Bitcoin adoption has accelerated against a backdrop of unprecedented central bank money printing and the coronavirus-induced digitization of daily life. The conversation changes.
â€œCrypto is a fad and a bubble! Turns to “Crypto is another investment asset class.”
“Why is Bitcoin valuable? “Becomes” Why is the US dollar or the rand valuable? “
â€œThere is nothing to support Bitcoin! Is changing to “Bitcoin has silver and properties similar to gold”.
Tired millennials, early adopters and cypherpunks, are you tired of explaining cryptocurrency to your parents? If so, this article is for you. Crypto newbies, welcome: this non-financial advice article is also for you.
Let’s start with answers to common crypto skeptical questions.
1. Crypto is not real
Crypto is very real: just because it isn’t tangible, that means it doesn’t exist.
Think about the value behind Facebook, WhatsApp, Instagram – the networks that fuel the value of these businesses are not tangible, but they are very real. Crypto is software, like Gmail, Hotmail, or Adobe. When you receive an email, there is no doubt that it is real. Ditto with crypto, you just need to look on the blockchain to see your crypto (which is publicly available and easy to view).
Contrary to popular belief, bitcoin is actually backed by something. It is backed by the one thing that sustains any form of money: the credibility of its monetary properties. Crypto is useful as a medium of exchange; these properties include scarcity (for some cryptocurrencies like Bitcoin and Litecoin), durability, divisibility, fungibility, and portability, among others.
2. Is cryptocurrency safe?
Cryptocurrency can be extremely dangerous, especially at the start (think 2010-2017). Worthless digital coins, pump-and-dump scams, wallet hacks, and massive market manipulation were more common when fewer people and regulators were involved.
If you look in the lower half of the cryptocurrency market, you will find a lot of it today. Here there are dragons.
But, just like the stock market, investing in cryptocurrency is all about risk tolerance. This is why institutional investors have sourced from Bitcoin and Ethereum and other reputable cryptocurrencies, as opposed to questionable alternatives.
Revix’s Top 10 crypto sets is like the JSE Top 40 or the S&P 500 for crypto and provides exposure to the 10 largest cryptocurrencies, which account for over 85% of the crypto market, through investment. The Bundle provides exposure to only the most reputable crypto projects in space.
This is not financial advice: know your tolerance for volatility and make decisions accordingly.
3. Aren’t blockchains a buzzword?
Blockchain became a buzzword a few years ago, but don’t be convinced that you need blockchain – or that technology is just a trend.
Imagine a world where foreign aid is not consumed by bureaucracy but goes directly to the recipient as part of a smart contract (a fancy name for a program that runs on a blockchain)? Rather than a $ 60 billion auto service aggregation like Uber, why couldn’t we have a distributed application on the blockchain that manages all of these vehicles and handles everything from reputation to payments? Ultimately, it will be autonomous vehicles that will move. Or the Airbnb blockchain? It is the value that accrues to the creators of value rather than to the powerful forces that capture it. In the process, we can protect our privacy.
We have never seen a technology that had greater potential for humanity than blockchain.
4. It’s bad for the environment
That’s right, just like the car you drive, the electricity you use to power your home, the air travel you take, and the cotton you wear. Everything we do is terrible for the planet, but maybe not in the news.
The articles on the environmental cost of Bitcoin forget to calculate the environmental cost of our existing financial system, because they are subsidized by this system. Think of all the bank buildings that are air-conditioned and heated 365 days a year, all the bank employees who drive their gas cars to work, all the servers and computers that support our credit card purchases, and all the stuff. infrastructure that secures our bank accounts.
The financial system already has a huge environmental cost; it’s just harder to calculate.
One of the tenets of crypto is to create more green energy and to preserve the environment.
People mine crypto to make money. Energy is one of their main costs.
When they can find cheaper renewable energy, there is an incentive to do so. More than 75% of crypto-miners reinvest in renewable energies and methods of preserving the environment.
Think of Bitcoin as the future of your bank account, rather than your credit card.
5. Most governments around the world will never accept it
To date, there is major government acceptance of crypto and the way it is embracing it. He is too big to deny its acceptance or its existence.
A good number of governments recognize cryptocurrencies and their benefits and are constantly working with their leaders to provide regulation and more opportunities.
Governments that are not overly friendly with crypto have found themselves in a dilemma, as crypto represents innovation and new standards.
6. Aren’t criminals using cryptocurrency?
Yes. They also like the US dollar, South African rand, and all other currencies.
It’s accurate to say that criminals will always seek to use cutting edge technology to function, but just about the majority of crypto users are normal, law-abiding citizens. Revix, as a reputable company within the crypto space that has been backed by the JSE-listed specialist investment group Sabvest, like many others, abides by regulations and proactively strives to prevent criminals from using our platform.
Remember that the Bitcoin blockchain records all transactions in relation to the addresses concerned. Once you connect someone’s address to their real identity, you know exactly what they’ve done with their crypto.
More importantly, the Bitcoin blockchain is immutable, that is, immutable. This means that you cannot hack it and delete the transaction history. This would require astronomical computing power.
7. It’s too expensive
Wellâ€¦ considering that you can start with as little as R150 with Revix, what is the definition of expensive?
We always view price as a measure of quality, success or efficiency. But like many other things, crypto varies in terms of price, uses, preferences, like any other brand in the world, and of course every person has a favorite. So when you buy these sneakers from a certain brand, are they too expensive even though you like them? No … then the same is true with crypto: choose the one that welcomes you and in which you believe.
8. He can be lost forever, and forever …
It is very rare that this happens. In fact, there are plenty of ways to protect and hold it, either individually or with dedicated companies like Revix, which provide you with a platform to invest and hold in crypto.
You can lose crypto, but that’s the exception, not the norm. Reputable crypto companies, exchanges and associated companies use the strictest security protocols and transparent policies as they are a crucial part of crypto ethics.
Crypto is still fairly new and can seem overly complicated or scary at times, especially to those who are skeptical of it.
It is normal for family, friends, colleagues and more not to know him; that’s why we’re giving you these little tips to get started as a “guru” by guiding them easily through the exciting waters of the crypto space.
Cryptocurrency and blockchain are here to stay, although what they have in store for the future, no one knows. Whether or not you invest in cryptocurrency, Bitcoin and other currencies provide a perspective on how our world works now, who’s holding the reins, and how it all could, slowly, then all of a sudden. collapse.
How to get started with Crypto?
If you are looking for a simple, reliable and secure way to enter the crypto market and track your returns, then Revix is the best place to start.
The company offers an inexpensive, easy-to-use platform that offers exposure to individual cryptocurrencies, ready-to-go crypto baskets that look like the JSE Top 40 but for crypto, and a safe deposit box. high return dollar savings. passive income.
Revix brings simplicity, confidence and excellent customer service to the investment. Its easy-to-use online platform allows anyone to securely hold the world’s best investments with just a few clicks.