Cryptocurrencies: Should We Use Them or Not?

Just like the two sides of the same coin, cryptocurrency has its advantages and disadvantages. The debate on its usage or ban could be endless. So, in case you are also in doubt about whether to use or not to use bitcoin or Ethereum, this article will help you out.

Firstly, as an investment, it is like buying shares, only much, much riskier! By investing in digital currency, one can lose all the money or can become rich within no time! But that doesn’t mean one should stop taking risks. It is a good investment only if you want to get direct exposure to the demand for digital currency.

Risks are also present in the cryptocurrency market, but they are not as prevalent as in the stock market. Scams and frauds do take place here as well. Having said that, there is still a steep increase in the people who are getting attracted towards this market. Many renowned companies have started investing in cryptocurrencies as they can see clear potential in these coins and tokens.

Keeping these digital assets safely is yet another issue. While it is easy to sell and buy digital assets like Ethereum and bitcoin, investors don’t feel inclined towards keeping their assets on exchanges due to frauds and scams, and the past incidents of hacking and exchange closure.

Both blockchain and its application in the form of cryptocurrencies are the latest technology. However, the former is growing rapidly. Individual and professional investors are being provided with tools so that they can safeguard their digital assets.

There are also scams. It is expected by many that if a virtual currency like Bitcoin and Ethereum are able to meet the set goals, a person who buys a token today will definitely get handsomely rewarded in the years to come. But similarly, there are many other projects whose success can’t be assured by any means.

Besides investing directly in cryptocurrency, there are other ways to benefit from this technology. One of them is to buy stocks of the companies which are adopting these technologies. These companies can offer profits from the rising usage of cryptocurrency trading.

Finally, there are issues related to legal regulations and taxation. Without going into these, we can say that making cryptocurrency a part of your life will come with its own risks and rewards. Of course, the final decision to invest or not in a cryptocurrency will be yours. These points might help you to choose what is right for you.

Author: Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

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