If you looked back only a few years ago, the average American probably couldn’t explain to you what a cryptocurrency was, to say nothing of how one might be used. Today, though, these currencies – and particularly BitCoin – are becoming a valid alternative to traditional banking. While cloud mining might be out of the scope of the typical American investor, the truth of the matter is that people want something different. Understanding why crypto is so attractive explains a great deal about why BitCoin is making such a splash in the financial sphere.
On a very basic level, a cryptocurrency investment makes sense because it pays off. A BTC investment will return over a hundred times the monthly return of a more traditional saving account with a bank. It’s also done without the onerous fees charged by many banks. That’s more profit in the hands of the consumer and much less hassle for those who want to see their money grow. It should be no surprise, then, that even those who tend to like conservative investments are starting to move towards cryptocurrencies. Seeing one’s money grow without someone else taking a piece of that is always an attractive proposition.
There’s also the fact that, by and large, Americans have lost faith in banks. Many of the perks that used to come with a banking account are now gone, replaced with a series of fees that seem designed to make sure that customers can’t access their money. It’s nearly impossible to get anything of value from a bank, yet the banks continue to post record profits. It’s become very clear to some investors that they are being taken advantage of, yet they haven’t always had a good alternative. Thanks to cryptocurrencies, though, they now have a chance to walk away from the banks.
It’s also easier to get into these currencies than ever before. Cloud mining makes it easier for those without significant hardware to mine the currency and exchanges are now available to allow investors to buy the coin directly. This puts the data in the position to be a real investment and one that’s far easier to deal with than standard stocks or bank products. The lack of regulation in the field might make some nervous, but there’s a great deal of work being done to make even crypto markets more stable. These are the investments of the future, and many Americans want to get in on the ground floor.
The traditional banking system has failed Americans, if only as a matter of perception. People want more control over their investments and more control over their own money. It should come as no surprise that people are moving towards BitCoin as a way to take control back of their own financial future. As the currency becomes more popular, it is likely to become more of a threat to banks. It’s a good time to starting investing, especially for those who want to walk away from the banks that have kept their money for so long.