I took some time to ask Quora members why they have invested in Cryptocurrency.
I typed down their answers to avoid copyright laws on screenshots (still waiting for Quora’s reply on screenshot policy). Here are some of their interesting responses:
Crypto Expert wrote:
The benefits of cryptocurrencies for the global economy are thought to range from lower transaction fees for the online exchange of money, to increased protection from identity theft due to the secure nature of cryptocurrencies.
Bishop Ferdinand wrote:
Cryptocurrencies in recent time has become a global trend. Cryptocurrencies have different advantages. Firstly it is highly decentralized, it is a store of value. Cryptocurrencies have multiplied it’s value just in few years more than every other investment. Crypto is clear the currency of the future. Invest in Crypto today, you will never regret it.
Nick DeSantis wrote:
There are a few types of people.
Don’t understand crypto whatsoever
Understand it a bit and want nothing to do with it. (long-term investors).
Understand it a bit, but just want to make a quick buck (I’d say the majority of kids who trade crypto and guys’ wives who hear from their friends that it will go up forever because their idiot neighbor gambled and came up with big money).
The ones that truly believe it will be some sort of world currency one day (slightly bizarre conspiracy theorist that thinks the government is evil and the world will end next month. If it did end next month, I don’t think currency at all will matter much. Food and weapons will probably rule the day).
So, to answer your question, I think a lot of people don’t ‘invest’ in crypto, it doesn't produce anything, so it’s not investable. They trade it hoping some moron will buy it for a higher price than they bought it at.
If you really believe it will be a currency one day, why sell it? You can’t make money in crypto unless you sell, so what’s the point?
Buying businesses are productive assets that can pay real profit to owners. They also produce real things we can use on daily basis.
You can find all other responses on this link — https://qr.ae/pGH4MR
My thoughts:
In a similar situation during the ’90s, no one believes in it when the Internet was starting. It was too complicated as we already have tv, newspapers, and magazines to spread the news.
On 27 February 1995, the American magazine Newsweek shared the truth about the internet.
“The truth in no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works,” wrote Clifford Stoll, in a piece that has thankfully been preserved online for the ages. “How about electronic publishing? Try reading a book on disc,” Stoll went on, “Yet Nicholas Negroponte, director of the MIT Media Lab, predicts that we’ll soon buy books and newspapers straight over the Intenet. Uh, sure.”
17 years later, Newsweek ceased print publication and became exclusively available online.
In my opinion, I believe that Bitcoin and other altcoins will be the world’s digital currency optimizing transparent, decentralized ledger (aka BlockChain). However, I am hesitant that it will replace our financial system.
In some a twisted fate, it would be interesting that there will come a time where a merger is possible between unregulated cryptocurrency and regulated financial institutions.
For now, we won’t know what the future will hold until we get there. I hope that it will be a better one.
How about you? Will you invest your money in cryptocurrency?