This year is almost over before it even started properly, the COVID-19 pandemic voided the world economy. People began to purchase bitcoins, even more, this year than the past few years. Many were scared that the fall of the world economy will put them in danger as well. For avoiding the fiscal deficit, people started to purchase bitcoins and gold more than any other asset.
Additionally, with the increasing popularity of bitcoin, other cryptocurrencies are also gaining fame. This is the prime reason why you should choose crypto as your side hustle in 2020. Are you interested in purchasing bitcoins? You can visit thebitcoincode.io and start trading now.
However, your research should be spot on, so read this article first to understand why it is the right choice.
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Reasons why crypto is the best side hustle
Cryptocurrencies have been a significant investment throughout 2020. Many people first thought crypto is here now, but it is a passing phase people will forget about. But that is not the case, as numerous people choose to invest in this industry for uncountable reasons. This is a choice that people make for securing their financial setup.
By now you must want to know what those reasons are, here is a few-
Cryptocurrencies are readily available
Anyone at any given time can purchase cryptocurrencies from any digital exchange. The process of attaining cryptocurrencies is also simple. First, you have to enter one such digital exchange, make your profile and check the prices of the cryptocurrencies that you want to purchase. After you have made up your mind, you will have to get yourself a safe wallet such as hardware, paper, desktop, or other available information.
Different wallets have different security clauses that have to be followed for keeping the private key safe. After you purchase one such wallet, revisit the exchange, for buying the cryptocurrency you want. When you are done purchasing, you will get a private key.
The prices of cryptocurrencies will increase
Now that cryptocurrencies are being purchased in abundance, few market experts say that it will reach 1 million dollars by 2023. Since this prediction is in motion, other cryptocurrencies will also be impacted by this. If one cryptocurrency is gaining fame, others will, too, as many will not invest in bitcoin for the prices being so high. When the market starts getting saturated, the demand will increase as well, which, as a result, will pull the value of cryptocurrencies even higher.
Before the 2024 halving of bitcoins, demand is said to increase even more. Hence, it will be wise you purchase the cryptocurrencies you want now before the prices are skyrocketing. 2020 is the best year when the prices are volatile but comparatively lower than what the market could experience.
Safety, security, and law
Cryptocurrencies are safe because they are authentic and offer you secure payment options. Initially, when the government was confused, many people took advantage of decentralized technology.
Many people used cryptocurrencies for money laundering, peddling drugs, weapons, and other illegal activities. But soon, the government tracked all the illegal activities carried out by a few exchanges and subpoenaed them to check their firms and abide by the anti-money laundering act.
The government also made sure that no was carrying out any illegal actives using cryptocurrencies. However, cryptocurrencies itself are safe and provide you with many security clauses for keeping your asset safe. However, like any other investment sector, even the cryptocurrency market is prone to potential risks that can be avoided.
Fast transactions and easy access
When you use cryptocurrencies, you will be able to transact faster and access the currency quickly. Bitcoin does take a lot of time, about 60 minutes to complete one transaction. Still, the other cryptocurrencies such as Bitcoin Cash, Ethereum, ripple, etc. can be transacted within a few seconds. The best part is that even though you send money to foreign countries, it will be as fast as a local transaction.
Additionally, you will not even have to pay for the exchange when you send cryptocurrencies overseas. Another advantage is that many companies have started accepting cryptocurrencies. S,o you will be able to purchase anything you want using the cryptocurrency you have.