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Cryptocurrency is gaining massive acceptance around the globe. Thanks for the numerous efforts put in by technology experts who are spending sleepless nights developing different algorithms alongside cryptographic inputs that helps to facilitate and secure trustless transactions across chains.
People have been made Millionaires and billionaires through the discovery, trading and investing in cryptocurrency. This serves as one of the benefits of decentralized finance. For the continuous growth and sustainability of the industry, stability and security is paramount. All these are captured in the questions raised by the host of this contest hosted by @waqarahmadshah and I go forward now for more discussions.
In the crypto industry, there are stablecoins. Stablecoins are cryptocurrencies that derive their values from either the Fiat or commodity currencies. That is their stable values are at par with the Fiat or commodity values.
There are also cryptocurrencies that do not derive their values from the Fiat or commodity currencies but are stable to be invested in the long run. Stable cryptocurrencies are good for long term investments as they are less volatile. Some of the most stable cryptocurrencies for long term investments includes:
Bitcoin (BTC)
Cardano
Etherium
Aave
Polkadot etc
These are some of the cryptocurrencies that are stable for long term investments.
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Again, the wide acceptability of cryptocurrencies is paving the way for it to be used as a means of payment. Stores, shopping malls, and individuals are accepting crypto as a payment for transaction. By now, some organizations might be opting to pay their staff entitlement with crypto. There are now better chances that it could be used to make retirement planning. But for this, there are questions as to how beneficial or otherwise, that using crypto to make retirement planning raise. From this point now, I would be illustrating the pros and cons of using crypto as make retirement planning. The pros and cons are as follows:
- The Pros:
It could serve to hedge against inflation
It generates higher returns
It promotes financial inclusion and accessibility
Crypto assets are secured through blockchains that they are created on.
- The Cons:
There is the vulnerability to risks for those that are new to crypto investments.
There is no fact to prove that crypto is safe for long term investing.
Crypto assets are highly volatile assets to be invested in.
Although there is inherent risks to investing in crypto assets, my knowledge on crypto currency would serve as a leverage to take advantage of the rewards that are in having crypto assets.
High rewards:
The high returns from crypto investment is attractive to me.Financial adventure:
I like exploring new opportunities so as to gain from any potential gains there.Enhancing my financial education:
My financial knowledge would be enhanced by engaging and going through the financial information that would be provided to make informed investment decisions.
Taking long term investment position in the market would be beneficial in the future.
Being a crypto enthusiast, I take steps to explore and leverage on various opportunities that are in existence in the crypto space. Trading and investing in the crypto space is such an interesting activity I like to undertake.