With such a strange, unusual, controversial and immensely volatile thing like cryptocurrencies, it would be forgiven to dismiss it a fad or a fiction, or simply predict it as a transitional phase we went through that ultimately came to nothing – and crypto sucks !
To try to weave your way through the content, forums, blogs and all manner of content and be able to come up with the level-headed and reasonable assessment of things is a very difficult thing to do.
One of the major distractions is the scams or fraudulent schemes that seem rife in the industry. What makes it worse is these malpractices are creating the impression that everything is full of risk with no reasonable chance of true value or benefits.
So what is one to do ?
Here are some clear-cut statements of fact that might help create a little comfort or clarity that might make your time using crypto that little bit easier.
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Worldwide investment
There has been now enough investments and commitments made by the traditional financial and government industries around the world to let you know this is a marketplace which is here for the long haul. As of this writing, we already have the legal status confirmed for Cryptocurrencies in the US, UK, Canada, EU, Australia, Japan, with more on the way. For the largest 100 banks in the worlds, over 60% have already invested heavily in this marketplace, a commitment not taken lightly and a clear sign of crypto trading acceptance. There have been recent bumps whereby crypto dedicated banks have become insolvent, but it is more encouraging to look at the traditional banks now becoming “hybrid” and seeing any currency as currency.
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Mainstream use
Mainstream cryptocurrencies are clearly stabilising and providing securities around their assets. Bitcoin, Ethereum, Cardano, etc are all at a stage where their volatility is stabilising as the general acceptance of these assets has reached a maturity that provides better stability. Bitcoin as an asset leader is accepted in over 15,000 worldwide businesses as a way to do business with them. There are over 40,000 Bitcoin ATMS in the US alone as of the time of this writing. Over 30% of US businesses accept cryptocurrency as payment – the normal consumer can now genuinely trade and use cryptocurrency in their daily lives should t hey choose to do so.
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Stablecoin
Stablecoin is now becoming a realistic option to allow for stable trading using crypto assets. These are cryptocurrencies which are index linked with their fiat coin counterpart. E.g. USDC is the stable coin against USD and EUROC is the recent stablecoin entry for EURO. There are more and more of these stablecoin entries coming online regularly. This is where a clear distinction of the get-rich-quick brigade and the real investor wanting to diversify comes to play. Stablecoin is one of the cornerstones to allow cryptocurrencies to be accepted by financial bodies like the SEC and eventually bring alignment between traditional and digital asset markets.
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Regulation
Regulations on a global scale are increasing rapidly to allow for businesses to advise and provide services in this crypto market. Very soon, every modern established financial market per country will require each service provider to meet standards and be identified as a VASP – Virtual Asset Service Provider. Soon, it will be very straightforward to confirm the right providers to provide you with the right service or advice.
With these few straightforward facts, there are some very encouraging points to take from this.
Use it sensibly.
Cryptocurrencies are a valid and valuable commodity but avoid going into it with any sense of get-rich-quick ambitions. With a more level head approach there are good investments to make but like traditional financial markets, get advice and don’t just jump into something as a complete novice.
Use the right technologies.
Look for the tools that offer time savings and efficiency, not the ones that promise guaranteed returns, as this is already a sign of the wrong service. Look for systems that offer ways to save you time and effort and ones which educate you as you go. These are the true value-add platforms that give you the best and most realistic return.
Get some basic advice.
With the right advice, technology and perspective, cryptocurrencies offer just as much opportunity in investments as traditional financial markets, and there are still real dramatic returns possible, but it normally takes the above elements to reach the impressive gains any investor would like to see.
To learn more and gain further insights and tools into crypto trading, feel free to check out more on crypto cracker.
References
https://www.zippia.com/advice/how-many-businesses-accept-bitcoin/