The past two years have seen cryptocurrency grow more than it can ever be imagined. Many people have heard about crypto and the emerging NFT, web3, and metaverse.
Crypto is getting more attention worldwide and has attracted a lot of investors. There is more awareness about crypto today with celebrities, footballers, and other public figures showing support. Despite this, there are many people in the world today who are like a tourist in crypto-those who give in to the opportunities but aren’t involved.
In this post, we’ll discuss why you shouldn’t be a tourist in cryptocurrency. Before then, let’s see why people want to be involved in crypto.
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Why People Want to Be Involved in Crypto
These days, cryptocurrency has been used as a replacement for local currency for some people around the world. Bitcoin is the number one crypto asset as a solution to the global financial crisis of 2008. Cryptos are now known to be very easy and fast for transactions.
Crypto is a form of a ‘get-money quick’ scheme. Today, people are investing in crypto to make money asap. Creators can make passive income with NFTs. There is play-to-earn gaming in its virtual world while investing in crypto assets both short/long term is also a money-making activity.
Cryptocurrency is sought after today as a store of value. Bitcoin, Dogecoin, Cardano, and several other cryptos can be held on both a long and short-term basis. Holding on a long-term basis yields more return and can help to bypass market downturns. Digital assets are top on some investors’ lists because their long-term growth can’t be beaten by any other asset class.
Many want to hold crypto today because of its form of ownership. There are several crypto projects today especially DAOs make you an owner when you buy its coin/token. Holders are involved in the project’s governance via voting. With this, holders can be involved in the running of the project which may include the use of its treasury.
Diversification of a portfolio is another reason many are involved in crypto. Crypto is highly volatile so when you diversify your portfolio, it’s like putting your eggs in a different basket. One could survive the price volatility and crash of an asset when investing in multiple assets.
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Why You Shouldn’t be a Tourist in Crypto
A tourist is described as someone who visits a particular place for pleasure and interest. There are many people in the world today who have an interest today but find it too risky to get into it fully. Discussed below are reasons you shouldn’t be a tourist in crypto.
1. Crypto is seen as Future Money
Bitcoin and other cryptocurrencies have been predicted to be the future of money by many in the financial system. Crypto has been tipped to replace the traditional paper money system. Although the issues (volatility, hack, scams, etc.) with crypto at its developmental stage have raised many concerns, it is still tipped for the future for its real-world use cases.
2. Crypto is been Accepted as a Form of Payment
There are several businesses, merchants, and companies that are accepting Bitcoin and other cryptos alike as a form of payment for goods and services. Tesla, McDonald’s, and NBA’s Dallas Mavericks are notable brands that accept crypto as a form of payment.
3. The World is Becoming More Digital
The world is becoming more digitalized which gives room for crypto, NFTs, metaverse, and so on to thrive. The virtual reality world of the metaverse where there’s play to earn gaming, purchase land, and other assets have grown. Many companies are already making use of the metaverse and web3. Recently, Dubai city became the first city in the world to offer services in virtual land when it launched its metaverse police cop.
4. Crypto & Blockchain Related Jobs are Taking Over
The growth of cryptocurrency has boosted the chances of the blockchain on which it is run. Talented and skilled people in software development and others in tech are much sought after today. Blockchain platforms are being built while smart contracts are created so blockchain skills are in demand. There are crypto bootcamps to learn about the blockchain in learning institutions worldwide.
5. Crypto is Getting More Acceptance
Many nations of the world are giving rules and order to the use of crypto and its activities in their territories. China is one nation that has completely shut down crypto mining while some other nations have warned their citizens about the issues with crypto. Nevertheless, Bitcoin has become a legal tender in both El Salvador and the Central African Republic (CAR). Regulatory bodies such as SEC are also put in place to checkmate people as crypto becomes part of our world.
Crypto is getting mass adoption all over the world. It is advised not to be a tourist but get involved as it is becoming part of our life.
However, if you are investing in cryptocurrency, put what you can afford to lose as a return on investment is not always guaranteed.