Is Cryptocurrency Worth It? The Simple Answer Nobody Gives
6 November 2018
Is cryptocurrency worth it? This is the question that comes up over and over again, whether it’s right before the market goes on a bull run or before it crashes. If you’re looking for a solid answer to this question then you are at the right place. Since we devote all of our time to researching cryptocurrencies, we consider ourselves qualified enough to give you a proper answer to this question.
The simple answer is, cryptocurrencies are totally worth it.
Now, we could finish this blog post at this point but then again, you want to know why and that’s fair enough. You shouldn’t blindly buy them only because you’ve read online that they will go up in price.
The thing about cryptocurrencies is that they are new technologies which means some of them will absolutely change our lives the way we know it. Meanwhile others will simply be forgotten.
If someone asked you whether it’s worth to own Amazon stock, you’d more than likely say yes considering that ecommerce in US pretty much means Amazon and the way this company grows. But let’s go back 15 years in time and ask that question then. Would investing in Amazon stock be so obvious? Most likely not. It would be a valid question to ask whether they were worth it or not.
This is exactly where the cryptocurrencies are at the moment. They’re at the stage where only a small group of people are incredibly convinced that this is going to be the future while the rest is still on the fence.
Is cryptocurrency worth it or should you ignore it?
The best bit about buying cryptocurrencies like Bitcoin, Nexus, iExec, Ethereum and so on is that you don’t need to spend a lot of money to invest. In fact, if you have spare $50 then that’s enough to make an investment. There is literally no entry barrier and that alone makes cryptocurrencies revolutionising. You don’t need anyone’s permission to buy them and you can buy as much or as little as you want.
Will cryptocurrencies be the future? Well that’s a topic for another blog post. But the question you should be asking yourself is whether it’s safe NOT to invest in cryptos. Because if the small amount of people who have an incredible faith in crypto as a long-term future turn out to be right, then you could be part of the next digital revolution even if you invested only a tiny bit of money.
Now if you said screw it, I’m not doing it and it went big, you’d simply regret it. In fact, you probably already regret not buying it earlier but on the other hand, hindsight thinking is not a good strategy.
I don’t have time to research it
It could be the case that you’re a busy individual and know that crypto technology is worth it but you simply don’t have the time to research it and stay updated with all the news. This is a fair point – crypto markets are super volatile so following them takes a lot of time. But then again, you don’t need to trade the markets. Simply find a solid investment strategy for long-term success and you’re good to go. And if that is too time-consuming as well then sign up to our newsletter where we analyse one cryptocurrency every month and deliver it to your inbox, for free.
What is the purpose of cryptocurrencies then?
If we know that it’s worth it then what exactly is the purpose of cryptocurrencies? The answer is: there is no one answer. Different projects tackle different problems and some projects are simply useless. With over 1600 cryptocurrencies out there (at least at the time of writing this), it’s not easy for a beginner to understand the purpose of all of them. The good thing is, you don’t have to. The truth is only a handful of cryptocurrencies will survive the test of time and truly change our lives. This is exactly why we research undervalued projects and pick the ones that have most solid fundamentals and the potential to become something so big it’s scary to think about it.
Here is one of the projects like that which we wrote a premium report about.
Some cryptos are simply store of values, others are platforms that other companies can build upon. There are coins like DOGE which initially had no real purpose other than to make some people laugh but ended up finding a real use – at least in the crypto space for now. We’ve got privacy coins & stable coins which are pretty self explanatory.
Quite frankly, some purposes are simply made up for the marketing purposes. People behind a project will create a fictional problem, write a bunch of fluff about it and then hype it up hoping it will make them money. But that’s what happens in the early stages of ground-breaking technology and it’s to be expected. This definitely isn’t the reason to think that cryptocurrencies are a waste of time. It’s like in any other industry: there’s a company that absolutely nails and then there are scammers. The more research you do, the more you can protect yourself from the ‘bad guys’.
The volatility aspect is one of those things that gets a lot of people discouraged pretty fast. If something can lose 30% of it’s value overnight then why should you buy it?
Well there are two sides of the coin. It’s the volatility that can help us make life-changing gains or even quick gains if we’re following our trading strategies. Buying at the top when everyone else is buying is one of the certain ways to make yourself a victim of volatility in the future. But if you place your investments smartly during the bear market that we are having currently, then there isn’t that much more room for drop. At least in theory!
How to start investing today?
If after reading this article you feel convinced and now are wondering how you can begin investing today then we’ve got you covered. There are plenty of ways for buying crypto online. Your best bets are sites like Coinbase, Gemini or Local Bitcoins. Please keep in mind that by buying from a questionable source you can end up getting scammed so pick one of the main exchanges.
To increase your chances of success it’s best to not to put all your eggs in one basket. At the end of the day, it’s not any cryptocurrency that’s worth it – it’s those that can survive the bear markets and give you a good return on the investment. You’d most likely start with buying Bitcoin and Ethereum and then you can use part of them to invest in some other altcoins. Subscribe to our newsletter to see the ones that we recommend.
Is it all just a bubble?
There is no doubt that we do enter bubbly territory every now and then but that is exactly why market cycles happen. Whenever the market cap goes up too high (here is the crypto market cap explained), smart money sells and we’ve got a big market correction and sooner or later, enter a bear market.
That doesn’t mean that cryptocurrencies is just one big bubble that will burst and it will all go to zero. Whereas any scenario is possible, we like to look at scenarios that are likely and this one seems extremely unlikely to us at this point. Again, we don’t expect you to share the same views which is why it’s best to do your own research and not take any of this as a financial advice.
There are dot-com projects that became bubbles, made massive correction and then reached new all time highs that many didn’t expect to see because they thought those projects were dead and gone forever.
Hopefully this article gave you an idea of whether it’s worth investing in cryptocurrencies or it’s just one big fad. As you can probably tell already, we’re on the enthusiastic side of the spectrum and definitely invested in several projects that we believe have a huge long-term potential. But then again, we could be proven wrong and it’s not worth just blindly following someone else’s opinion so always back it up with your own research.
We love answering questions so if this post wasn’t sufficient enough to give you the right answer and you’re stuck then simply contact us and we will do our best to give you not only the answer you need but also the one you deserve.
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