Have you ever heard the expression, 'that is why the rich stay rich'? That is because there is a general consensus that the rich stay rich and the poor and poor. The reason so many people believe this to be true is because everyone knows that the more you have to invest , the higher the gains you can make. You cannot buy a house and rent it out If you cannot even afford your own rent.
You always hear about the rich getting richer and this is because they do. When I think about the rich getting rich I think about wall-street, those big deals turning to big gains. Let's face it if someone told you that they were involved in the stock trade business you wouldn't assume they are poor.
So if everyone knows this, then why doesn't everyone own stocks? Firstly, not everyone can afford to hold off on spending cash for one year only to see 5% gains when they only have fish-fingers in there freezer. Not to mention the stock exchange sites are quite complicated to use. With a confusing amount of options, it's hard to get started. Then to top it off standard fees that are the exact same even if you are buying one share vs a thousand. Which isn't exactly fair to those who can afford a limited amount of stock because when their car breaks down next week and they sell their stocks they make an instant loss, not exactly appealing to working everyday people. This is where crytpo-currency steps in.
With crytpo currency you can use easy to use exchanges like Coinbase so that you can buy Bitcoin during your lunch break and sell it buy the afternoon. The fees are based on a percentage and these low fees mean that your ten dollars incurred fees of only 60 cent. You can buy half an Ethereum and you cannot buy half a stock. Crypto has much higher potential for huge profits. Yes, there is a lot of risk in crytpo-currency but the higher profit potential and simpler exchange sites give a lot of hope to a lot of people.
You have to remember the top 10% only equates to the top 10% of the world leaving a much bigger market size below and because crytpo-currency caters for all, it has a much bigger potential market that will result in a much higher demand and a the same supply.Do you know what that means? It means if you are not bullish on crypto-currencies, you should be.
If you enjoyed this blog do not forget to follow me and remember I am not your financial adviser.
stock is centralized and legal but cryptocurrency is decentralized
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@surajj41 thank's for your response. There are many reasons why cryptocurrency benefits the world. Yes decentralization allows people in developing countries to spend money online without having a form of ID. I was just discussing one reason in this blog. Perhaps a follow up blog would be good. You hear a lot of people believe that crytpocurrencies are the exact same as stocks and when they are in fact entirely different. Thanks for your feedback!
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good information bro
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A cryptocurrency is digital asset and uses strong cryptography to secure financial transactions, Cryptocurrencies use decentralized.
Stock market is centralized, less risky,
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@rameshphadtare perhaps I made this post a little biased towards crytpo-currency? Yes there a lot of cons in the when it comes to a digital asset. It is a very volatile and risky market, look at Bitconnect for just one example. I don't suggest that anyone puts their life savings into Cryptocurrency, but I think that if you have some money that you are going to waste in the pub maybe consider putting it in Ethererum. With cryptocurrency you can buy/sell easily and you can buy fractions of a coin and always based on a percentage. No fixed fees!
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I love ur review about the rich and poor thesis but i read everything and it all came down to strategy.. Only thing the rich has is influence.. The poor has to make one.. And the answer to this also is strategy.. A rich folk who invests on bad business just because of a failed strategy can lose alot.. While a poor folk could become rich just by investing in the right product..
Stocks or cryptocurrency.. What does it matter? If you have what it takes to play big.. Play big! Just play with brains and heart! Risk it but don't gamble it!
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@greyxl The difference is that Cryptocurrency has high gains in the short term, much faster than stock. A lot of people are put off by the idea of having to wait 5 years(a little exaggeration here), when they can barely afford their rent. Yes Cyptocurrency is a gamble but in the past it has paid off. Now we have to decide will it pay off again!
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Excellent explanation. Thanks. It sounds like crypto-trading can be done like day-trading of stocks, is that right?
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@moonrover currently in such a highly volatile, I don't think anybody could predict the outcome of tomorrows coin price without at least a little bit of luck. As legislation pops up everyday is a risk. Do not invest what you cannot afford to lose.Though cryptos can gain 20% overnight you have to decide if you want to take the risks!
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I think you are overestimating a bit the impact that cryptocurrencies are going to have on the distribution of wealth. I agree that it is a technology with the potential to revolutionize a lot of industries and even other aspects of our life, but its still not going to prevent the rich to stay rich and poor to remain poor. Whether you put money on ethereum or any other token with potential someone with money can just put more money in it. If you buy .02 ETH with your pub money someone else can place an order for 100s without blinking.
Regardless they could have an impact is it is easier for the average joe to invest in ETH or BTC or whatever as opposed to buying stocks or real estate but still dont think it will change much the fact that there will still be a top 1% or 10% and it will still be lopsided
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@mvaisberg this is a very good point. I do not believe that everybody that is poor is going to become rich with cryptocurrency. Of course the rich are going to invest and become richer but it does give opportunities to people a little less fortunate. They may never be in the top 10% but they might be able to afford nicer things. Some poor villages in some developing countries have actually put their funds together towards bitcoin and have actually sustained an adequate income for their community. So yes you are right there will always be an imbalance, without at imbalance money wouldn't be worth anything at all. Perhaps I did exaggerate a little but only to make the point, that Crytpocurriencies are going to have a serious impact on the world and I think we both agree on that!
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