No one could have predicted how incredibly successful blockchain technology would become when the first cryptocurrency was invented over 10 years ago. The only people who knew anything about it were a handful of computer experts. It wasn’t just niche, it basically didn’t exist. Jump forward 10 years, and it seems like the whole world is talking about cryptocurrency. And the conversation is only getting louder. You won’t be able to ignore crypto for much longer.
For every new invention, there are always skeptics. Those unimaginative, status quo loving types whose favourite pastime is to let everyone know how risky anything new is. For years now, they’ve been busy convincing people that cryptocurrencies are just a passing fad, and ultimately worthless. It’s high time they admitted they were wrong!
Digital currencies are now more valuable than ever and that reality can’t be ignored any longer. Here are five reasons why:
1. Crypto Is Here to Stay
No matter how much the skeptics ignore it, crypto isn’t going anywhere. Blockchain technology is here to stay. Banks, investment firms, hedge funds, financial institutions, and even entire countries have already adopted crypto. Why would we want it any other way? Being a “crypto skeptic” might very soon seem as absurd as being an “internet skeptic” or a “television skeptic.” Let that sink in.
The total market capitalization of crypto is now worth over $2.5 trillion. According to estimates, it will keep growing in the foreseeable future. To put that in perspective, the cryptocurrency market is more valuable than companies like Google, Facebook, Amazon, or Tesla. Imagine that! It might even soon be more valuable than Microsoft and Apple.
2. Fiat Currencies Are Fading
Cryptocurrencies are in direct competition with fiat currencies, which are becoming more and more unstable every day. The reason for this is simple: inflation. Politicians and bankers are printing money on demand. The more money they print, the more it loses its purchasing power. The price of consumer goods goes up, the value of money goes down leading to mass inflation.
Inflation is always a problem, but the COVID-19 pandemic has made the situation much worse. Ever since the lockdowns started, politicians have been printing trillions of dollars to cover expenses. Many people are worried that the resulting increase in inflation might be catastrophic to the economy. Who could blame them?
For many people, using crypto is not a matter of preference. It’s become a necessity. Since cryptocurrencies are deflationary, they are a great hedge against the devaluation of fiat currencies. They can be one of the most effective ways to protect your life savings from the threat of inflation.
3. Crypto Is Becoming More and More Useful
For years, crypto was faced with the problem of usefulness. Sure it was growing in value, but what could you do with it?
Things have changed dramatically since those early days. Cryptocurrencies can now hold their own against fiat currencies, and in some cases, they are far more practical to use. While fiat currencies, such as dollars or euros, are limited geographically, crypto is a truly global form of money. They can be used to pay for goods and services anywhere in the world. How’s that for convenience?
You can use crypto to pay for anything, from pizza to real estate, movie tickets to luxury cars. Since cryptocurrency transactions are very efficient and secure, more and more businesses are starting to accept crypto payments. Eventually, accepting crypto will be as common as accepting debit and credit cards. So, how could you continue to ignore it?
4. It’s the Best Chance at Financial Freedom You’ll Get
It’s amazing how much control banks and other financial agencies have over other people’s money. They not only tell you how much of your money you can withdraw, but they also charge you for the privilege of doing so. In some cases, they can even seize or freeze your assets. Kind of negates the whole idea of financial freedom, doesn’t it?
Cryptocurrencies, on the other hand, can give you absolute financial freedom. Digital assets stored on a decentralized blockchain are yours and yours only. More power to you! Nobody can take them away from you. Nobody can stop you from sending them to whoever you want or spending them to buy whatever you like. Now that is true financial freedom.
5. It’s Still Not too Late to Get Into Crypto
Let’s say you’re convinced – you agree that cryptocurrency is a valuable and useful technology that will continue to grow in popularity. It might even replace fiat currencies someday. But isn’t it already too late to get into crypto?
No, it isn’t.
While crypto is already immensely popular, it’s still not ubiquitous. If we compare it with other technologies such as cars, computers, or mobile phones, it’s obvious that we’re still in the early stage of its wider adoption. So, if you invest today, you’ll still be considered a crypto maverick, an early-adopting visionary who sees both the forest and the trees.
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