The digital revolution was a big deal, and the world is seeing that evolution take shape. With all of these changes, there are still some things that have yet to change, especially in the realm of money or investing. When you decide to go into financial products or services, one of the main things you need to remember is who will get your money. If you’re looking for an easy way into investing in cryptocurrencies then here are the reasons why you shouldn’t invest with them.
Cryptocurrencies Are Highly Volatile
There’s no denying that cryptocurrency is highly volatile and can be extremely high depending on what happens to it. Some currencies can climb up to around $10,000 and end up dropping back down again within just six months. Some are worth over $1 million per coin. Bitcoin is also very volatile and has its own ups and downs. To make matters worse, it takes the blockchain technology to create new coins every hour, which makes them even more volatile than they already were before they came into existence. That’s the reason why investing with bitcoin would be almost impossible, because the new coins come out as fast as they do, making it difficult to predict what might happen in terms of the value of your money.
Crypto Is Expensively Created By Hackers
This isn’t new news. Back in 2015, hackers stole hundreds of millions of dollars from their victims. This doesn’t mean that this isn’t happening anymore, but it does mean that you should probably reconsider your decision to invest money in crypto assets. There are plenty of hacks going around these days, so it’s almost certain that some people will come across your investment, so you need to get ready for that possibility. Most people are too lazy or unaware of how much effort they put into cryptocurrencies to notice when something strange is happening and that they have been robbed of their hard-earned savings. You don’t want to get into a situation like this, so keep yourself safe by not buying cryptocurrencies like bitcoin.
Bitcoin Uses Mining Hardware
This is pretty obvious, but it also happens to be one of the most concerning reasons why you shouldn’t invest in cryptocurrencies. Bitcoins use mining hardware, and they don’t stop when the block count comes to 10. If you want to see a clear example of why cryptocurrencies aren’t very stable, think about how many bitcoins the company uses as miners. They only need two or three miners for everything to reach stable. As long as the computers at those mines are working well, it’s guaranteed that they are always working, meaning each coin is linked to the other. Once the blocks go through mining every time, a lot of different factors are coming into play so it’s really hard to know when that next cut will come. Then there’s the fact that after a few weeks, it slows down once you sell any coins to cash out, because of the hard work involved in mining so it’ll eventually become less profitable for any investor.
Bitcoin Doesn’t Have A Platform On Anybody “Loyalty Program”
You’d probably find it easier to trust someone who has something to offer than someone who wants to make money on the side. However, cryptocurrencies have a problem all together. They are created by computers. Those computers don’t want to share their files or their transactions, which means that nobody gets to benefit from the same thing on more than one or two occasions. It’s hard to be part of a group that shares a network with others. Even in movies, we can see people being cheated on in relationships. We wouldn’t understand how exactly people are living their lives if we never knew the truth. But that doesn’t mean that it should be illegal to invest in cryptocurrencies. Nobody deserves to enjoy the benefits that come with cryptocurrencies, so investors would want to find someone that they feel comfortable with and where there are a good chance that they will get compensated.
Cryptocurrency Investing Made Easier
Crypto trading is simple and accessible compared to traditional trading. People are used to having the best prices and getting the highest returns possible. However, those who invest in cryptocurrencies don’t have such great prices. Cryptocurrency traders can now buy and sell assets for little or no money at all for a reasonable price. Anyone who wants to try cryptocurrency trading can get started without fear of losing their hard-earned cash. There are companies offering the basics of cryptocurrency trading. However, it’s better to be more educated and to make sure that you’re doing the right thing.