2017 was amazing for the cryptocurrency industry. Bitcoin, in particular, closed the year with over 1000% growth from the beginning of the year. Due to this unprecedented growth, and the fact that stories of cryptocurrency making people millions were making their rounds in social media and every news outlet in the world, a lot of people looked to 2018 with stars and dollar signs in their eyes, thinking things were going to get even better. Sad to say, they didn’t. Volatility has always been a part of cryptocurrency trading and investing, and people have just accepted that prices on a certain coin are going to go up and down at any given time.
However, not a lot of people expected prices to drop this much. Considering the valuation of some coins is less than half of what they were at the beginning of the year, some people thought that that was the end of cryptocurrency. But it wasn’t. Even today, though coins have yet to rise to their former glory and the number of people using cryptocurrency grows. More and more people are also willing to invest in coins, and there are some ICOs with potential on the horizon. Basically, what we’re trying to say is (and a lot of investors agree with us), cryptocurrency today is still worth investing in. We’ll lay down the reasons why.
- Cryptocurrency still has great security.
The fact that cryptocurrency still leverages cryptographic security measures to safeguard malicious entities who wish to gain access to your history and coin wallet. Because of the complexity of the equations and algorithms that are leveraged by this type of technology, it is high unlikely your account is ever going to be compromised. It’s not impossible though, so you still need to be cautious and make sure you’re protected at all times. However, there are just some things that hackers will not be able to do.
The airtight security can be attributed to the use of the blockchain. The system is further bolstered by the use of the proof-of-work system, which means once a transaction has been confirmed on the blockchain, it cannot be altered anymore. After verification, you can say the transaction is written on stone (the stone in question here being the blockchain). There is no reversing of this information, and it certainly cannot be forged. Another thing is that once a transaction is made, the users in the same network know, which strengthens the security even further.
- Users are still secure in their anonymity, and also have complete privacy
One of the main features investors and traders love about using cryptocurrency is the anonymity. The account you use in the cryptocurrency industry is never connected to real-world identities. Once someone is given the crypto address, it is next to impossible to track that person using that address. The reason is because the addresses, though specific, are seemingly random chains of around 30 characters. Though it is possible to study the flow of the transaction, that doesn’t mean you can connect the true identity of the users with those addresses.
This pseudonymous feature ensures the users’ privacy. This is also one of the main features that Bitcoin touted during its emergence. This also prevents external entities or organizations—and even governments—from knowing what you are buying or investing in. All of this information is in the blockchain, and although all users have access to the blockchain, the nature of the cryptographic technology used prevents anybody from connecting it to your public identity. A feature like this is why cryptocurrency is still one of the most private trading platforms available.
- Easy to start
According to some expert analysts, one of the reasons why cryptocurrency rose so quickly last year is the fact that it is so easy to start investing and trading on it. Cryptocurrency investing needs very little authorization or permission, and is easily accessible to trade all day. This means just anybody is able to invest in cryptocurrency, without having to ask another person for permission. Users are able to send and receive coins without utilizing expensive software, licenses, or training and no one can stop you from starting.
Gatekeepers do not exist in that sense in the crypto world, and in the end, anybody with a smartphone, desktop, or laptop pc can make full use of cryptocurrency at any time at all. The ins and outs can be learned, but in order to make full use of the powers of cryptocurrency, like mining and other more in-depth uses, you would need more than just that. CafeCoin, an up-and-coming ICO, has identified that one of the factors why cryptocurrency isn’t adopted by a wider audience is because it takes a certain degree of technical know-how in order to make full use of it. But if you just wanted to trade and invest in crypto, then you can do so at any time.
- Easy to transport
For a lot of affluent people, there are times they need to transport a large amount of money across borders. This comes with some problems because certain jurisdictional constraints will stop you from doing so. If you would wish to transfer a large amount of cash through financial institutions, it will take you at least a few days to do so, especially considering the amount of money in the transfer. However, this is where cryptocurrency comes in, and a lot of entrepreneurs have leveraged this technique many times.
Simply by putting money in a cryptocurrency account, you could be carrying around millions of dollars in your memory card, and nobody would ever be the wiser. Many countries already accept cryptocurrency-to-fiat money conversions, and with this technique, you can manage to transport large sums easily. Another bonus if you were to do it this way is the fact your money will be a lot more secure compared to keeping it in a bag or a suitcase.
Cryptocurrency is very flexible platform in which you can utilize most of its features easily with just a mobile device. Despite the fact that its valuation has seen better days, a lot of investors still believe it is something that is worth investing in. However, you should still proceed with caution. Yes, you can choose any coin you want to invest and trade in, but you need to ensure the coin you choose is worthwhile. Don’t simply trust words of others, and do research yourself.
And if there isn’t anything that catches your eye, there are a few worthwhile ICOs that you can start with. Although some of them don’t really offer anything new to the table, there are a couple that are trying to change the industry for the better. Take the one mentioned earlier, CafeCoin. The Foundation identified certain pain points in the industry, and has taken steps and made plans in order to overcome these problems to make cryptocurrency even more accessible and easy to use. With cryptos like them, cryptocurrency will still be a worthwhile investment for years to come.