There are many debates doing rounds on social media, across Internet, and even mainstream media about the future of cryptocurrency.
For most people, cryptocurrency is still a very new concept and few people even know how digital currencies work. Though, many people believe that cryptocurrency has a very bright future despite still being in a developing phase.
And while it is certain cryptocurrency has great potential and is the future of finance, the main drawback for most people now is the wildly fluctuating value of assets. The prices of most cryptocurrencies like Bitcoin are extremely volatile.
That said, one of the best things about cryptocurrencies is that they can be used to make online payments easier due to their digital nature. Though, a reliable internet connection is needed to to anything crypto related, whether it’s making payments or dabbling in DEFI markets.
Get spectrum internet packages for a reliable internet connection and search the world of digital currencies. Internet promotions help you better in your search for the right cryptocurrency. The plans and internet prices will vary from area to area.
But as far as cryptocurrencies go as a whole, there is an exciting future ahead for them. Keep reading to learn more…
Are Cryptocurrencies a Good Investment?
Usually, the first thing newbies will ask is whether or not crypto is a good investment. There are two scenarios in this case that play out for most people. Either they become rich or lose all their money. Both scenarios have high potential.
You can of course make out well when you consider the increasing demand for cryptocurrencies, especially if you play it safe. Investing in top five coins like BTC and ETH are less risky than lesser known coins/projects. If you look at the past data on both, the results speak for themselves.
And if you wanted to play it even safer and invest in crypto in a more indirect and traditional way, you can simply buy stocks in crypto companies that have gone public. For example, buying some Coinbase stocks is a popular investment path into crypto, perfect if you’re not quite ready to dabble with actual cryptocurrencies.
Keep in mind that the value of the cryptocurrency will depend on supply and demand. If there is a high demand for a certain cryptocurrency, there is a higher overall chance that the rate will go up, especially in time. This is why Bitcoin and Ethereum have done so well.
This year has been a breakthrough in digital currency. A lot of international attraction and attention is been paid to cryptocurrency. The industry is still in the formative phase and is constantly involving so determining its future is tough.
All in all, the long-term future of cryptocurrencies will be determined in the coming years as markets mature and real-world adoption advances. The industry is evolving at a great pace and in my opinion, there is not a better time to invest.
Which Crypto Currencies Are Safe To Invest In
In the ever-changing industry of digital currencies, there are many great currencies to invest in. Last month was very happening in the world of crypto. For instance, Bitcoin was searched up to 40% according to statistics and it hit record prices. Many other crytptocurrencies also climbed to new all-time highs.
But if you’re new to the world of crypto, investing in top ten coins is your best path forward. And you can’t go wrong with Bitcoin and Ethereum. Most of my own position is in these two. I feel they are still the two best investment opportunities you can make.
Another one that I feel has super potential is Solana. It’s not as old as Bitcoin or Ethereum, however, I personally feel it is a great investment. Keep reading to learn more about Bitcoin, Ethereum, and Solana.
One of the most expensive cryptocurrencies in the world Bitcoin holds the significance of digital currency. The BITO starts to trade on 19 October. The next day Bitcoin was around 66930 dollars. If we talk about the digital currency 10 years back, a single Bitcoin was only $10. This shows the overall potential of cryptocurrency, and how it is affecting ways of investment
After Bitcoin, Ethereum is the second most expensive digital currency available now. However, it is just a digital asset blue-chip digital currency. It is giving a very tough competition to Bitcoin with 19% shares in terms of Ethereum accounts. One of the main reasons for the functionality and popularity of Ethereum is that it works on the blockchain. Many developers are interested in designing non-fungible tokens.
This is one of the most underrated cryptocurrencies now. Though the world has its own up and down, yet Solana has impressed the investors the most. When the year begin, they just had 0.01% shares in the market. However, towards the end of the year, they are in the top 10 cryptocurrencies of the world. It was created to help easy development and creation of the apps. The coin has full potential to give Ethereum tough competition.
Crypto Regulations & Security Challenges
The future is still hard to predict due to the uncertainty of cryptocurrency regulations. Legal agencies in America are still finding ways to “legalize” cryptocurrency as a safe investment. Not to mention, Uncle Sam wants to make sure he’s getting his cut!
Unfortunately, the industry is also very appealing to hackers and cybercriminals, hence, it is one of the biggest challenges faced by the law-making agencies. They “want to make crypto safe,” and all that goes with that means the future is by nature an uncertain one.
Many people are waiting for clear regulations before investing a large amount of money in cryptocurrency. There are certain countries that are in the phase of making a choice to make it “legal” or “illegal.” This by nature adds some uncertainty, especially in highly regulated markets.
For example, in the United States, things are very misty, but still the government has no mood to ban cryptocurrency, and in fact, it will probably never happen. That doesn’t mean they won’t regulate the hell out of the industry, though.
Moreover, virtual currencies can be very deceptive in terms of taxes. It can create many hurdles for the governments to generate revenue, as not all the currency is liquidate. Multiple agencies are waiting for the particular judgment to clearly see, where this digital currency will lead the world.
If things are transparent then it means the hurdles in the road of cryptocurrency will be removed and bigger firms will start operating in digital currencies.
If the cryptocurrencies are regularized then we can see there can be price issues in the world, especially in the volatile market. People are more confident in cryptocurrencies than there were back in time, but still, it needs time to fully develop as a form of currency.
That being said, things are changing, especially after the launch of the first-ever Bitcoin ETF. It was inaugurated at the New York Stock Exchange Market. This show the potential digital currencies have in the world.
In particular, this is how things will become more transparent. It will allow people to buy currency directly from an authorized investor rather than an unauthorized one. However, some people are not in favor of Bitcoin ETF because it only deals in Bitcoin, not in cryptocurrency in general.
For some people, cryptocurrency means Bitcoin, but that is not the case. Investors are still waiting eagerly for an ETF that can hold the digital currency directly without any third-party involvement. BITO is the first ETF to get recognition and approval from the SEC multiple attempts.
The Future of Cryptocurrency
While we cannot fully speculate about the future of cryptocurrency because it is a new investment class and developing technology, the future looks very promising despite looming regulatory hurdles in its path.
The main reason we can’t fully speculate is that there is little tangible history behind cryptocurrency investment, which can be used to predict outcomes. And comparing it to traditional markets can give us some insight but only so much.
No matter what experts or economists think, the reality is that digital currencies can be tough to predict. Always invest your money in cryptocurrencies when you are financially stable. If you are not willing to potentially lose big money, then investing in traditional money markets may be more up your alley.
Nevertheless, if you still want to jump on the crypto bandwagon, then do it by investing small amounts, because whether you lose or gain, the risks will be minimal. Many lose their ass. Don’t be an ass and lose your ass too!