The man who refuses to innovate and move on from ancient landmarks will soon find himself obsolete and with no value to offer.
There’s been consistency in the evolution of currencies for several decades, from barter, gold, metal coins, paper money, plastic cards, electronic money and now cryptocurrency.
People are usually scared of what they don’t understand and as such have mixed feelings about the concept of cryptocurrency.
You must learn about it now and how it affects your future. Now guess what! If you read this article to the end, you will get access to important things you need to know about cryptocurrency this will help you understand better.
Is cryptocurrency a scam?
As with every other form of currency, people can be dubious but cryptocurrency is 100%, not a scam.
Until a few years ago, people were wary of cryptocurrency. Some of their complaints were understandable as there was almost no government regulation for crypto and so the fear that they could lose all their money with no one to hold accountable. However, we have begun to see big companies accept certain cryptocurrencies as means of payment and some countries adopt cryptocurrencies as legal tender.
Recently the central bank of Nigeria (CBN) made an announcement that they were launching their own digital currency.
It’s easy to realize now that cryptocurrency has come to stay and is no scam.
Should I invest in cryptocurrency?
This is a question that is totally up to you. And this blog post is not to give you financial advice but to enlighten you on recent technological developments and how they affect your present and future.
However, it would be totally wise to explore and understand the workings of cryptocurrencies at this point in time. Why? Because when we refuse to innovate and improve with time, we become backward and redundant. So, yes by all means invest in crypto.
Banks have been encouraging their customers to go cashless for years now. The use of ATMs, POS centers, mobile transfers and USSD operations has moved the economy largely away from paper money and cryptocurrency is the next phase in the evolution of currencies.
How can I invest in crypto?
A lot of people have this question in mind and the answers are as simple as they are traditional.
Below are three things you should do thoroughly before you invest or go into crypto.
Research:
This cannot be overemphasized. Read about it, get mentors, pay for master classes with tutors and do all you can to get knowledge and guidance. Without this, you’d have failed before you even started because the whole crypto space is still really complex right now.
FOMO:
This is an acronym in the crypto space that means “fear of missing out”. A lot of people tend to put loads of money into crypto because of certain hypes around it. And this without problem knowledge could make you lose all your money. So be careful and don’t rush into anything.
Start Small
Like every other investment one must be willing to risk losing their money. So it is advisable not to put your entire life savings into cryptocurrency at this time. The world is still evolving and it’s a gradual process.
So yes, if your bought bitcoin a decade ago when the price was less than a dollar, you’d be a millionaire today as 1 bitcoin costs over 18 million Naira today.
We might not know the future but there are always signals and trends that tell its direction.
Read more about The evolution of money here
Do you have questions? Kindly ask in the comment session and don’t forget to share this post across other social media platforms.
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