Money really makes the world go round, and in a world where it’s all about investing, for some time now, there isn’t a better way to get the most of your investments than by trading cryptos. Some still argue how it is all a hoax, but we are well aware that this simply isn’t true, and all that skepticism is more about being afraid of something new than it is about digital money. Yes, when it all started, only a few knew what it really is and were aware of its potential, but today, we all know how profitable it all can be.
Recently, cryptocurrencies have proven as a financially viable option for investment, and because of that, they are therefore becoming more and more popular. Surveys have shown that a staggering seventeen percent of Americans admit to having invested in Bitcoin, with seventy-five percent proclaiming curiosity or saying they have an interest in investing in the future. That is a huge number, and it guarantees a bright future for this industry, which is nothing strange when we take a look at how much profits one can make from investing and trading them.
Digital money is not only becoming more mainstream among the adult population since it is also being embraced more and more by the younger generation. Gen Z shows an increase in curiosity in Bitcoin, and it has been shown that twenty-five percent of young millennial millionaires have a percentage of their stock in BTC or other cryptocurrencies. It is not hard to manage BTC, and it is an industry that is evolving and changing every day, so more and more young people are interested in being a part of it.
But why is crypto becoming so popular? Not only are more and more people losing faith in a more traditional form of investment, but there are also a number of advantages that paying with BTC and other forms of cryptos offers over FIAT money. Let us look at just a few of the advantages that come with digital money.
BTC, and most cryptocurrencies in general, is a decentralized form of digital coin. That means it is not beholden to banks or governments, and it is much harder to track and control them, but that independence has its downside as it is one of the main reasons why each of them is highly volatile, and its price can change in a minute. Not to mention cryptography encryptions ensure that most of the time, Bitcoin owners are entirely unknown, and nothing can be traced back to the buyer unless they voluntarily make information public. Because of that characteristic, many people are convinced that BTC is specially designed for criminals and criminal actions, but it is only a debunked myth.
The appeal and recent rise in popularity in Bitcoin stems from its easy access to pretty much anyone. All we need is a stable internet connection and a wallet, and we can manage our crypto. There are so-called cold wallets for those who are skeptical about online purchasing, and the internet connection is not necessary for their usage. That means that every person can try using BTC and other cryptos, and there is no reason not to try. So many stories have been popping up talking about everyday people becoming overnight millionaires thanks to their investment in crypto. Because of that, many new investors believe that they are next and try their luck in the crypto world, and the announcement of companies that are global giants that they will invest, and some of them even create their own cryptocurrency, only increased the overall interest.
There are numerous crypto trading websites and apps, such as bitcoinformula.net, which offer an easy-to-use interface for a new investor. They take the utmost safety and security measures to ensure their user-bases privacy and incorporate advanced Artificial Intelligence programs to predict the behavior of the market.
Easy Online Payments
Bitcoin is a digital currency, which means in order to trade it, all you need is secure and stable access to the internet. Anyone can make a purchase using BTC just by accessing an online store, which means buyers never have to travel to a bank or ATM. While it is possible to make online payments using credit cards, the advantage of BTC is that it does not require personal information in order to complete the transaction. Every transaction can be finished in a matter of seconds, and the funds will appear on the receiver’s account at the moment when the transaction is done. It is a great payment method for those people who are always in a hurry and need to finish everything fast.
No Banking Fees
Due to it being a form of decentralized, digital currency, Bitcoin, and other cryptocurrencies, are not beholden to banks or governments. That means that banks can’t charge fees on crypto transactions, and governments don’t have the power to tax profits made through cryptocurrency, meaning using cryptocurrency results in a higher profit for its users. It is worth noting that some cryptocurrency exchanges charge taker fees, but these are nowhere near as draining as the litany of fees associated with traditional fiat currencies. These transaction costs are much lower than in regular banks which make BTC ideal for international transaction.
Lower International Transaction Fees
Usually, foreign purchases or wire transfers involve a litany of fees and exchange costs. On the other hand, Bitcoin transactions are not beholden to middlemen institutions or governments, meaning the cost of the transaction fees is kept as low as possible. Not only that, but bitcoin transfers happen quickly, thus eliminating the inconvenient waiting time associated with standard international transactions. If you need some cash quickly and you don’t want to pay high banking fees, cryptos are the best way to get both, as there is nothing you will be charged for that isn’t absolutely necessary, and, as already mentioned, you will get your money promptly. That is a huge benefit for travelers or newly arrived immigrants because there is no long waiting time for a transaction that can be finished in a few seconds.
Lastly, and most importantly, the main appeal of Bitcoin for many users is the autonomy that these cryptos provide in general. Due to their decentralized aspect, users of crypto are not subjected to dealing with intermediary authorities. Crypto owners are anonymous, all payments are made anonymously, and there are no transactional fees or taxes. Even more important for many people is the fact that they do not visit a bank or the ATM every time they want to buy something, and they can do it from their homes.