Over the years there have been several currencies that have looked to overtake gold as the next best to never lose value when storing it. However, with the cryptocurrency gaining in popularity there are a number of people looking into how this can positively affect their funds.
Here we are going to look at how bitcoin is becoming the new gold and why this is showing no sign of slowing down. Whether bitcoin or Ethereum the choice is completely up to you.
Trading
Much the same as people trading gold there is a huge network of people online trading bitcoin. However, this is far easier than trading gold as there are multiple online platforms set up within this network to help people trade efficiently regardless of the level of experience that they have.
With a number of online platforms allowing you to buy and sell bitcoin with ease, you can easily make transfers whether at home or on the go without the need for a large amount of processing power.
For those wanting to trade on the go, there is also the option of a mobile application. This can be installed on your phone within a matter of minutes and all you need is an account to begin trading in these currencies.
Much like the wealth, you receive from owning a vast amount of gold there is much to be gained from trading in bitcoin and other cryptocurrencies. By doing this you can build a portfolio over time show off your expertise within the field of stock markets. This is beneficial for the business as the portfolio can entice other investors to spend money on investing in your business or even trying to mimic the same success as you by investing in similar projects and companies.
Stored With Ease
One of the main reasons why bitcoin is becoming the new gold as it can be stored with ease. Due to the online nature of the currency, it can be stored within a coin wallet until it is needed.
This is great for those that are looking to save a large sum of money as it can only be accessed through your own personal key. This can also be kept either on a desktop version or on mobile to allow easy access at any time.
One of the ways for you to earn a cryptocurrency is by completing questionnaires online. This will then be paid directly into the account and will collect over time. This could also be beneficial for a business as it can be stored without the need for a safe or another storage device.
They can also be stored on an external USB to take it on the road with you wherever you go. This could be beneficial for multiple reasons as this can act as a backup should your computer break.
Although this is highly unlikely it could be beneficial to produce a backup as a vast amount in your wallet could cause it to slow down. By splitting the currency over a number of storage devices this can help to ensure that your savings are safe regardless of what life may throw at you.
Retains Value
The main benefit of this style of currency is that the value does not depreciate over time. This means that it can be stored for multiple years and never lose value unlike gold and other precious metals. Due to the currency being decentralized and entirely online it does not become affected by elements such as inflation and conversion rates.
This can be stored within a wallet and kept with ease without the use of a centralized bank. This means that there is no interest on the money that you are saving and it will stay exactly where you put it.
Despite the market for cryptocurrencies being volatile it is important to note that the value of the currency never goes down. This, therefore, makes it more valuable than these metals as you are more likely to have a higher return of investment as a result.
Easily Accessible
This currency is also beating gold as it is more widely accessible to several people. It is a lot harder to buy a bar of solid gold than it is to acquire bitcoin. This accessibility also helps to make bitcoin more popular. By completing tasks and earning bitcoin you can begin saving in no time. This is far more accessible to a few people without the need for a large computer or housing facility.
This is also set to increase in value as many companies begin to utilize such technology allowing for users to pay for anything with bitcoin. In recent months there have even been universities that have begun using bitcoin to pay for tuition. Although this is still in the early stages there is a large amount of evidence to suggest that this is set to increase in the coming years with a number of businesses using them.
Blockchain Technology
Blockchain technology and the way that it operates is yet another reason that this currency is becoming the new gold. With new currency being mined by a number of different computers all over the world, there are many similarities between this precious material and the online currency.
These mining computers are also keeping track of the number of bitcoin that are in circulation. This is also like the precious materials as gold stores are constantly monitored to ensure that they are priced correctly.
By releasing to much gold or other precious metal into circulation can cause the prices to drop dramatically, this can, therefore, affect the market and the price of such material thus losing investors money. However, this is not the case with cryptocurrency as it does not lose value over time.
Regardless of whether you are looking to trade straight away or are planning on investing later on in your yearly business plan, it is important to look at the number of benefits that come along with this online currency. Where will you begin?