You might have been skeptical about cryptocurrencies, but now, they’re becoming a staple in society. Crypto is not only used to make purchases, but global investors profit by trading e-coins as they would forex currencies. SoFi Invest experts continue to see changes in society caused explicitly by cryptocurrencies. One thing is for sure; the transformation of society will put blockchain at the center of our world and cryptocurrencies as well.
When There Was Only Bitcoin
The success of bitcoin led the world to see the real potential of crypto. That realization created an inspiring trend that still lives today. There are now over 10,000 alternative coins to invest in other than bitcoin. Moreover, the various means of using crypto are reflected in the multiple cryptocurrencies. Though bitcoin only acts as a medium of exchange, Ethereum produces smart contracts while NFTs are artworks.
When Retailers Didn’t Accept It
Today, over 15,000 retailers accept bitcoin as a streamlined-payment option. The road to that acceptance, however, took many years of study. Businesses like Microsoft realize the interconnectivity of things related to digital and internet technology. Having payment tools consistently activated is what crypto enables modern consumers to do. As the world now enters the phase of web 3.0, mostly everything will relate to or be tied to cryptocurrency payments.
When Blockchain Was in Its Infancy
Many still look at blockchain with a bit of confusion. blockchain, itself, is not cryptocurrency. It is, however, what powers crypto, but its formula makes it useful in many other ways. For example, blockchain is revolutionary because it encrypts the digital, online world. The strides society takes to transform are only possible with the security of blockchain digitally. This technology is now being used by developers who want to connect to the new web where the consumer is.
When Buying It Was the Only Investment
There was a time when all you could technically do to invest in bitcoin was buy it. You then had to hold it until you saw its price rise. Converting your coins into fiat would then produce a profit. There are now exchange platforms to trade crypto with, and these platforms work like stock and currency markets. So you can now follow price charts, use relative strength indexes and make roundhouse trades from a single account—with less than $25,000.
When No One Believed It
Bitcoin went from being called worthless by Warren Buffet to being valued at over $44,485.70 in 2022. This is what real humans pay for one bitcoin. Other investors also overlooked their opportunity to invest early. The way bitcoin now functions in society makes those who didn’t believe it seem illogical. If you’ve been a skeptic, even today, it’s not too late to change your mind. Investing in crypto is easy and only requires getting a strong internet signal.
What crypto offers today vastly differs from its prospect ten years ago. You now have no excuse for not buying crypto as your first investment.