Bitcoin, the first cryptocurrency, was launched in 2009. This means that it’s only been a little more than a decade since tech-savvy consumers started becoming more aware of this niche channel of investing their money. At first, people were doubtful that a decentralized financial system, of which bitcoin serves as the poster child, has a good chance of thriving. In a span of 10 years, however, thousands of other cryptocurrencies—altcoins, as they’re referred to collectively—started becoming more available to the general public.
In the same period, bitcoin took investors on a wild ride filled with spikes and crashes. In 2010, the first economic transaction using bitcoin occurred, with a man exchanging 10,000 bitcoins for 2 Papa John’s pizzas valued at USD 25. It wasn’t until 2011 that the price of 1 bitcoin crossed the USD 1 threshold. Fast forward to 2020, and the same number of bitcoins used to buy those pizzas would have been valued at USD 114 million. In fact, the price of a single bitcoin hovered between USD 28,000 and USD 69,000 in 2021. This means that the people who invested in the digital coin early on and held on to their stash now have every opportunity to exchange their coins at phenomenal prices.
These days, cryptocurrencies are accepted as a component of a well-balanced portfolio. Investors who put their money on bitcoins and altcoins such as Ethereum, Tether, or Monero are well aware of the level of volatility that each option presents and use the unique characteristics of each coin to their advantage.
If you’re thinking of investing your money in cryptocurrencies but you’re not acting on that decision, then there are benefits that you might be missing out on. Here are the reasons why you should seriously consider buying bitcoins, trading Ether, or using your best Monero wallet as soon as possible:
You can get your hands on assets that will soon become a regular part of everyday life
In the early days of cryptocurrencies, there has been a lot of talk about how the technology will change the way people live their lives. It’s thought that the use of digital coins will help change society’s perspective of money by enabling easier tracking of expenditures or completely obfuscating all the details of a secure transaction to third-party observers. These haven’t happened yet, and some of the people who’ve taken a keen interest in cryptocurrencies say that these things will take a few decades, but society is on its way there.
Cryptocurrencies are slowly but surely becoming a part of regular life. More and more consumers and commercial establishments are now allowing transactions that use digital coins and tokens, and there’s an uptick in interest in games that make use of crypto coins. There’s a good chance that cryptocurrencies will occupy a more significant role in trade and commerce in the future. Investing in crypto today will help you understand the possibilities that this asset offers and acquaint you with the ways to make the most of it while other consumers are still trying to grasp the idea of decentralized finance.
It presents you with an opportunity to significantly improve your profits in a short time
Cryptocurrency investments are volatile by nature, unless perhaps you’ve decided to go with stablecoins that are tied to the value of goods, fiat money, and other cryptocurrencies. While some people try to steer away from volatile investments as much as possible, there are also those that are able to maximize their profits by putting up with higher levels of risk than usual. If you enjoy navigating the ups and downs of regular trading and using different strategies to turn the tide to your advantage, then investing in cryptocurrencies will prove to be an engaging activity.
But more than just satisfying your need for thrills, putting your money on crypto gives you a chance to earn significant profit margins. At the time of writing, the cryptocurrency market is in a slump, which has happened from time to time. This can be a perfect opportunity for you to acquire coins that will only grow in value as soon as the market bounces back.
You can start using digital coins and complete transactions that are free from censorship
Some people are willing to exchange their privacy for convenience. As long as they can get personalized services, they’re willing to provide private and public entities with their personal data, such as the recent purchases they’ve made. Not everyone feels this way about data collection.
If you want to enjoy anonymous and private transactions that are unlikely to be censored by government agencies and financial establishments, then investing in cryptocurrencies will help you achieve this goal. Privacy coins like Monero are designed to be untraceable, meaning that no one will know that you used your Monero coins to complete a transaction unless you expressly tell them.
This doesn’t mean that you’re doing something illicit; it’s just that you believe that how you use your assets is no one’s business but your own. Putting your money in coins that are big on privacy and anonymity as soon as possible is a good way of taking part in the activities of the cryptocurrency community.
Explore the cryptocurrency community today and find opportunities that are unique to decentralized financial systems. Once you cross that bridge, you might even end up asking yourself why you didn’t do it earlier.