4 Genius Reasons Smart People Are Using Crypto

If you aren't using the digital form of currency known as crypto you could be missing out. Indeed, there are several strong reasons to get a digital wallet and start buying crypto and using it online. Read on to find out what they are. 

Protection from a bank collapse

Banks are generally seen as the most stable type of financial institution. However, that doesn't mean they aren't vulnerable to collapse. Indeed, when banks collapse their customers are left without any way to reclaim the money that they kept there, something that often means a mass panic as people discover that their bank is about to go under as they try and get their money out. 

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Cryptocurrency, on the other hand, is not stored by banks. It's also not ruled by banks and by being outside of this system avoids the risks involved in any collapse. In essence, many people see crypto as a more stable option for their money because it's not controlled and kept by a single organization. 

Big risk, big profit 

That's not to say that there are no risks involved in crypto because there are. Indeed, it is known to be one of the most volatile financial assets there is. That is its value can grow or fall very quickly. 

Although, this high volatility as described at finance.yahoo.com isn't necessarily always a bad thing. Indeed, as crypto’s value can change so quickly, it means there is great potential to make large profits fast, rather than having to hold an investment over the long term, something that is hugely appealing to many looking to make it big. 

Allows you to invest or create NFTs 

NFTs or non-fungible tokens are another important reason to start using crypto. NFTs are artworks that are turned into unique units of data and then stored on the blockchain. Those that buy them can resell them online to make a profit or hold onto them like any other financial asset and wait for their value to appreciate. 

The thing is because NFTs use blockchain technology, you need to use cryptocurrency to buy them. You even need crypto to sell them if you are a creator as there are various fees that you will need to pay to convert your artwork from its original file date into an NFT, as well as the fees required by the platform you choose to host and auction off your work. 

Indeed, fees are a massive issue when it comes to buying and selling NFTs. For this reason, many people choose platforms like this one at pastel.network, as they offer much lower fees for both buyers and creators. Thereby making the whole process more accessible, and more profitable for those involved. 

Security 

Another important reason that you should use crypto is that it's the safest form of currency to use online. This is because crypto uses cryptography and decentralized networks, something that means it's impossible to counterfeit or spend the same unit twice. They also use blockchain ledgers spread out across many users which make it impossible to change or destroy the unit's history.