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Cryptocurrency has become increasingly popular over the past few years, and in 2023, it continues to gain momentum! While it may not be considered mainstream yet, investing in crypto offers a range of benefits that traditional banking/investments cannot match. But, there are many other benefits, and they all signify something different to each individual.
As always, this is not financial advice and you should always do thorough research. If you haven’t bought cryptocurrency before and are considering it, this blog post is for you!
One of the most significant and well-known benefits of cryptocurrency is that it’s decentralized.
This means that it’s not controlled by any government or official financial institution, providing investors greater control over their money.
Example: Instead of keeping all of your savings or pension in an account where your money is invested on your behalf, you can keep an amount in a cryptocurrency where you have control over it, plus if it’s staked there’s a chance that you’ll appreciate the value much more than you would be using traditional methods.
Cryptocurrency has the potential to provide significant returns on investment.
Example: Bitcoin went from being used to simply purchase a pizza to now being worth thousands of dollars.
While there is no guarantee that all cryptocurrencies will experience such growth, the potential for substantial returns remains — this is where your research can really come in handy.
Another benefit (although not to everyone) of investing in cryptocurrency is that it’s accessible online, meaning that you can buy and trade it without the need for physical banks or other traditional financial institutions. This offers greater convenience and flexibility for investors.
Example: Your transactions are anonymous and all carried out via the blockchain. This means you can deposit, withdraw and spend on whatever you like without the need to book a meeting or explain it to anyone.
Blockchain technology makes your transactions more secure and less vulnerable to hacking and fraud. This creates massive peace of mind for investors.
Sidenote: as with the nature of anything internet-based, there is still a chance of hacking and fraud so make sure you stay vigilant. If you’re new to crypto, this is where research and joining a trustworthy community will be great.
When investing in cryptocurrency, you become part of that community. It creates an amazing opportunity to connect with like-minded people from all around the world, providing a sense of belonging and the potential to make valuable connections.
Many cryptocurrencies will have their own social channels for their community to gather. Or, you can join general online forums and groups dedicated to all things Web3.
Example: At SideKick we have our community gather on Telegram and Discord (common for most cryptocurrencies) where everyone can talk about the market, ask questions and find out more about what we’re up to.
2023 presents an exciting time to invest in cryptocurrency. Web3 is growing rapidly, blockchain technology is improving and advancing and it’s a lot easier to access useful information for research — including from us!
We write weekly blogs to help unpick topics in Web3 and cryptocurrency, so if you want to learn more, please give us a follow on our socials, join our community or sign up to our weekly newsletter.
This article originally appeared on Sidekick.Finance's Medium. You can view it here!
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