Back in 2017, crypto enthusiasts claimed that digital currencies will soon replace fiat money.
They invested in BTC and altcoins, waiting to be the first millionaires of the digital currency era.
But something went wrong.
A year after the Bitcoin boom, the currency lost almost 80% of its value and doesn’t seem very attractive.
Is this the end? Or is its best time yet to come?
Check out 2 main reasons why cryptos fail, and 2 things you can do about it.
1. Cryptocurrency is not really a currency yet
It’s not an asset, not a commodity, and not a way to store your funds. It’s an exchange tool that only works when it’s in circulation: people must BUY things for cryptos, and producers must ACCEPT digital coins globally.
The future will begin when you can go to a grocery store and buy a chocolate bar for BTC.
This is not what’s happening these days.
2. Cryptos lack governing
Digital currency is an unprotected currency, which makes it fragile to fraud and manipulation.
Regular currencies are maintained by Central banks, and this is what makes them relatively stable.
BTC and altcoins are not governed, which results in their crazy volatility and makes them a dangerous investment to make.
What makes Cryptocurrency so popular?
On the other hand, cryptos volatility is exactly what makes them so popular.
One can hardly expect doubling or tripling their investment overnight with any other currency, and this is why digital coins are losing value and dying – by the end of 2018, the price of Bitcoin is driven primarily by speculation.
So, what are your options?
If you look at the governmental policies, you’d find out that the world’s largest economies are very crypto-positive.
It means that the IDEA of using digital currencies instead of regular money is likely to become reality someday.
Until then, the crypto market is a Wild West no one can control.
If buying cryptos is no longer a good investment option, the only way to profit from them is:
TRADING them on Forex and SPENDING them where possible to help boost the currency flow.
Thus, you:
- Can make money even if the currency goes down. Since it’s very volatile, you will need to follow daily analytics to trade for profit, because long-term strategies won’t work.
- Contribute to the global process of adopting a new currency that will revolutionize the way people view the economy.
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Comment by Hans
April 24, 2024
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