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You're Reading:Why Invest In Cryptocurrency? Pros & Cons

Why Invest In Cryptocurrency? Pros & Cons

by Tasos

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Oct 4, 2021

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Hope Writers – Instagram Writing Challenge May 09-13

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    Tasos Perte

    “7 Ideals” methodology

    What’s coming up for the next 2-3 months and news regarding the beta group (unofficially opened)

    Are you a crypto fan, enthusiast, or someone interested to learn more about it? I bet you have questions.

    Is it safe to invest in cryptocurrency? Is this whole new thing a fraud or a trend that is going to fade away? Is anyone making any profit?

    Countless questions that are really very hard to answer with confidence.

    I’ll do my best to help you but have in mind, I can’t give you a concrete answer and I think no one can.

    More importantly, investing in anything, not just crypto, is risky and I’m not here to give you financial advice. I’m here to share my research findings, my experience, point of view, and to discuss the pros and cons of such a decision.

    So let’s examine the facts, some statistics, and what other authors have to say.

    Let’s dive right in!

    Why Invest In Cryptocurrency?

    Digital Currencies Are Booming

    Who would ever believe a few years ago that a digital currency called bitcoin would be stronger than USD? So much stronger. Right now 1 BTC = 49,000 USD.

    Insane!

    1 Dogecoin = $0.24, 1 Ether = 3,000 USD.

    There are some very strong crypto coins that are rising steadily to the top.

    I have a few bitcoin and dogecoin and I got a 5x ROI and 100X ROI respectively from each coin. 

    Related:

    Here are few interesting statistics:

    According to AiMultiple, global spending on blockchain solutions is projected to reach ±$6.6B by the end of 2021, and ±$19B by 2024. (IDC).

    According to FinancesOnline, the value of the global cryptocurrency market in 2019 was approximately $792.53 million. It is expected to grow at a CAGR of 30%, reaching about $5,190.62 million by 2026. (Facts & Factors, 2021).

    According to Triple-A, as of 2021, we estimated global crypto ownership rates at an average of 3.9%, with over 300 million crypto users worldwide. And over 18,000 businesses are already accepting cryptocurrency payments.

    More interesting statistics:

    %

    My ROI with bitcoin since 2015

    %

    My ROI with doge since 2016

    crypto users worldwide triple-a

    Image by Triple-A

    Transformational Technology

    Investopedia discusses blockchain technology mentioning that it has been hailed as a potential gamechanger for a large number of industries, from shipping and supply chains to banking and healthcare.

    The author continues…

    By removing intermediaries and trusted actors from computer networks, distributed ledgers can facilitate new types of economic activity that were not possible before.

    This potential makes for an attractive investment to people who believe in the future of digital currencies. For people who believe in that promise, investing in cryptocurrency represents a way to earn high returns while supporting the future of technology.

    So, if you are a tech fan and you believe in the power of electronics this is a great reason for you to invest in crypto.

    %

    How many people have faith in digital assets, according to a 2021 survey of over 60,000 users worldwide

    How many new coins appear in the market every day as of 2021

    Elon Musk Invested

    In February 2021, the channel CNBC shared some amazing news.

    Tesla, an American electric vehicle and clean energy company based in Palo Alto, California has bought $1.5 billion worth of bitcoin.

    The company also said it would start accepting bitcoin as a payment method for its products.

    Its CEO, Elon Musk, has been credited for raising the prices of cryptocurrencies, including bitcoin, through his messages on Twitter.

    People like Elon do not invest their money just like that. These elegant business people do not make rash decisions. They take some risks but they calculate everything before they do so.

    And more importantly, they do invest this kind of money only when they believe truly in something. We don’t see such big investments every day.

    This gives you another reason to invest in cryptocurrency.

    If you eventually lose your money, you can think of Elon who lost a fortune to soothe your pain. Just kidding!

    The number of blockchain.com wallets at the end of March 2021.

    %

    How much bitcoin has gained between 2012, and March 2021

    High Returns

    There are many popular crypto coins that gained momentum very quickly. 

    In an era where banks no longer pay any interest, and other forms of investments like stocks, bonds, or even real estate are way too risky and do not return big gains, cryptocurrency has found its way as an alternative solution for hungry investors. 

    Bitcoin has gained 255,000% between 2012 and March 2021. 

    Is there really any other investment that can return these results?

    How much global spending on blockchain solutions is projected to reach by 2024 in US billion

    %

    The value of the global cryptocurrency market in 2019 was approximately $792.53 million. It is expected to grow at a CAGR of 30%, reaching about $5,190.62 million by 2026

    Digital Economy

    Beyond investing, you can use crypto coins to purchase goods online and make other transactions.

    It’s fast, easy, and you can use just your phone to complete your transactions.

    This way, you are supporting the new digital economy. 

    The number of companies accepting crypto payments is increasing day by day. You can do the same as a business owner.

    The number of people using crypto is also increasing daily.

    The total cryptocurrency market cap in TRILLIONS of dollars

    Bitcoin's total market capitalization in TRILLIONS of dollars

    flat-lay-abstract-innovation-assortment-with-bitcoins

    Image by freepik

    Limited Supply

    The majority of cryptocurrencies have a limited supply measure. For example, Bitcoin has a market cap of a maximum supply of 21 million.

    The-Blockchain mentions…

    In a bid to keep up with this form of supply, every 4 years, the value of the mined Bitcoins is reduced by half. Investors need to understand this relationship so as to make the right move. When you purchase a coin that has a limited supply, it means that you are banking on its future value. The same article highlights…It is important to note that even the coins that have infinite supply still hold great value. Ethereum does not have a limited supply and is currently the second biggest cryptocurrency in the world.

    All crypto coins have value but coins with limited supply are more likely to retain their value throughout the years compared to those coins with infinite supply.

    The thing is, governments and political bodies cannot dilute their value through inflation.

    Also, cryptos cannot be printed or seized.

    So, if you are afraid of another global bankruptcy or hyperinflation event you should consider seriously investing in crypto.

    %

    Average global crypto ownership rates as of 2021

    Crypto users worldwide as of 2021

    Bitcoin vs Gold

    Xolali Zigah, a Forbes councils member discusses the topic:

    He compares bitcoin to gold.

    According to the Greek philosopher Aristotle, money has to respect three main criteria:

    1. A medium of exchange
    2. A unit of account
    3. A store of value

    The author says that both gold and bitcoin can be used for exchanges, we can trade them for goods and services.

    We can divide gold into half ounces or quarter ounces, and we can divide bitcoin down to 1 satoshi, which equals 1/100,000,000 bitcoin.

    Bitcoin has played this role in the past, but during the current crisis, its behavior has been more similar to the stock market. Many bitcoin skeptics also argue that it has zero intrinsic value since it’s intangible.

    The author concludes with this statement…I believe that we will see the power of bitcoin as a store of value, and that next year it could significantly outperform the stock market.

    Investopedia discusses the same topic…

    They say…

    Like gold, there is a limited amount of bitcoin. Satoshi Nakamoto, the pseudonymous creator of bitcoin, limited the total supply to 21 million tokens. Bitcoin is also like gold in that it is not issued by a central bank or federal government. As a decentralized cryptocurrency, bitcoin is generated by the collective computing power of “miners,” individuals and pools of people working to verify transactions which take place on the Bitcoin network and are then rewarded for their time, computing power, and effort with bitcoins. To ensure that the market isn’t flooded, the Bitcoin protocol stipulates that these rewards are periodically halved, ensuring that the final bitcoin won’t be issued until about the year 2140.

    They compare bitcoin to gold based on these criteria: 

    • Transparency, safety, legality
    • Rarity
    • Baseline value
    • Liquidity
    • Volatility

    Businesses that are already accepting cryptocurrency payments

    Tesla, an American electric vehicle and clean energy company based in Palo Alto, California has bought $1.5 billion worth of bitcoin. Its CEO is Elon Musk

    Decentralized

    Amazon discusses decentralization in blockchain.

    They say…

    In blockchain, decentralization refers to the transfer of control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network. Decentralized networks strive to reduce the level of trust that participants must place in one another, and deter their ability to exert authority or control over one another in ways that degrade the functionality of the network.

    Decentralization improves stability and service levels.

    In such a network, no one has to know or trust anyone else, a trustless environment.

    It also improves data reconciliation, reduces points of weakness, and optimizes resource distribution.

    As a teenager, I watched banks paying interests of 15%, 18%, or even more.

    As I was growing up, these interests vanished.

    We witnessed asset bubbles like Japan’s real estate and stock market bubble in 1989, the DotCom bubble in the ’90s, and the US housing bubble between 2002 and 2009.

    We lost our trust in traditional means of investing. 

    We know that serious economic events, recessions, and other disasters and pandemics have a huge effect on the way we possess and use money.

    We feel that there should be an alternative solution, away from governments, political bodies, and intermediaries.

    Bitcoin has a market cap of a maximum supply of 21 million.

    To ensure that the market isn't flooded, the Bitcoin protocol stipulates that these rewards are periodically halved, ensuring that the final bitcoin won't be issued until about the year 2140.

    Speculative Trading

    Beyond Bulls & Bears discusses if crypto is a speculative play or if it’s here to stay. And so they interview Anthony Hardy, a research analyst from the Franklin Equity Group.

    Anthony’s highlights:

    Demand has significantly grown over the past decade, but at the highest level, there is currently a fixed supply of 21 million bitcoins, the majority of which have already been mined. So, the price will naturally rise because of that.

    My view is that crypto is here to stay. 

    There will undoubtedly be future bull and bear markets, but in my view, the technological feat of solving for digital scarcity and the innovations currently happening in the space cannot be forgotten. I think we will see the birth of a new financial and internet ecosystem, but I also believe that it will coexist with the current one.

    There is certainly a risk that some people don’t fully understand what they’re investing in, but at the same time, bitcoin has a relatively easy to understand use case of being a digital store of value, which is something that investors are looking for in the current market environment.

    Inevitably due to their sudden rise, cryptocurrencies have attracted speculators.

    The Block Research in December 2019, underlines that cryptocurrencies are still mainly used for speculation.

    Investopedia backups the same information…studies of blockchain activity show that exchange trades remain the most prevalent use for cryptocurrencies—and account for far more economic activity than ordinary trades and purchases.

    You can’t exclude speculators from entering the crypto arena. They are everywhere and they do whatever they can to make more money.

    That’s why you should always proceed with caution when it comes to investing your money in crypto or any other asset. 

    Experts’ Predictions

    Ryan Haar by NextAdvisor, a Time project, discusses the future of cryptocurrency.

    Here is an overview of Ryan’s findings:

    • Recent proposed legislation could make it easier for the IRS to find cases of tax evasion when it comes to crypto, though investors should already keep records of any capital gains or losses on their crypto assets. But the new rules may also make it easier for investors to properly report crypto transactions. 
    • Investing in a crypto ETF would still carry the same risk as any crypto investment — it’s a portfolio of assets, but would be diversified only by different cryptocurrencies, which are all speculative and volatile. 
    • While paying for things in cryptocurrencies doesn’t make sense for most people right now, more retailers accepting payments might change that landscape in the future.
    • Bitcoin’s volatility is more reason for investors to play a steady long game. If you’re buying for long-term growth potential, then don’t worry about short-term swings. The best thing you can do is not look at your cryptocurrency investment, or “set it and forget it.”

    The last one of these findings backups my not-so-sexy investing strategy. I simply buy and wait forever.

    cyber-attack-with-unrecognizable-hooded-hacker-using-virtual-reality-digital-glitch-effect

    Hackers, Thefts, Scams, Losses

    Thefts, scams, and hackers are everywhere, in any industry. This is how some people make money.

    But here’s an interesting story I discovered on CNBC.

    More than $600 million was stolen on what is likely to be one of the biggest cryptocurrency thefts ever. Hackers exploited a vulnerability in Poly Network, a platform that connects different blockchains together. 

    In a strange turn of events, the hackers returned almost half of the funds they stole.

    This happened after the network disclosed the attack and asked to establish communication with the hackers, urging them to “return the hacked assets” through a tweet.

    Tom Robinson, the chief scientist of blockchain analytics firm Elliptic, said via email…“I think this demonstrates that even if you can steal crypto assets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the use of blockchain analytics.

    Rakesh Sharma by Investopedia refers to another tragic event.

    Earlier this year, hackers made off with $530 million worth of NEM coins at the Japanese  cryptocurrency exchange Coincheck. As it turns out, that was only the tip of the iceberg. According to a recently released report by cybersecurity research firm Carbon Black, cryptocurrencies worth $1.1 billion has already been stolen this year.

    The author continues…

    In the popular imagination, hackers are brilliant teams or individuals driven by perverse ideology. But cryptocurrency hackers seem to be driven by the more mundane and practical necessities of life, such as the need to pay rent.

    Also, most crypto or other digital wallets are not like other applications where you can restore your password in case you missed it.

    Bitcoin.org suggests that you be careful with online services and that you might want to use other types of bitcoin wallets.

    Other best practices include:

    • Small amounts for everyday uses
    • Backup your entire wallet
    • Encrypt online backups
    • Use many secure locations
    • Make regular backups
    • Use a strong password
    • Never forget your password
    • Offline wallet for savings
    • Keep your software up to date
    • Multi-signature to protect against theft
    • Think about your testament

    I keep most of my Bitcoin in a bitcoin core wallet, software installed on my computer.

    I also have accounts on various blockchain networks but there I keep only funds for everyday uses.

    Backing up is a process I do regularly.

    If you do decide to invest in crypto, conduct research to discover the most appealing solution to your needs.

    My Experience With Crypto

    I am an investor but I only invest in stocks that are proven, in companies that stood the test of time.

    But in 2014, I came across Bitcoin and after a few months, I decided to invest a few hundred dollars to see what will happen.

    After investing a few hundred dollars in bitcoin in 2015, more and more crypto coins came to life, like ethereum, litecoin, bitcoin cash, and doge. Now, there are thousands of crypto coins, 6,500 cryptocurrencies as of September 2021.

    So, I received a payment from a client in 2016 for selling ad space on this website, and this payment was in dogecoin.

    I thought that this company would scam me but doge has also risen like so many other crypto coins.

    This $8 is now worth $800. 100x ROI.

    Now, I’m looking for ways to maximize my potential and enhance my portfolio with more crypto coins beyond Bitcoin and Dogecoin.

    I’m also thinking of trading instead of just investing and waiting forever.

    But that’s just me. I believe in crypto so I can’t really influence your decision because I am so biased.

    Top Crypto-Experts Share Their Wisdom

    If you’re sceptical like me, and you believe that crypto is just another shiny object, wait until you see this.

    On October 12, the biggest minds in the crypto world are sharing their insights, stories, expertise, experience, thoughts, and wisdom.

    I wish there was an event like this in 2015 when I decided to invest only a few hundred dollars.

    You’ll find answers to critical questions you have.

    You’ll get to know how to invest, when to invest, how much to invest, what to invest in, what coins to buy and sell, and so much more.

    You’ll get to know the dark side of crypto so you can put your money in the right opportunities.

    You’ll get to know what to do when crypto goes down.

    You’ll get to avoid traps and mistakes rookies make.

    These are top experts in their respective fields with vast experience and a proven track record.

    Crypto Revealed 2021 Documentary Starting October 12 – Full Review and Exclusive Bonus

    Why This Event?

    So why dedicating my time to watch this documentary instead of every other documentary?

    Hmmm… a decent question that needs to be answered.

    I trust the producers. I’ve watched around 5 documentaries and I was taking notes like crazy.

    In many cases, their guests are well-known entrepreneurs that I follow for years and wholeheartedly recommend to my circle.

    In the case I come across a guest that I don’t know, I always learn something new.

    For me, Revealed Films has a proven record of quality productions.

    I feel that this time, it’s going to be even better.

    Because the topic is so hot. So timely.

    Let’s synchronize in this and watch this event distraction-free.

    Prepare to take notes! I am taking notes, and I’ll be reporting each time with a blog post.

    Why am I taking those notes? 

    It’s finally my time to learn how to level up my pathetic up until now investing strategy. The waiter. So fascinating that you write a book.

    Feel free to bookmark this page.

    What Should I Do?

    What are you going to do? Are you going to take some risks in order to discover what the world of crypto hides? Or are you just going to watch things as they unfold?

    I’m not here to tell you what to do, I’m not a financial advisor.

    Investing is a risky operation. Whether you choose stocks, bonds, real estate, gold, silver, or crypto, you can’t rest assured that everything is going to be OK for years.

    We don’t even know what is going to happen with the crypto industry and if new regulators come into play.

    Also, if you do invest in crypto please note that your wallet needs to be encrypted and backed up regularly due to unknown threats that exist.

    But right now, I believe crypto is the next big thing.

    It’s very different than the widely spread centralized money system where banks, governments, and other entities have control over.

    As a rule of thumb, try to follow the ancient advice…invest in as many assets as you can. They can’t all go down at the same time.

    That’s it, another article has finished, here on Web Market Support. I am waiting for your comments and thoughts. Till next time.

    Tasos Perte Tzortzis

    Tasos Perte Tzortzis

    Marketing Consultant, Creator of the "7 Ideals" Methodology

    Although doing traditional business offline since 1992, I fell in love with online marketing in late 2014 and have helped hundreds of brands sell more of their products and services. Founder of WebMarketSupport, Muvimag, SummerDream.

    I enjoy reading, arts, science, chess, coffee, swimming, Audi, and playing with my kids.

    Entrepreneurship

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    Hope Writers -Instagram Writing Challenge

    SHOUT OUT to writers & authors.

    Finding space in our day to invest in writing is difficult, hard, sometimes exhausting.

    But there is a way to create a regular rhythm that leads to a writing habit.

    And there is a way to add accountability and make writing enjoyable too.

    That's writing with others.

     

    This amazing community of authors, Hope Writers, of which I am a member for 1.5 years now is organizing a 5-day writing challenge on Instagram and you can participate for free.

    Clear the brain fog.

    Discover your writing voice.

    Find unparallel confidence in sharing your words.

    Have fun with like-minded writers in a live event.

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