Investing in Cryptocurrency is all about timing. Some people wait too long to invest, and some people wait too long to ‘take profits’. Others will cash in on their profit too early, meaning they have missed out on potential winnings. However, if the timing is right, investing in cryptocurrency can set you and your family up for a long time. With Bitcoin and other crypto expected to explode in 2021, here is a way you can set yourself and your family up for the long-term.
Investing in Cryptocurrency
Essentially, since cryptocurrencies like Bitcoin have been around, the idea has been about investing. Whether it was cutting down on takeout lunches and putting that money into Bitcoin instead, or as it has got bigger (and better), investing large sums of money, the idea has generally been the same: return on investment.
Whilst the amount invested usually varies, the purpose remains the same. Additionally, people tend to invest because they want to secure long-term investment, whether it be for themselves or for their family. That’s correct, Bitcoin is not just about big swings one way or another in terms of value, it is now much more of that. As the most popular cryptocurrency, it has had to lead the way. It’s price movement does have a big impact on the rest of the crypto market, meaning it is the most secure cryptocurrency to invest in, securing your families long-term future.
Can You Transfer Crypto-Funds To Other Members of your Family?
Bitcoin is like any other kind of currency, only secured by a network of computers rather than a central bank with transfers very similar to modern mobile banking and faster payments in the UK. With the freely generated public address of another family member, funds can easily, quickly, and securely be transferred.
When someone says cryptocurrency, people tend to think of Bitcoin. Very little is known by outsiders about the other aspects of crypto. However, if you asked people to name an alternative they would suggest the second largest cryptocurrency, Ethereum. Even though it is still a cryptocurrency, it is quite different to Bitcoin. The actual name of the cryptocurrency is Ether, whereas Ethereum is the Blockchain platform.
What about Buying Ethereum?
Sites similar to Paxful are where you could go to buy Ethereum. They are very good at assisting those looking to invest in this type of cryptocurrency with instant access to Ethereum sellers. Like Bitcoin, this is also stored within a digital wallet where it can be sent onto others as Ether or used on the Ethereum network as currency for decentralised programs. A wallet (such as Metamask) is recommended for this.
Where Bitcoin offers a store of digital value, Ethereum goes beyond this to operate as a programmable blockchain. This allows for the creation, transfer and operation of tokens with varying utility. From smart contracts, to savings accounts, to financial derivatives, and even artwork transactions, it is all possible on the Ethereum blockchain. You don’t actually have to develop or invest directly on Ethereum applications. Apps use Ether for each blockchain transaction. As more apps are developed, the more Ether is used to power them. In turn, Ether price goes up because of the high demand. All a casual investor needs to do is buy ETH, hold it, then sell it for a profit when price is high.
All in all, cryptocurrency could aid you in your long-term investments. You do possess the ability to invest and share the benefits with your family. It is not risk-free, but what is? It does come with its rewards.