People hear about Cryptocurrencies, Decentralized Finance, NFT and Metaverse, there are mostly filled with confusion as to how and what Cryptocurrencies to invest in albeit reasons they should even consider it. In this article, Nebo Finance will try to tell you some of the reasons you should be investing in Cryptocurrencies.
Cryptocurrencies are digital currencies that use cryptography for security. They’re also called crypto-currencies because they’re based on cryptographic principles.
Reasons To Invest In Cryptocurrencies
They Are Decentralized.
This means there’s no central authority controlling them. Instead, each cryptocurrency has its own rules and regulations. It’s completely decentralized. There are types of decentralization that most of these cryptocurrencies take form with, these makes them unique amongst of there various reasons.
They Have No Central Bank.
That means they’re not controlled by any government or bank. They’re also very secure because they use cryptography to protect transactions. Governments control how and when money is printed by controlling the bankers’ bank, the Central Bank. The Printing never stops. Unlimited printing of money and bank notes is a major contributor to Inflation, these figures in recent times are quite breathtaking. We have seen this after COVID19 hit.
Cryptocurrencies are very much deflationary as most of them have finite units that will ever exist of be minted. Bitcoin being a typical example, 21 Million BTC can ever be minted and in circulation. Of the 21 million, over 19million plus has been minted and the last Bitcoin to be mined will happen in about after 2140.
They Can Be Used For Anything.
You can use them to buy things online, pay bills, invest, send money overseas, and even make purchases at brick-and-mortar stores. One of the major reasons to invest in cryptocurrencies is that its serves as as means of payment. People use cryptocurrencies as payments, accepting Bitcoin and other cryptos for across border transaction has proven to be a deal breaker for businesses around the world.
Sending money from one end of the world to another has become a lot easier and even faster with the use of Cryptocurrencies. Examples include Major Corporations ad businesses accepting crypto as payment for goods in shop and online. Ebay, Amazon, Paypal, Etsy, Tesla etc are some blue-chip companies that has enabled crypto and bitcoin as payment options.
They Are Not Controlled By Governments.
One of the biggest advantages of using cryptocurrency is that it isn’t controlled by any government. This means that there aren’t any regulations governing how much you can spend or where you can spend it. It also means that you won’t need to worry about taxes when you use it. governments over the world have been drawing our policies and regulations to see how they can limit the use and adoption of cryptocurrencies as we know it. Much of this has been meeting brick walls. The best they can do is regulate the use of it but not stop it.
They Are Secure.
The Blockchain technology which is the underlying mechanism behind cryptocurrencies has made the transfer of value and wealth more transparent and open on the network for everyone and anyone who cares to see how transactions go from one point to another. This is what the traditional financial system as we know it, is deficient with banks. This presents you with yet another reasons to invest in cryptocurrencies.
Another advantage of using cryptocurrency is its security. Unlike traditional currencies, cryptocurrency transactions cannot be reversed. If something goes wrong with a transaction, then it is gone forever. This makes it very difficult for hackers to steal money from people.
The list is endless, well not really endless however there are several other reasons to invest in cryptocurrencies, Cryptocurrencies has made our world and finances a lot better.
