A lot of buzzing has been going on online about cryptocurrency investments. Are you wondering how are cryptocurrencies used and is it too late to invest?
Information and success stories are flooding social media networks, blogs, news sites and everyone seems to be talking about investing in crypto.
But why did cryptocurrency investing become so popular so suddenly? And is this type of investment truly as lucrative as everyone claims it to be?
First, let’s learn more about cryptocurrencies
If you are not exactly sure what all the fuss is about cryptocurrencies then the chances are pretty hight that you don’t know much about cryptocurrency, to begin with. You can learn more about cryptocurrency here: “Cryptocurrency 101: The Ultimate Beginner’s Guide to Cryptocurrencies.“
A cryptocurrency is a digitalized form of money or a digital asset that is used for online transactions across the globe.
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There are quite a few different types of cryptocurrencies that are commonly used by global markets.
These currencies are completely decentralized and don’t belong to any country, government, sector or organization.
The first cryptocurrency was created in 1983 by the American cryptographer, David Chaum.
This electronic money type was called ecash. Since 1983 cryptocurrencies have developed a lot and have resulted in quite a few different digital currencies.
The most common cryptocurrencies in use include; Bitcoin – the world’s most popular cryptocurrency, Ethereum, Ripple, Cardano, Litecoin, NEM, Stellar, NEO, IOTA, Dash, Monero, Tron and more.
How are cryptocurrencies used as an investment?
There are different ways to invest in cryptocurrencies.
Some of these methods involve mining for bitcoins or other currencies, other methods involve buying or earning cryptocurrencies and selling these assets for a greater profit when the value of the cryptocurrency escalates.
You can also use your digital money to shop online from a great variety of e-commerce stores.
More and more online shops are switching over to cryptocurrencies like bitcoin thanks to the popularity of this digital currency.
Why are cryptocurrency investments exploding?
You may wonder why cryptocurrency investments became so popular so quickly, right?
Well, it is all about the success and the tremendous growth of the cryptocurrencies. Here are a few examples of cryptocurrencies that grew tremendously in just a short time period;
- Bitcoin’s market price at the beginning of 2016 was valued at $411.99. At the end of 2016 Bitcoin was valued at $908.17. If you purchased one bitcoin at the start of 2016 you would have made a total of $496.18 by doing absolutely nothing.
- Ethereum was valued at $2.83 at the beginning of 2016 and climbed to $7.31 by the end of 2016.
- Ripple was valued at $0.006168 in the beginning of 2016 and climbed to $0.006310 at the end of 2016.
- Litecoin was valued at $3.41 at the beginning of 2016 and climbed to $4.34 by the end of 2016.
- Monero was valued at $0.448294 at the beginning of 2016 and climbed to an amazing $10.38 at the end of 2016.
Some of these cryptocurrencies doesn’t seem like much growth but if you consider the percentage of growth for one year in crypto value to your normal investment growth then you have to admit that even Ripple would probably have been a better investment when it comes to growth.
The reason why cryptocurrency investments are exploding is that more people have started doing the calculations and have realized that their investments could have doubled or even tripled if they invested in cryptocurrency instead of other types of investments.
This is exactly why so many people have started switching over to cryptocurrency investments. They can get a much higher growth rate from cryptocurrency than from any other type of investment in much less time.
Is cryptocurrency investing worth your time?
Cryptocurrency investments are a great investment type – but it isn’t for everyone. A lot of people burn their fingers when they climb into this market.
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You really do need to make time for this type of investment and learn more about investments before you dive right in or you can easily end up losing a lot of money. One of the biggest places where lots of people lose money with international money transfer companies.
It costs money to transfer money from one country to another and from cryptocurrency value to your money value. You can definitely check out these top international money transfer companies if you plan on investing in cryptocurrencies or if you ever want to transfer money internationally.
The right international money transfer company can save you a whole lot of money and will result in much greater profit for your investment.
Cryptocurrencies can be a great investment for you but it is essential to take the right steps when investing and to remember that this is a long-term investment and not a quick buy and sell strategy.
Author: Laura Regan