Human life has been centric on money for centuries as man is bound to use it to purchase goods and services. Paper money or Fiat or traditional currency has been dominating the financial world for decades, but certain challenges in its path have made it difficult for people to keep their faith in it.
Cryptocurrency was launched in 2009 when the world was already going through a financial crunch caused by the collapse of the mortgage system. Bitcoin (BTC) was the world’s first-generation cryptocurrency but was an unpopular phenomenon since people were accustomed to bank transactions.
But cryptocurrency has shown the potential of changing the existing financial system, and many believe it to be the way forward for man’s financial needs. Cryptocurrency comes with amazing benefits that have made it one of the best substitutes for Fiat.
Let us find out why we need cryptocurrency.
It is becoming difficult with time to enjoy freedom in the existing financial system due to the increasing surveillance by institutions. Your wealth is being comprehensively monitored and you are bound to work according to others’ policies.
But when it comes to cryptocurrencies, things are quite different. Cryptocurrencies ensure financial freedom to their users because they are independent currencies.
The independence of cryptocurrencies means they are virtual currencies which exist on blockchain technology and have no physical presence. Cryptocurrencies are unregulated or decentralized currencies which means neither a bank nor any government institution can interfere with your crypto wealth.
You are the sole owner and manager of your wealth with cryptocurrency, and no one can dictate to you on using them. Carl Runefelt, alias, The Moon, is a global crypto leader who is pushing for the mass adoption of cryptocurrencies.
He believes, “I’m much more comfortable holding my Bitcoin because when I hold Bitcoin, I know that there’s no central bank that can dilute my money, there’s no inflation and no one can censor it, no one can steal it, no one can hack it. So, in my opinion, I am taking a low risk. I’m taking the lowest risk possible because, Bitcoin, it’s the only way to store your wealth and your value with zero third-party risk. Bitcoin is not credit; Bitcoin is a bearish asset. It’s something that is mine. I can prove ownership.”
Making wealth in the existing financial system is a challenging process because there exist multiple challenges. For example, you are subject to rules and regulations of multiple departments when investing in real estate which bars your progress.
The world is transforming quickly and so does the financial markets, thanks to the advancement of technologies. Man is now in the search of holding on to an asset that can offer better returns and financial security.
This is one of the most amazing reasons for investing in cryptocurrencies as people want to make more money. Cryptocurrencies hold the potential for amazing returns as you can see BTC has withstood the test of time and is now the world’s largest cryptocurrency by market capitalization.
Other cryptocurrencies, such as Ethereum (ETH) have also gained huge value in the past few years and benefited their investors. In addition, you can invest in different crypto projects too like non-fungible tokens (NFTs) to make handsome profits.
It is hard for you to see losing your hard-earned money to inflation each day. The rising prices of commodities have been one of the biggest challenges of the financial system with no solution in sight.
Cryptocurrencies, on the other hand, have been designed to offer an inflation hedge to their users. You would want to hold on to an asset which can offer you protection from inflation.
Carl, on his YouTube channel, The Moon, emphasizes, “When it comes to Bitcoin price predictions, I love to have a longer price or longer time horizon because for me, Bitcoin even though it’s fun to trade it in the short term if you zoom out, Bitcoin is an inflation hedge. Bitcoin is a new form of money. I would say Bitcoin is the best form of money that humans have ever seen before. It’s the scarcest asset in the universe.”
Each cryptocurrency comes with a limited supply that no one can cross which provides the best way to avoid inflation. For example, the protocols of Bitcoin are designed in a way that you can only use its limited number.
Cryptocurrencies are proving to be remarkable investments for many years and investors are making handsome profits.
Earning money is not the only benefit of cryptocurrencies as they are designed to lead man in future.
You can also start your crypto investment today as you can invest in any cryptocurrency and enjoy its amazing benefits.