SHOULD I INVEST IN CRYPTOCURRENCY
Cryptocurrency has become a fast-growing passion for both veteran and novice investors alike. But despite the growing trend, not everyone has jumped on the digital currency wagon. If you’re still one of the undecided, you might be asking yourself ‘should I invest in cryptocurrency?’
IS IT THE SAME AS INVESTING IN STOCKS?
Investing in digital currencies isn’t the same as investing in the stock market; you aren’t purchasing a share of an existing company. With cryptocurrency, you’re buying into a technology system that is expanding at an almost remarkable rate.
IS CRYPTOCURRENCY A SAFE INVESTMENT?
Perhaps one of the best aspects of digital currencies is its safety. Unlike handing over a credit card or debit card to a vendor, when you spend digital currencies, the potential for someone to skim additional funds from your account is almost non-existent. How much that vendor receives from you will always be the exact amount you have agreed to spend.
HOW LONG DOES IT TAKE TO PROCESS CRYPTOCURRENCY TRANSACTIONS?
If you’ve ever had to send money using a bank transfer system, you’re all too aware of just how long it can take. While some financial institutions can send money with a day, some require between five and seven business days to complete the transaction. With cryptocurrency, transactions are resolved instantly – and without fees typically incurred using third-party finance trading companies such as Western Union or PayPal.
ARE CRYPTOCURRENCIES GOING TO STICK AROUND?
It’s been more than eight years since the very first bitcoin was mined. And while many people at the time believed it was something exceptional, even those involved in the early cryptocurrency phase are surprised to see how far it’s grown. “Anytime something just refuses to die; you probably have to pay attention to it,” says Joshua Brown, famed financial advisor, and blogger, “blockchain technology may have just permanently disrupted traditional currencies.”
ARE THEY RELIABLE?
Bitcoin’s recent volatility has raised concerns from traditional investors, but the wide fluctuations are receding as more and more mainstream investors join the cryptocurrency expansion. And as institutional investors are tossing their hats into the ring with increased frequency, the previously experienced instability is expected to level off.
IS CRYPTOCURRENCY A BUBBLE?
With a surge of new digital currencies, there will undoubtedly be a few that rise and pop, but to judge all digital currencies, in the same manner, is unjustified and incorrect.
New technologies often take time to earn their place in mainstream society. Chartered Market Technician Gordon Scott, recently likened the current position of Bitcoin and Ethereum to that of early stages of Amazon. Noting that new technologies often soar as the general public begins to understand its role in society and appreciate how it can make a difference in their daily lives