Cryptocurrency is a digital currency that is much more secure than any other type of currency. This form of money has no authority that affects the value of it; for example, the government. Essentially, it is an exchange of electronic cash.
Crypto is a very opinionated topic, so in order to break down the different influences of it, it is important to get a few different opinions. Paul Grob and Jeffrey Fairlie, two stock traders, sat down to discuss its popularity, its safety, and why it is worth buying.
Why is it Gaining Popularity?
Many people like to avoid taxation and the government, but with traditional currency, the influence of taxation and the government is inevitable. Crypto exchanging is a way to legally initiate transactions without dealing with any type of authority. It is literally as easy as 1..2..3 to transfer crypto. It is just like PayPal in that the user selects the person, selects the amount, and sends the payment. Little to no taxes, in certain countries, are paid with cryptocurrencies. The best way to cut down these taxes is to also purchase crypto through retirement funds.
And what about its safety? “It seems no safer than any other currency,” Grob mentioned. Fairlie responded saying, “It’s safe but nevertheless a risk like investing/owning anything else.” Crypto is backed by networks and networks of computer software, making it almost impossible to have any problems. As the dollar value continues to fall, crypto is expected to rise. What this means is you can actually make great profits off of it.
For example, you buy a share of Bitcoin at $9,000 in May 2020. You look today and see yourself up nearly $30,000 dollars. Who doesn’t want money that is easily earned?
Why You Should Trade or Own Crypto
Overall, there are a ton of benefits with cryptocurrency. There are many reasons to get involved, some already mentioned, but let’s go over a few:
- It is very simple to make transactions, whether it’s trading or owning cryptocurrency.
- Cryptocurrency is yours alone with no government interaction.
- There are large, profitable returns as this currency continue to gain value.
- It is very difficult for someone to hack your currency as it is backed by high tech computer software known as Blockchain.
- The future will hold a lot for many types of cryptocurrencies, especially Bitcoin.
Is Crypto the Future?
“I do believe that many different cryptocurrencies will play a big role and definitely have a place in our future,” Fairlie mentioned. Grob countered that by saying, “It could be the future, but it won’t be relevant anytime soon.”
Cryptocurrency will continue to gain attention, and we will see many more large companies continue to allow crypto payment. Those that still do not believe in its relevance are stuck in the past. All big name crypto share prices are currently rising steadily.
Elon Musk, one of the most well-known investors of our generation, invested in it, so this leads us to believe that there is a strong future for this currency. With that being said, trade in your gold and silver because it’s time to buy some crypto.
Media by Parker Grob.