Gerry Barja explains: The Importance of Crypto Investing
You hear it on the news occasionally and maybe read about it on a social website or press release. Bitcoin is soaring! Cryptocurrencies are going up! Well, the truth of the matter is that it is. Cryptocurrencies as a market have now grown past 174 billion dollars USD as of the time I write this article. Many experts and people in the crypto industry have made some very high predictions about how high bitcoin will soar. Some have even said that it can go as high as one million dollars per bitcoin. Today the mineable and limited cryptocurrency is currently over $6100 USD. Not too bad considering the price was mid 300’s in 2016.
I am not going to go into the complexities of how bitcoin works or what it is in general as I will leave that to the experts. I simply want to explain why you should be investing. I remember when I was a young child and my mother opened up my first bank account. She took me by the hand and to the bank and opened a savings account for me. The lovely bank teller then handed me over a bank book and I stared at my new balance. My mother deposited $20 in my account. At the time I was a young child and the government would issue what is called a “baby bonus” cheque. The cheque was granted to families with young children and issued every month. As time went on I would walk to the bank by myself and deposit small amounts of allowance I was given by my parents. I noticed from examining my balance that it would grow because of interest. Back then the interest rate was very small but it did certainly accumulate. The amount of interest was very small but I did learn something valuable. The bank would reward me for having a savings and the higher my balance was the more interest I would make.
Lets now fast forward a few decades and look at the banking situation today. The bank charges you to use their service! They do not reward you unless you invest in a financial instrument ie. mutual fund, stock, bond or whatever scheme they have available. You would be lucky to even make double digits annually on an investment. Bank are not what they used to be in the past and this is because of monetary money printing. The value of the dollar becomes less and less as more is printed thus, it takes more of your dollars to use when making purchases. Simply said the purchasing power of the dollar reduces over time. How do we get out of this mess?
Bitcoin is certainly one solution. With only 21 million ever being created it is scarce. How scarce? Rarer then precious metals and backed by mathematics. I would suggest that instead of putting your hard earned savings in a bank, I would certainly consider allocating some of it for purchasing cryptocurrency. The process is simple. Simply open up a Coinbase account and connect it to your chosen bank. You can purchase as little as $2 dollars. Buy a little and watch it grow.
Another suggestion Is to purchase an ICO (initial coin offering). You can review very simple step by step instruction on how to purchase an ICO here.
Gerry Barja: Short Video on Crypto Investing
Gerry Barja is a web developer and not a financial advisor. These are only opinions. Never invest money that you are not willing to lose. To learn more about cryptos simply visit ICOlert mobile application. Thanks for reading.