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Top 7 Benefits of Using Cryptocurrency

by Matthias March 17, 2018
written by Matthias

Cryptocurrency is a digital money designed to work as a medium of exchange that uses progressive encryption procedures called cryptography. Cryptography safeguards all transactions controls the formation of additional units and verifies the relocation of properties. Cryptocurrency is a type of the following currencies;

  • Digital currencies
  • Virtual currencies
  • Alternative currencies

Cryptocurrency uses decentralized control with a mechanism known as blockchain, which is an unrestricted transaction database. The first Cryptocurrency was Bitcoin that was invented in 2009, from then there have been a number of cryptocurrencies that have come into existence.

In recent years Cryptocurrency has swiftly gained recognition and understanding of its usage and value by many people. Apart from Bitcoin, there are other types of Cryptocurrency such as;

  • Ripple
  • Dogecoin
  • Litecoin
  • Dash
  • Ether

In April 2013 Bitcoin received a great deal of attention in many parts of the world when its worth was $266 per Bitcoin. But after two months the value of Bitcoin decreased by 50%. Currently, Bitcoin has a market worth of $10 billion.

The following are the benefits of using Cryptocurrency:

  1. Recognized Universally

Many global businesses currency have embraced the use of Cryptocurrency this is due to fluctuating exchange rates during transactions. Have you ever experienced difficulty in currency exchange or charged for currency exchange? For Cryptocurrency, there are no such things and are priced at a constant value.

Non-issue and recognized value of cryptocurrencies have led to time-saving in determining a value for a transaction, and charges associated with the exchange of different currencies. As Cryptocurrency is being embraced in different parts of the world, it is going to make financial dealings quicker and easier.

The other forms of the electronic money system, Cryptocurrency is the safest of all. This is because with Cryptocurrency you own a private key and a corresponding public key that creates your Cryptocurrency address, which only belongs to you. But for the other electronic systems, your account can be owned by another person without your consent.

For Cryptocurrency to replace traditional currencies and credit cards it will take time because many people are unaware of cryptocurrencies hence education on Cryptocurrency is essential if it is going to be used in future.

  1. Accessible to Everyone

Globally there are almost two billion people who have access to internet and phones. These group of people is slowly embracing the use of Cryptocurrency rather than the use of traditional forms of money. M-Pesa a Kenyan mobile money transfer system and micro-financing service have currently announced a Bitcoin device, in which has already gained popularity few months after later.

As the world is rapidly developing and the use of mobile phones connected to the internet are also increasing, many people and businesses will embrace the use of Cryptocurrency. It is considered that the use of Cryptocurrency will spread quickly in the manner phones spread at the end of the 1990s and beginning of 2000s.

  1. No Middlemen

Use of Cryptocurrency in the acquisition of property helps in the removal of costly lawyers, brokers and other middlemen who inflate the price of a property. Cryptocurrency essentially acts like, “a vast property rights database”, this is in regards to a financial professional and can be used to implement and apply a contract between two parties on various properties such as automobiles.

  1. You have Control of Cryptocurrency

The most exciting thing about Cryptocurrency, unlike other money systems, is that you have the control of your money. Most traditional money systems such as;

  • Brokerage houses
  • Banks
  • Credit Unions

Usually, take control of your money and you have to adhere to their terms and services. If you do not abide by these terms they can append your account. Sometimes they can increase the monthly fees without consulting the account owners which becomes more expensive.

But for Cryptocurrency there is no one who can manage your funds, you are the only one who can decide when to change your terms.

  1. Secure

Unlike cash or credit cards, Cryptocurrency is digital and encoded to avoid theft of your funds. If you are using legacy payment methods or a wallet full of money, theft becomes easier contrasting Cryptocurrencies.

Globally online, saving, and credit transactions are rapidly increasing on a daily basis. Hence the only safe method of transactions all this is by the use cryptocurrencies.

  1. Decentralization

Unlike banks and financial institutions which are controlled by the government and tracing and seizing of customers’ accounts is easy. For cryptocurrencies, no government can trace it hence no chances of confiscation.

Cryptocurrency is untraceable due to the fact that there are a number of networked computers that use Blockchain hence no central control.

  1. Appreciating Currency

Cryptocurrency has promoted usability and growth of global markets due to increase in the value of cryptocurrencies. As many users and merchants join the network the more the demand and the higher the prices of cryptocurrencies.

There are also other benefits of Cryptocurrency that are considered to be minor. They include:

  • Low inflation risk
  • Computer-generated Wallets – Cryptocurrency can be safely stored in a virtual wallet hence minimal the chances of theft.
  • Leverage – businessmen who trade Cryptocurrency with the help of brokers are presented with leverage, giving them a great pact of flexibility.
  • No transaction cost – no transaction cost is applicable when it comes to Cryptocurrency because all Cryptocurrency transactions are documented on a public account book and not on paper.
  • Fraud – Cryptocurrency is digital and hard for counterfeiting to take place.
  • Easy to use – Cryptocurrency is easy to use, by adding an extension to your business application or use of an application.
  • Faster processing – settlements are done within one minute opposed to banks that take five to seven business days.
  • Borderless dealings
  • Cashback platform for customers

There are many other benefits of using cryptocurrencies and currently, it is taking over the global market. With all these benefits I strongly recommend you to embrace the use of Cryptocurrency so as to be part of it.

Also, you should be aware of the risks involved when transacting using Cryptocurrency. You should trade Cryptocurrency with intelligent assets which are basically a better way of getting involved in the digital market using money in your ideal currency, without trading with the concerned Cryptocurrency.

March 17, 2018 0 comment
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Sizes of Some Random Markets Compared with Crypto Market
Business

Is it Too Late to Buy Bitcoin and Is It Too Late to Invest in Cryptocurrency?

by Matthias March 15, 2018
written by Matthias

As the price of bitcoin hit its all-time high of $19,000 last year, most people thought that it is too late to buy it. Despite the fact that the bitcoin price has shed some value since then and now trades around the $9,000 mark, most of those people still think it is late for them to buy a bitcoin.

However, it is not too late to purchase a bitcoin or invest in cryptocurrencies. The advice by most financial experts to steer clear of crypto investments is wrong for several reasons and there are reasons which point to the fact that Bitcoin and other cryptos are destined for greater things.

Is it Too Late to Buy Bitcoin

We will take a look at some of these points.

Crypto Projects are Gaining Widespread Acceptance

The stance of some top companies and governments in the world surrounding bitcoin and other cryptocurrencies is changing. An example of this is Ripple, a cryptocurrency that has been designed to make inter-boarder payment faster with less transaction speed. Banks and other financial institutions across the globe have registered with Ripple to use their blockchain so as to make payments faster.

This huge potential by Ripple means that it is set to become a very important coin very soon. Bitcoin is also trying to catch up with that with the adoption of the SegWit and the Lightning network.

As these cryptocurrencies begin to gain widespread acceptance by companies and businesses across the globe, their coins will ultimately increase in value. Thus, it isn’t late to invest in a crypto project to invest in.

Crypto Market Bearish Run is Just a Correction

According to the “Bitcoin Index Misery” tool that was developed by a Wall Street analyst Thomas Lee, this is the best time to purchase Bitcoin and other cryptos. The bitcoin misery index is currently below 18, which means now is the best time to buy a bitcoin or invest in cryptos. He explained that the misery index gets low every year and bounces back within 12 months. Lee has predicted that Bitcoin would hit the $20,000 by the middle of the year while his end of the year prediction still remains at $25,000.

This view is shared by analysts in the financial world. The crypto market is currently facing a correction but it is expected to bounce back and go on a bullish run afterward.

The price of cryptocurrencies have been rising for the most part since they first started out and there is no indication that the rise will stop soon despite the current market correction.

Country Stock Market Caps vs. Crypto Market Caps

Another reason why people are convinced that it is too late to invest in bitcoin and cryptocurrencies, in general, is because of the huge market value. The market value of cryptocurrencies which rose quickly last year has made several people think that the market is saturated and a bubble might soon take place.

Let us take a look at this statistics and understand what is really happening. The US Stock Market Cap is 167 times bigger than the Bitcoin market value and it is also 94 times the size of the crypto market. The second largest economy in the world, China has a stock market that is 54 times the size of Bitcoin’s market cap and 31 times that of the crypto market.

Country Stock Market Caps vs. Crypto Market Caps

Why are we making this comparison? It is because we want to dismiss the notion that Bitcoin and other cryptocurrencies are in a bubble. The crypto market is just a fraction of the US and Chinese stock market. When you look at it that way, then you will know that the crypto market isn’t in a bubble, rather it has the potential to grow even bigger than it currently is. Since they have the potential to grow even bigger, then it isn’t late to invest in Bitcoin or other cryptocurrencies.

Crypto market is just a fraction of the events that happen in stock exchanges across the globe and has the potential to rise even higher in the next few years.

Watch this video here.

Sizes of Some Random Markets Compared with Crypto Market

Looking at it from another angle, let us take a look at the market cap of some random market and compare them with that of cryptocurrencies. Some markets such as the Autonomous Vehicles, Virtual Reality, Augmented Reality, and the Internet of Things haven’t been fully explored yet but their market cap is bigger than the whole crypto market.

It is safe to conclude that the Bitcoin and crypto market has made more progress than the above-listed markets yet they have bigger market value than Bitcoin and other cryptos.

How often have you heard people ask if it is too late to invest in the virtual reality market or the autonomous market? How often have you heard people ask if these markets are in a bubble even though most of have greater market value than the crypto market?

The loyalty points market currently has a market value of $653 billion, which is bigger than the whole crypto market but the market has never been termed as overvalued.

All this points to the fact that the crypto and bitcoin market has the potential to grow even bigger than it is at the moment. When you consider the fact that larger players in the industries such as hedge funds, CME, investment banks, pension funds, asset managers, and others haven’t started investing in the market yet, then you would know that the market will explode beyond its current state and it is not late for you to invest in the market.

Diversification should be a Priority

The most important rule of investment is diversification. Keeping all your investments in one market is very risky as you might lose everything. However, if you diversify, you reduce the risk of losing everything. Bitcoin and other cryptos are excellent assets to diversify your investment.

Since they are to act as assets to you, then it isn’t late to invest in them

Conclusion

The question posed in this post is something only a few people can answer with much confidence. However, all signs point to the fact that it isn’t late to invest in Bitcoin and the crypto market as the market has the potential to become even bigger than it currently is.

March 15, 2018 0 comment
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