Is Cryptocurrency A Good Investment?

How did crypto change the way of buying things?

Cryptocurrency is free from the claws of government and banks, you will be able to directly trade crypto for any services you need with ease. For example, on international payments, banks hold on to your money to gain interest on conversion charges for at least 2-3 days but crypto payments are instant. Cryptocurrency is subject to market risk, the value is based on supply and demand. If the value of any coin goes down you will lose your money so it is better to invest in the right ones and to convert your money into a stable coin at the right time. 

Are cryptocurrencies legal ? 

Yes, They are legal. Bitcoin and other cryptocurrencies are 100% safe as the wallet can only be used by a private key which is not required to be shared with anyone at any point. In the beginning, the government had some problems accepting the idea as they would not be able to watch who has how much money in their account, sell the user data, and were scared as people may start keeping their savings into crypto instead of the banks which makes them lose control. But they had no reason to ban crypto as all these activities were hidden from the users. So they had no option but to make it legal. 

 How to trade with crypto and no money? 

Trading is a concept where you exchange one thing in return for another. You definitely need money to start trading. Although there are different mechanisms where you can earn crypto directly without investing a penny such as mining and staking and using reward-based applications. Some crypto is available to buy in the United States dollars, others require you to pay using bitcoin or other cryptocurrencies.  

If you’re buying cryptocurrency, You will require a Wallet a web-based application that can hold your currency. Typically, you create an account at a trade, so you can transfer real money to purchase cryptocurrencies like Bitcoin or Ripple XRP. 

How many popular cryptocurrencies are there in the marketplace? 

Over 20,000+ different cryptocurrencies are traded publicly. With few obstacles to overcome, just about everyone who understands blockchain technology can launch their own cryptocurrency if they are so prone. These are the most popular cryptocurrencies in the marketplace: –  

• Bitcoin 
• Ethereum 
• Ripple XRP 
• Litecoin 
• NEO 
• IOTA 
• Matic (polygon) 
• Qtum 
• Shiba 
• Doge 
• XLM 

Is cryptocurrency Safe? Can Cryptocurrency be securely invested in? 

Bitcoin and other cryptocurrencies are 100% safe as the wallet can only be used by a private key which is not required to be shared with anyone at any point. You will have only your private key by which you can check your balance on any wallet. The benefits of having a decentralized network are that the server can never be down. If one node goes down, the rest are still available. Cryptocurrency uses POW to verify transactions, you can simply send X amount of money to anyone and let the blockchain take care of the rest. In other words, the government has no control over your account, it is a decentralized network where only you own your account. Moreover, only your address has the value so the government cannot trace it back to you. 

Conclusion: – 

Cryptocurrency is subject to market risk, the value is based on supply and demand. If the value for any coin goes down, you will lose your money; so its better to invest in the right ones and to convert your money to a stable coin at the right time. Bitcoin and other cryptocurrencies are 100% safe as the wallet. It is as easy as it gets, you can download any application and trade within seconds. The benefits of having a decentralized network are that the server can never be down. If one node goes down the rest are still available. In fact, you can convert BTC to cash via many crypto exchanges. There are even crypto ATMs being set up so that you can directly cash the money.