Let me start by saying, what pops into your mind when you are asked about banking on digital currency? It could conjure up a lot of thoughts but I’d like to steer your mind towards digital currency. If you’re new to the term of digital currency, then you’re in the right place. Hopefully, you haven’t made the big mistake of trying to trade or should I say gamble on its outcome.
This review is all about coming to terms with digital currency and how to make it work for you. Its human nature to be afraid of the unknown, which is fine and I wouldn’t try to change that. But banking on digital currency means just that, Taking the right steps and you’ll get the right results. This is how it should be done!
Banking on digital currency.
Here’s the facts, digital currency is here to stay! This a fact which is reinforced by the fact that quite a few major powers are developing their own! Countries such as United States of America, China and the United Kingdom. These countries but name a few are currently developing their own crypto currency. So, when I say banking on digital currency is a sensible bet, believe me it is!
There’s quite a lot to grasp about crypto currency before you embrace it. For instance the way it’s price can go up and down, often enough to help you make thousands or to lose you thousands! I know which direction I’d prefer but unfortunately, that’s out of our control. At the point of writing this review, Forex, crypto and the general economy of every country is struggling with rising inflation. This as caused stocks and shares to drop, but along with them went crypto currency. The likes of Bitcoin, Ethereum, Tether, U. S dollar coin, XRP and Cardano have all tumbled to remarkable lows!
Now, that being said, I still believe and know that banking on digital currency is a safe investment. Otherwise it wouldn’t have attracted the attention it has with so many countries.
The benefits of banking on digital currency.
Utilising digital currency into your day to day life, can have many benefits. The biggest and best reason is lower transaction fees across a variety of borders. Even though crypto currency can fluctuate and is said to be a haven for ileagal use. Talk of regulating it, along with constant development of block chain technology, which will reinforce proof of stake. As made banking on digital currency a much safer bet.
- Blockchain technology offers exceptional security and protection for digital currency transactions. Making any replication almost impossible.
- Quicker transactions regardless of the amount or distance.
- Decentralized payments, means no management by banks or government.
- Peer to peer payments. Sell or buy digital currency from person to person, no banks are required.
- Confidential transactions. During each transaction, all information documented is about the coin and not the person.
Now, we’ve taken a good look at the benefits of banking on digital currency. Now, let’s take a look at some of its disadvantages.
- Transactions, once authorised transactions cannot be reversed.
- Not all establishments accept crypto currency.
As you can see there’re many benefits, as well as pit falls to using crypto currency. The best advice I can give you here is, please take adequate steps to manage your risk and exposure. Avoid scammers by working with reputable companies, with a proven track record.
A long term investment.
All investments involve some kind of risk and in most cases, the higher the risk, the greater the reward! I’ve heard these words said so many times and YES, it might be true. But please remember, your loss is going to be someone else s gain. It doesn’t matter what you are investing in, there’s going to be a risk, pensions, savings or the stock market.
It all carries a level of risk. Crypto currency is seen as a higher risk level especially, if it’s approached with a get-rich-quick mentality! Investments in crypto or stock market investments, should be approached with a long term plan. Make your investment and be prepared to leave your investment for a few years!
Cash vs digital currency.
Changes are constantly happening in the amazing world that we live in. Technology is constantly evolving, bring many opportunities to those who know where to look. Cash used to be king for a majority of transactions but it is now under pressure for all sides. Credit cards and digital transfers have been around for years and gaining popularity, as the required payment method.
Then came Covid-19! The world changed almost overnight and due to the risk of transmission, cash was pushed a side in preference of digital contactless payments. Covid-19 created a worldwide pandemic and unfortunately, it is here to stay. Which means cash will be accepted less and less!
Money is a necessity, cash is good but our evolving world is telling and showing us that digital currency is better! Crypto currency is the next step in our financial evolution and it is being finely tuned every day.
My final words about banking on digital currency.
Our money is invested in many ways and as I mentioned earlier, it does involve risk. Banks will promise you a return on your hard-earned cash and to deliver on their promise, they will make investments. This used to be investing in the stock market, in commodities like oil or businesses like, Google, forex, Apple and so on. The plan is to make a profit but it doesn’t always workout. And if you’ve invested money in an ISA, you can guarantee you’ll make a loss!
This portfolio now also consists of Bitcoin or other digital currencies. Making a profit is always good, necessary but not always possible! I believe once you can embrace and understand this statement, you’ll understand why banking on digital currency is a good future investment.
I hope you’ve enjoyed reading this review and that you’ll put your thoughts in writing below. I will respond to all comments left as soon as possible.
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