Cryptocurrency has exploded in popularity—and value—over the past several months. Whether you knew of options like Bitcoin before this summer or not, you’re likely paying more attention to them now than ever before.
At this juncture, you’re probably wondering if investing in cryptocurrencies is a good idea. Are you too late to the game to win big? Will this type of blockchain-based finance enjoy a market-leading position forever?
Here are a few things you need to know about cryptocurrencies and six reasons why it’s still not too late to invest in the space:
With one Bitcoin sitting at the large price of $16,240.84, you may think that you’re too late to invest in cryptocurrency if you’re not financially well-off. Luckily, this isn’t the case. Although the price of Bitcoin is rather high, there are other affordable cryptocurrencies on the market.
Options like Ripple, Golem, and Bytecoin are still open for investment and rather affordable. For example, the current price of one Ripple is $0.74. The going price of Golem is $0.53 and $0.004 for Bytecoin.
2. It’s more straightforward than ever before
On the subject of investing in cryptocurrencies, I reached out to Brian D. Evans, Forbes contributor, Blockchain evangelist and CMO of the blockchain-based transport and logistics company ShipChain. In response, he said, “2017 will probably go down as the year of the cryptocurrency. Sure, you could have gotten in the game eight years ago, but it’s certainly not too late to join in now.”
As business leaders will tell you, buying cryptocurrencies is worthwhile and easy. Furthermore, says Evan says, “In most cases, you can simply purchase cryptocurrencies on online exchanges. When you do, you’ll find that the process is seamless and almost—if not entirely—free from regulatory oversights and other factors that commonly slow down transactions.”
Bitcoin is a valuable asset because it’s limited. Only 21 million Bitcoin will ever come into the world. Furthermore, the mining process drops by half every couple of years. As it now stands, around 80 percent of bitcoins are already here.
Scarcity drives up demand, and the scarcity of many cryptocurrencies is increasing. So, now is a good time to invest in the space. There are still available coins to be spoken for.
4. Still uncontrolled by governments
Gold is often of value because its worth remains mostly unaffected by things like war. Cryptocurrencies also have this quality. Since they’re held on a decentralized computer network, they’re largely uninfluenced by big players, like the Federal Reserve.
When political volatility and economic unrest cause traditional assets to drop in value, the money held in cryptocurrencies is largely unchanged. If it does fluctuate, it often sees an increase in value in times of instability.
According to Steve Andriole, Forbes contributor and American information technology professional and professor, “Very few people realize that cryptocurrency is simultaneously a currency, an investment and a technology: you can buy a house with cryptocurrency, speculate with some of your retirement money in cryptocurrency (and eventually invest in cryptocurrency ETFs) and invest in cryptocurrency’s underlying technology (blockchain).”
As Andriole points out, cryptocurrencies are incredibly diverse and pretty encompassing. If you buy any cryptocurrency today, you’re backing a lot more than a type of money.
6. More (and more) types
Did you know that there are more than 1,000 types of cryptocurrencies on the current market? Although some of these have questionable legality and aren’t the safest investments, many of them are viable options with good financial projections.
With enough time and research, anyone can identify current cryptocurrency opportunities and invest in them as they see fit.
The time is now
In 2009, Bitcoin created the standard for cryptocurrencies. Currently, every 10 minutes, 25 bitcoins are created. By 2140, all 21 million bitcoins will be mined.
The opportunity to invest in Bitcoin grows smaller and smaller as mined coins and prices increase. However, the chance to invest in other cryptocurrencies is growing. Of course, like any new technology, this space has some limitations that make investing somewhat risky.
If you are considering investing in cryptocurrencies, don’t invest more than you can lose. Every investment runs the risk of loss, especially in this space.
Also, you’ll want to prepare for huge price swings. Since there’s no regulator to back the value of cryptocurrency, its prices are likely to fluctuate widely in both directions. You’ll need to be able to stomach loss and volatility if you’re going to successfully invest in this up-and-coming opportunity.
As for now, cryptocurrencies are becoming part of the financial system, and more consumers are learning about them. There will likely undergo more financial regulation in the future, but for now, cryptocurrencies are largely unregulated and open for investments.
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation in writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
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