Recently I was interviewed by Money Inc about the rising popularity of Cryptocurrency. I have been heavily involved in this area over the past few years from an investing and trading perspective. By all accounts, Cryptocurrencies are set to make a major impact on the conventional banking system pretty soon.
What are Cryptocurrencies?
Cryptocurrencies are a substitute for bank owned national currencies. In contrast to conventional currencies, like euros, yuans or dollars, Cryptocurrencies are produced using advanced, encrypted computer programs. People who buy Cryptocurrencies keep their money online, where it can be used to buy services and goods from any retailer that accepts Cryptocurrency payments. Increasing numbers of retailers are doing this these days.
I took an interest in Cryptocurrency because I am a believer in continuous learning and wanted to expand my horizons. The more I learned about this industry, the more fascinated I became with the possible solutions and advantages it offers. Bitcoin, for instance, is especially useful for people who want to move cash between different countries safely and quickly. Unlike money orders and wire transfers, Bitcoin transfers do not have any associated fees. Better still, Bitcoin transfers can be done every day of the year, round the clock. The markets are always open and the transactions take place one to one, or person to person.
In addition, Cryptocurrencies prevent disreputable companies and hackers from misusing the financial data of buyers. All financial data is kept completely hidden, out of the reach of hackers. This safeguards both consumers and the companies that might be open to a hacking attempt. Notwithstanding, this does not mean that problems can’t arise. You still have to take sensible precautions, because fraudsters do sometimes attempt to steal your personal details.
My Thoughts on Cryptocurrencies
Cryptocurrencies have changed conventional banking and this trend shows no sign of abating. While banks are regulated by all manner of laws in the countries they operate in, Cryptocurrencies are not regulated at all. Individuals who want greater freedom and privacy, with regards to their finances, are bound to see the appeal of a currency system that protects their identity and streamlines normal banking transactions. At the moment, banks still hold a monopoly on credit and loan provision, however, the Cryptocurrency sector is only in its’ infancy. In my opinion, in the not too distant future, Cryptocurrencies will provide creative new financial services that will rival those currently offered by banks.
I often advise people who want to learn more about Cryptocurrency to begin with one type and learn as much as they can about it. Generally speaking, Bitcoin is probably best for novice investors, because it is used more commonly across the world than any other Cryptocurrency. I suggest that people should pick the learning platform that suits them best. Many people prefer to learn from video tutorials, while others learn better from books. Audio files and podcasts are other popular learning methods that can be effective.
Cryptocurrency investments can be highly rewarding. Since the start of the year, Ethereum and Bitcoin have increased in value significantly. Nonetheless, I recommend that investors should hold back at the moment because the market for Cryptocurrency has not stabilized completely. I usually suggest that novice investors should purchase their chosen Cryptocurrency with either Gemini or Coinbase. Each of these services is user-friendly, and they provide different payment methods that enable you to purchase the exact amount of the currency you want. Although a modest fee is charged for these transactions, the quick, secure and effective nature of the services makes them worth using. Learn more about my thoughts on Cryptocurrency by reading the full Money Inc. article at http://moneyinc.com/interview-bill-michelon-cryptocurrency-investor-enthusiast/.