Should You Invest in Cryptocurrency?

Cryptocurrency can be risky, but also rewarding

People today know what cryptocurrency is but are not sure if they should invest in it. Crypto is a novel way of looking at money and the wave of the future or looks like it’s the wave of the future. Of course, we can’t predict what tomorrow will bring, but crypto looks poised to stay with us for a long time.

Most of us know about Bitcoin as it’s been around for many years. This is the standard Cryptocurrency, but there are many more such as Ethereum, Cardano, EOS, and the dog meme coin Dogecoin. In fact, there are hundreds of these new cryptocurrencies.

Many of these coins probably won’t survive in the future. We will probably have a few “standard” cryptos that we buy and sell. Of course, this may change, as this new technology is only in its infancy. It’s too hard to tell at this point what will happen. All crypto is digital, which means there’s never any actual “coin” or paper money. Our future finance will more than likely be all-digital, and paper money will disappear entirely. Today, most of us bank online, buy products and pay with “cards” at the store when we’re out shopping. Crypto will take this process a step further.

Investing in these currencies requires regular fiat money, but you can trade cryptocurrency between each other once you have some in your possession. Trading is done on special cryptocurrency exchanges such as Binance, Bittrex, or Coinbase. There are hundreds of exchanges to choose from. The exchanges run 24/7, and you can trade whenever you like from anywhere in the world that allows it. Profits can be exchanged for more cryptocurrency or sent to your normal bank account.

Investing in cryptocurrency can bring you rewards that far exceed any bank account interest rate or stock portfolio by a huge margin. The problem is that crypto is one of the most volatile assets you can invest in. Crypto can skyrocket in value and come down hard as fast as it goes up. Sometimes these swings occur in a single day.

You need a strong stomach to invest in these assets, but they can reward you with a huge profit if you’re…

Related posts:

In episode 4 of Naija Biz review podcast, my guest is Ebuka, an entrepreneur I respect. We look at how newbies can gain business experience before starting their own business. Topics we talked about…

Entering the Pennsylvania Convention Center Friday night for the start of the Philadelphia 2020 Tattoo Arts Convention, which runs through Sunday, the noise was overwhelming. The buzz of hundreds of…