Why cryptocurrencies such as bitcoin should be added to your personal asset
Introduction
If there’s a topic that has seen a significant increase in the number of questions posed by the public in recent times, we can easily say it’s bitcoin-related. Over the last 12 months, cryptocurrencies and, particularly bitcoin, have gained a high reputation and massive public acceptance that more people everywhere are curious about what it is, how it works and what to do with it.
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Notably, between December 2020 and April 2021, bitcoin has experienced wide adoption which has led to an increase in the number of bitcoin users around the world, as well as a leap in price that has seen the foremost cryptocurrency gain over 185% in just 5 months. Thus, it makes sense that an outsider to the crypto world would be interested in the workings of bitcoin to find out how it can be beneficial to them as well.
It is no longer news that bitcoin is the first cryptocurrency that attempts to solve problems with existing financial systems by offering a better alternative in terms of decentralisation, ease of use, security and low transaction costs. These particular features have made an impact on the growth of bitcoin in Africa specifically where fiat currencies have oftentimes experienced inflation and devaluation. So, sending money from Ghana to China using bitcoin, for instance, would save you both time and money while ensuring your transaction is secure and private.
But bitcoin use is beyond that; beyond its use for transacting, bitcoin has also proven to be a valuable asset to own. And for the following 4 reasons, you should consider adding bitcoin to your personal asset:
Why bitcoin should be added to your personal asset
- Store of value: A store of value is an asset that retains its value over time. That means the asset would still be worth as much as it did when you got it. Bitcoin checks this box easily. Due to the increase in private and institutional demand for bitcoin, the value of bitcoin is bound to appreciate over time, leaving your asset not only worth as much as it was when you bought it but even more. That is, you could buy GHS1,000 worth of bitcoin today and keep, knowing that in say 2 years from now, your money would still be able to buy what GHS1,000 can buy today -- which is more than can be said for fiat money.
- Cheaper to own: When you think of assets, stocks, real estate properties or commodities readily come to mind. These are popular assets that are favourites among investors. But the common thing with these assets is that they are not cheap which makes it difficult for the masses to purchase or invest in. But with bitcoin, anyone can own it. Because you can buy as little as GHS10 and store right away, without any pressure to save up a lot of money before you can get started.
- Easy to purchase: This is one of the beauties of bitcoin. Unlike many other assets that you need to jump hoops and learn a lot of technical terms before you can have access to them, from the comfort of your home and on any of your devices, you can buy bitcoin instantly. One of the best ways to do that from anywhere in Ghana is through Yellow Card, a cryptocurrency exchange that allows you to buy, sell, and store bitcoin with cedis at the best rates. In addition, you can also use your preferred payment method including bank transfer and MoMo to easily fund your wallet. Not only that, you can use Yellow Card web wallet directly from your browser on any device or download the mobile wallet for Android or iOS devices from the app store.
Conclusion
A common question many ask is, “is it too late to buy bitcoin?” This is because bitcoin keeps breaking its record and reaching new All-Time Highs (ATHs). But the simple answer is that bitcoin is here to stay and if you decide to buy now, that is the right time for you.
Source: YEN.com.gh
