There are some good reasons why investors should consider taking the plunge and staking some of their cash in cryptocurrency.
The media often highlights the best and worst of investing in digital currencies.
But not everyone will become an overnight Bitcoin millionaire, and nor will they lose their cash to dodgy scams – although both have happened.
Six reasons to move into digital currencies
So, here are some reasons to invest in cryptocurrency:
Regulation is improving – The downside is the anonymity of digital currency transactions is disappearing as governments move to control exchanges worldwide, but that means investor money is safer and transactions are more transparent
Blockchain bonanza –Corporations and financial institutions are taking up the blockchain. The technology that underpins cryptocurrency is becoming big business as software applications make transactions quicker to complete and more secure
Easy to access –Electronic wallets like deVere Crypto make investing in several coins simple and converting the profits to cash you can spend is no longer a complicated chore
Bright future –Although cryptocurrency is a long way from becoming money you can spend; better regulation and evolving technology means digital coins are here to stay as the wild frontier of an unregulated electronic free-for-all calms down
Cryptocurrency is more than Bitcoin– Bitcoin is now more than an unknown quantity, but there are plenty of other altcoins out there to excite investors. Ethereum, Litecoin and Ripple are also muscling for attention in a crowded market with nearly 2,000 cryptocurrencies to choose from
Cryptocurrency is fintech –Developers are hard at work to distil the benefits of the blockchain into mainstream financial and supply chain applications. For intrepid investors, now is a good a time as any to jump into promising start-ups
Glimpse of the future
The cryptocurrency sector now is just a glimpse of what the future may be like as digital currency takes over from government-backed money.
Investing always comes with risk and cryptocurrency is no different, but investors can work to cut any potential losses with sensible due diligence – like avoiding schemes that over promise and under deliver.
After all, plenty of other investment opportunities come with the same risk of failure.