What is cryptocurrency and why should I buy it? Read on for some tips and suggestions about how to save your money without using traditional banks and old-fashioned habits.
The world has changed a lot during the past thirty years. With the growth of social media, the decline of high streets as the place to shop and increase in online shopping and conducting work and business on the internet, people are now considering what to do with their money.
Millennials are learning the best options for investing and growing their savings in a world where traditional banks are not always the better option for the millennial generation and younger people. High street banks no longer offer decent incentives to invest money in their savings accounts. Young people have less money to spend and want to invest wisely, perhaps helping them to buy a house or a car in the future. Here are 6 tips on why cryptocurrency is worth investing in, and why:
- What is Cryptocurrency and why should I invest in it? Simply put, cryptocurrency is a digital coin. Imagine you have $1 USD or £1 GBP in your hand, and you want to put it in a money box to save. You could spend it online and invest and profit from your Crypto, saving it in a digital money box on the internet. Many people believe that cryptocurrency could eventually replace physical money now that more consumers are buying products and services online. Think about how many times you pay for items using your bank card. Do you even spend “hard cash” these days? Cryptocurrency is just another version of money, and some businesses accept it as payment alongside traditional cash or debit card options.
- Listen to podcasts for advice about money management and to learn about the cryptocurrency market. There are many different forms of cryptocurrency so it’s a good idea to learn about them before deciding which ones to invest your money in. Try the podcast ‘What Bitcoin Did’ or ‘Crypto 101.’ You can listen to these and others from experienced financial advisors that share their knowledge and experience with investing money and choosing which cryptocurrency to buy.
- Watch educational videos on YouTube or Amazon Prime. Here is one channel to get you started: Money Talks. Our channel features content about cryptocurrency, business, the economy, and anything that can improve your financial education. We do our best to create content that is educational, informative, and entertaining. These videos are useful to watch when you have a spare ten minutes, and you can replay the parts that you might struggle with, or write down notes as you go along, to educate yourself on the importance of investing and choosing cryptocurrency.
- Read books and articles about cryptocurrency and investing. There are lots of businesspeople who share their knowledge and wisdom about cryptocurrency. One such influencer is Michael Saylor who is a CEO and founder of digital intelligence company Micro Strategy. This guy knows what he is talking about! Learn from his experience and take what you need to go forward and grow your investments as you aim high.
- Look at your finances and see what improvements you can make. Maybe you have a savings account with a traditional high street bank, but it is not growing in the way that you would like. Banks can no longer offer good rates of interest so our money sits there doing nothing when it could be doubling, tripling, quadrupling and more in another location. Some people now have their pension set up in a stocks and shares product. This means that they invest a small amount of money each month into their pension account, and the company that hold it will invest that money into shares of other companies. This money will fluctuate as time goes on, but when the shares grow to a decent amount, the pay-out will come back to you. Cryptocurrency can work in just the same way, and you can invest in different cryptocurrency markets. You could even explore Bitcoin mining when you learn a bit more about the industry. There are lots of possibilities.
- Be open minded! It is natural to feel sceptical about all of this. Yes, we know that billionaire CEOs are investing in cryptocurrency and making lots of money in return. But they had a starting point, didn’t they, something way out the league of regular people. Well, they are regular people just like us. Why shouldn’t we give cryptocurrency a chance? Banks were created at some point in history, and someone invented coins and cash along the way. Cryptocurrency is the 21st century version of cash, and it can only grow as the years progress.
Was this article helpful, or did it open your mind to new possibilities? Please leave a comment below, and share your experience with cryptocurrency investment, bitcoin mining and stocks and shares pensions. Any additional suggestions for investing are always welcome.
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*This is a collaborative article