you live in, as well as its investment. The perks of this? With transfers through CBDC, the funds would be sent close to instantly and the other party couldn’t cancel afterward and as the transaction is made. You could pay off your debt, mortgage, or taxes in this way. A CBDC may replace the paper version of the U.S. dollar, which is why you should consider switching quickly and while you still can.
5. Impact of different countries
Did you know that The Reserve Bank of India sees the advantage of financial inclusion through CBDC? Italian banks are also supportive of the European digital currency. The Bank of Russia plans to make and launch a prototype of their very own CBDC, and so on with plenty of different countries!
The process of it all may be quite slow at the moment due to the pandemic.
The pandemic has brought many changes in the global economy, and that includes digital currencies. However, those who wait it out will be surprised with a positive outcome.
What are the pros of digital currencies?
If you are still not too sure what to expect, here are some perks that may interest you:
- Fast payments that are a lot more secure than any other kinds made at a bank (even the most trustworthy kinds)
- Convenient and not as expensive transfers and transfer fee options
- A lot of options to choose from (new cryptos are emerging each day, leaving it reachable and appealing for any user)
- You get 24/7 access through your wallet and your very own secure keys
- Support across the world
- The thing of the future!
What are the cons of digital currencies?
Every aspect, item, or innovation has to have some faults and downsides. In this case, those are:
- You could feel overwhelmed with the current selection, not knowing what to choose or how to navigate Bitcoin, Etherum, or any other crypto
- Can take some time to get into the business if you are a newbie
- Large and unpredictable swings can happen to the market and to every crypto, making your moves risky (but worth making if you can afford it)
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