The world economy is rapidly warming up towards a digital ecosystem. From money transfers to investments, the trend has shifted from paper-based to paperless transactions, and now unto the biggest thing: cryptos & blockchain networks.
A cryptocurrency (crypto coin) is a decentralized virtual currency that uses cryptography as security to make it difficult to interfere with or counterfeit. The term decentralized is paramount to this definition because it means there is no central authority, such as a central bank or government, to issue or control the crypto coins. Therefore, once you buy the coins, there is no one who can take them away from you. This is only one of the attributes of crypto coins that make them so attractive today. Keep reading as we explore five key reasons why you should buy cryptocurrencies today.
Cryptocurrencies are Fraud Proof
One of the most painful things that can happen is waking up and finding that your credit card has been siphoned all cash by cybercriminals. But it is way too common, and you cannot know whether you are the next target. Every year, millions of Singapore Dollars are lost through credit card fraud both at home and away. You can say goodbye to these cases by buying and using cryptos.
When you buy a crypto coin, what you get is a string of codes that signify the coins you hold in a respective network. Only the person who holds the private keys can be able to transact the coins. If you store your coins in a cold wallet, such as hardware wallets or paper wallets, it will be extremely difficult even for super hackers to break in. Indeed, modern cryptos are designed with 2-factor authentication that provides additional layers of security to ensure your coins are safe.
Make sure to keep your private keys as private as possible because revealing them to anyone means he can get access to the coins and send them away.
The Potential for Huge Returns
When people invest in stocks, bonds, or properties, the goal is one: getting high returns on investments (ROI). Now, cryptocurrencies have a better chance to give you even higher returns. Let’s take an example. If you bought a single Bitcoin in May 2010 or around that time, the price was less than US$ 0.01. So, a person who bought it at that time and still holds the coin would have seen a huge shift from US$0.01 to about US$40,000. This is massive growth, right?
Now that the interest in cryptos is growing so fast, their prices are also expected to grow. So, all that you need is to identify a high potential crypto coin, buy, and hold. In the subsequent years, perhaps two, three, five, or ten, the returns might be so high. One coin that experts agree is headed for explosive potential is Ethereum. Make sure to visit hi.com for more insights on the best coins to target.
Easy Access to Loans with No Background Checks
When COVID-19 struck in 2020, it threw businesses and individual persons into a state of confusion. As businesses closed and people lost jobs, banks became so strict on who they could provide loans. You were not sure of securing a loan, and even when the credit was approved, it was so little. However, people with cryptos did not have a problem at all. Getting a loan was easy, fast, and without background checks.
All that you needed was to commit the coins as collateral to secure a loan through decentralized finance (DeFi) platforms. No background checks, bank statements scrutiny, or know your customer (KYC) considerations were required to get the loan approved. Now that we have learned through COVID-19, you should not be caught unaware. So, buy some coins and have them ready in case things go wrong or when you want a loan fast.
You can Use Cryptos to Generate Passive Income with hi.com
When you buy crypto coins, they can form your next basis for passive income. Through top DeFi platforms, you can commit your coins to generate passive returns through activities such as staking and yield farming. Let’s take the example of staking.
Staking is the process of committing your crypto coins to help with confirming transactions in a proof of stake (POS) crypto network. Then, you are rewarded with a part of the fees paid by people who use the network. Because you are not selling your coins, it implies that you get some returns plus the staked coins at the end of the selected staking phase.
A Sure Way of Protecting Your Assets
If you have some money in a bank, it can easily be frozen by a court order. Remember that one does not need to commit a crime to get himself dragged into court. A case can easily get you through work, social media, or even when driving on the road. If an accident happens on the road, the opponent’s insurance company might ask the court to freeze your account, and that is it.
To avoid getting your assets locked off, you need to consider using cryptos. Here, even the courts do not have any jurisdiction because cryptos and blockchains are decentralized. It is only you who can make the decision to use the coins in your wallet.
These are only a few of the reasons why you should buy cryptos today. Remember to ensure you have the right wallet and keep the coins as safe as possible. To be sure of getting it right with cryptos, visit hi.com, the best platform for all crypto-related needs. They can help you to send, save, earn, and convert cryptos fast and conveniently.