The birth of Bitcoin in 2009 opened the door to an entirely new type of asset class – cryptocurrencies. Enter space way too early.
Intrigued by the immense potential of this new but promising asset, they bought crypto at cheap prices. As a result, they became millionaires/billionaires in the bull run of 2017. Even those who did not participate much made decent profits.
Three years later, cryptocurrency remains profitable and the market is here to stay. You may already be an investor/trader or thinking of trying your luck. In both cases, it makes sense to know the benefits of investing in cryptocurrency
Cryptocurrencies have a bright future
According to a report titled Imagine 2030 published by Deutsche Bank, credit and debit cards will become obsolete. Smartphones and other electronic devices will replace them.
Cryptocurrencies will no longer be seen as outcasts but as alternatives to existing monetary systems. Their advantages, such as security, speed, minimal transaction fees, ease of storage, and relevance in the digital age, will be recognized.
Concrete regulatory guidelines will popularize cryptocurrencies and boost their adoption. The report predicts that there will be 200 million cryptocurrency wallet users by 2030 and around 350 million by 2035.
An opportunity to be part of a growing community
#IndiaWantsCrypto by WazirX The campaign has recently completed 600 days. It has become a huge movement supporting the adoption of cryptocurrency and blockchain in India.
Also, the recent Supreme Court ruling striking down the RBI’s crypto banking ban from 2018 has sparked renewed confidence among Indian Bitcoin and cryptocurrency investors.
The 2020 Edelman Trust Barometer report also points to people’s growing trust in cryptocurrency and blockchain technology. According to the results, 73% of Indians trust cryptocurrency and blockchain technology. 60% said the impact of cryptocurrency/blockchain would be positive.
By becoming a cryptocurrency investor, you can be part of a thriving and fast-growing community.
Increased profit potential
Diversification is an essential investment rule of thumb. Especially, at this time when most of the assets have suffered massive losses due to the economic difficulties triggered by the Covid-19 pandemic.
While investments in Bitcoin have returned 26% year-to-date, gold has returned 16%. Many other cryptocurrencies have registered triple-digit ROIs. The stock market as we all know has posted a disappointing performance. Crude oil prices infamously fell below zero in April.
Including Bitcoin or any other cryptocurrency in your portfolio will protect the value of your funds in such uncertain global market conditions. This fact was also influenced when billionaire macro hedge fund manager Paul Tudor Jones announced plans to invest in Bitcoin a month ago.
Cryptocurrency market is open 24X7X365
Unlike normal markets, cryptocurrency markets work all year round, all days of the year without fatigue. Because digital currency systems are primarily designed using pieces of software code that are protected by cryptography.
Operational blueprints do not involve human intervention. So, you are free to trade crypto or invest in digital assets whenever you want. That is a great advantage! Cryptocurrency markets are very efficient that way.
As such, Bitcoin has successfully processed transactions with 99.98% uptime since its inception in 2009.
No paperwork or formalities required
You can invest in Bitcoin or any other cryptocurrency anywhere and anytime without any unnecessary terms and conditions.
Unlike conventional investment options, which require an absurdly high amount of documentation to prove yourself as an ‘accredited investor’, crypto-investing is free for all. In fact, this was the intended goal behind the inception of cryptocurrencies. Democratization of Finance/Money.
To buy any cryptocurrency Wazirx, you need to open an account which requires you to provide some basic details including your bank account information. Once they’re verified, within a few hours, you’re good to go.
Sole Proprietorship in Investments
When you buy Bitcoin or any other cryptocurrency, you become the sole owner of that particular digital asset. Transactions take place in a peer-to-peer system.
Unlike bonds, mutual funds, stock brokers, no third party ‘manages your investments’ for you. Call the buying and selling shots whenever you want.
User autonomy is the biggest advantage of cryptocurrency systems that offer incredible opportunities to ‘independently’ invest your capital and build a corpus.
These were some of the advantages of investing in cryptocurrency. We hope you find them useful and convincing enough to start your crypto investment journey.