Stocks, gold and real estate and ETF, everyone is talking about them. What about buy bitcoin or other cryptocurrencies? The forgotten child cryptocurrencies?
One of the most important on the crashes 2018 market crash is this: 2 weeks is what most business to survive for businesses. Saving crisis cause the USA government to print money to give money to people to eat. Paper dollars are not back by gold but only that government say it is worth the value. If you increase supply of something and print trillions of dollars, everything will come down. This is call inflation.
The rich and the poor (buy bitcoin)
The rich become richer as they outgrow their money than inflation. The poor will remain poorer as they can’t overcome the inflation. Now we should turn cash into gold. There is now another gold call digital gold, which is call cryptocurrencies which the most popular one is bitcoin. We shall take a closer look at bitcoin. To buy bitcoin this year?
Economic crisis is everywhere. The original goal of cryptocurrency is to create a decentralized worldwide digital currency. This means it is not control centrally and is worldwide. It is digital which means you don’t have to carry huge chunks of gold. It can use it online, buy goods and services.
How it works to buy bitcoin
For how it going to work: To buy some face masks in India, if you have US dollars, you still have to take the trouble to convert US dollars into rupees where there can be transaction fees. But with bitcoin, it is much straight forward. In india and the same of one bitcoin in anywhere in the world. So it is good to buy bitcoin to use.
The problems if using bitcoins
But there is a problem: If everyone uses cryptocurrencies, the government will lose power as it’s decentralized. If any government let bitcoin to be used, governments will lose power and they will not want.
Cashier will not accept bitcoin, but only dollars or credit cards as they are not ready for this technology yet. But it doesn’t means it will not change in the future. But mindsets will change. 10 years ago, cryptocurrencies is almost taboo. Many people will think it doesn’t make sense. Those also says anyone buy bitcoin is stupid. JP Morgan is one of them. But today, JP morgan and many banks are now taking cryptocurrencies and bitcoin much seriously now.
Why buy bitcoin is important
This open up cryptocurrencies as perhaps the new money in the future. There is a limit of how much bitcoin can be mined which is 21 million bitcoins. There will be no more bitcoins can be make after this limit, unlike the dollars. This made cryptocurrencies like gold like that, which has a limit.
This will make the value of bitcoin be very high. You don’t need to own the whole coin, but partial can do. Make sure you are aware of what you can trying to do.
Can bitcoin make you a lot of money? Yes, it can but it carries a high risk. It is because bitcoin is very new technology which rises and dropped in value very fast.
You need a cryptocurrency broker like stock broker. You need to make sure this cryptocurrency exchange is not a scam as it is not regulated. Secondly, it should not screw you over and protects your assets in cryptocurrencies.
You will need your account to be insured and safe. Get an account, and fund it. Like using coinbase, there are promotion to attract you like free $10 when you sign up…etc. It is free to get an account.
Further evidences
So how cryptocurrencies matters today. Now there are printing tons of tons of cash to keep businesses afloat. There is high risk as it cause the US government have high level of debts. US dollars are only backed by faith which is great news to some people. But there is no guaranteed this faith will only be there forever as they are still printing lots of cash.
One day, you will find US dollars to become worthless. It may be extreme but it happens in other countries. Prepare for the worst. They will always give hope to people on US dollars. People could be just fed up with this system and people will start o buy cryptocurrencies.
People can create cryptocurrencies from bottom up, not control by government. FED is printing trillions and trillions of dollars which make buying bitcoin to be attractive. It is like gas. People today will start to worry about their savings to drop in value which means they are now turning to bitcoin.
Bitcoin now is slow and expensive in transaction. However if the usage of bitcoin goes up, it can raise in value. But if countries not willing or skeptical of bitcoin, people still not fully trust the internet on bitcoin. You can feel the gold, but you cannot feel bitcoin.
If cryptocurrencies are much used, momentum will goes up. But please do research and make financial decisions well.
The best cryptos for 2020
I cannot give you financial advices, but I can share something useful. When start investing in crypto, its about making fast bucks. Buy low, sell high. But do you know in detail how to invest in cryptocurrencies?
You need to invest in coins that have a strong core. Many coins will not be around 2 years from now and you could be losing money. Even on those with a good technical team can also lose money. Look at coins with a good track record. There are many indicators that shows which coins will have potential.
You need to do research. Educate yourself. Here are a few tips of looking out for these cryptocurrencies. Learn the technology behind this cryptocurrencies. Do not be part of the greater fool theory. Secure your wallets.
It cannot be compromise. Hold them for long. You can use a bit for re-trading. The technology radically changes all the time. Cryptocurrencies survive by the edge. I shall point these cryptos that can have a future.
Bitcoin
Why bitcoin? Bitcoin has been along for 10 years with big pool of developers. The greater fool theory start to show the impact. In Coinbase, there are 1000 buyers in 3 days. The silicon valley is upbeat on bitcoin. Listen to Bill gates, it is a stored of value-a digital gold if you like. There is a good chance bitcoin will be trending at $1,000,000+ in the next decade. People will be buying groceries with bitcoin.
The vast majority will use bitcoin. It is coded by best developers in the world. If smartest believe in this format, then why not you? BTC, which is bitcoin, prices have actually gone up. Bitcoin attracts people as it do well in scalabilty compare to other cryptocurrencies. Bitcoin still has not peak yet.
Why people still use cash, not buy bitcoin to use
It is solving many problems. People are going from fiat to bitcoin. People now move into mobile technologies but why people still use cash? They should buy bitcoin and use it.
- Who wants to own in the right mind, a million dollars credit cards for other to control and trust provider to keep their personal information safe? You would not have the same problem with bitcoin. It can leads to expose of personal details
- In more than 20 countries, the retirement funds have been nationalized. This means these governments use it to fund the mistakes made by incompetent political decision -makers. They didn’t ask anyone permission to do that. They just did it as they like. But on blockchain, they can’t do that. It is the reason why you should invest in bitcoin and the concept behind it.
Not every cryptocurrency is suitable for long terms. Some are worth investing on. Currently more than 17 millions bitcoins are in circulation in the world today. Price has sky rocketing now. People are worry about transaction fees for bitcoin and a little slow. Despite the cons, people still buy bitcoins.
Ethereum
Ethereum, the first smart contract platform with dedicated people team behind it. It is a fast technology for the future. Many tech firms support them. A few decentralized application add new dimension in forecasting and business contract in this. It is a deployable futuristic technological service.
Ethereum definitely gained the first mover’s advantage in blockchain world. At first it is trading at only $100. It then shows quick gain. Later become the second most popular cryptocurrency and main competitor to bitcoin. Ether (in short) is more programmable currency than bitcoin though bitcoin lay the foundation to blockchain technology.
The circulating supply of Ethereum is 101,522,083 and the market cap is $28,138,922,255 USD.
EOS
The great competitor to Ethereum. It is faster and is already proof of stake with a side chain system that is almost ready to go. We shall see.
DIVI
When talk about DIVI, It is a small market cap coin with a lot of potentials. It has an easy to use master node system. Dedicated to making crypto easy to use and easy to switch coins with. Its still new but have dedicated team. Divi is cryptocurrency made easy. Masternode deploys in one click.
SilicaNexus
This project is a video game that meets the crypto project that is going to be big. Imagine if every person who went to the video game arcade had crypto. SilicaNexus will make this happen.
Litcoins
Litecoin focuses on delivering a cross-border payment platform that is viable in surmounting the substantial current barriers. The total number of Litecoin available for mining is 84 million. Litecoin facilitates faster transaction compare to bitcoin. Therefore Litecoin offers greater transact ability and scalability.
Ripple (xrp)
Crypto coin Ripple emerge suddenly during the end of 2017 and soared exponentially to surpass Ethereum in a way that it has secured the third position in the crypticurrencies ranking table. This Ripple is a centralized transaction network and serve an entirely different version compare to bitcoin. The maximum supply is very high.
Conclusion
There are other cryptocurrencies that perform quite well, such as Zcash, Dash, Monero among others. You can consider investing on this according to your requirement. Let me know your thoughts on these.
Buy bitcoin legally in USA here
Check up about bitcoin price fundamentals here
