The most obvious reason people buy crypto at the moment is for speculation purposes and the hope of improving their life through financial gains. Often this is the beginning of their journey down the ‘rabbit hole’ of crypto with the result being:
“I came for the money, but stayed for the technology (& money)”
This is not ideal though, at CryptoWales we recommend educating yourself on the technology first over a decent period of time to gain a better understanding of the implications of its success to sink in. You will then be in a better position to decide if investing is for you.
Some of the unique properties of Bitcoin:
Decentralised – no single entity controls Bitcoin, it is governed by its open source code
Quick transactions – worldwide transactions in minutes without borders
Deflationary – the exact opposite of the FIAT currencies we use
No need for ID to start – banking for the unbanked around the world
Irreversible and immutable transactions – no one can stop you
Peer to peer – no need to rely on banks and middlemen taking their fees
The biggest aim of Bitcoin and crypto in general is to replace the existing FIAT currency and central bank system as many believe it to be broken. The benefits of moving from unsound monetary systems controlled by Governments and bankers to sound hard money controlled by normal market forces (you & me) has the potential to be world changing.
The most important change that crypto could deliver us is a worldwide decentralised digital currency, ideally Bitcoin.
“I think that the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the internet you can transfer funds from A to B, without A knowing B or B knowing A. The way I can take a $20 bill, hand it over to you, and then there’s no record of where it came from.”
Milton Friedman, 1999 – Nobel prize winning economist