Still No Rush to Use Cryptocurrencies for their Intended Purpose

January 21, 2018 by Adrian Thorpe

I have still yet to come across anyone who is bestowing the many virtues of using digital currencies for their intended purpose. That of course being able to move money around at a lightning pace of knots and not having to incur the ridiculous processing fees that more standard payment methods and banking institutions impose on their users and customers.

People are much more interested in discussing the pros and cons of just which digital currencies are going to be the best ones to invest in and which ones are much more likely to show a substantial return on their investment and initial outlay!

However, if you are someone who is interested in using a digital currency as a way of making payment for goods and services, then with almost 1500 different ones available you certainly do have plenty of choice in regards to the one you make use of!

But also keep in mind that as more and more digital currencies go live many of them are targeted at certain business and market sectors, and as such if you are intending to use a digital currency for one type of payment to one particular company in a specific market sector there is a good chance that there is a digital currency targeted at that market or business sector.

I am sadly convinced though that for the very near future at least, the vast majority of people are not going to be using digital currencies for the purpose they were designed for, but they are going to be looking at them and using them for investment purposes!

Practical and Sound Cryptocurrency Advice

Many people are making the mistake of just heading over to websites such as YouTube and then searching for advice in regards to which are going to be the very best digital currencies to invest in, and if that is something you are about to do please think again.

There is no easy way of saying this but I would say that 90% of the people who are making videos in which they give advice on which are the best digital currencies to invest in are taking utter nonsense, and most of them haven’t a clue about the digital currencies they are talking about!

There are however some very clued up and very intelligent people who have many years experience of digital currencies and understand the risks involved in each of them, and it is those people you should be tracking down on websites such a YouTube, and they will give you a true overview and their own opinion on which if any digital currencies may be worth investing in.

Just keep in mind though that any such person who has clickable links under their videos or on their websites to places where you can buy into any digital currencies are probably getting a commission for doing so and as such their advice is not as unbiased and as independent as they may proclaim!

Go With Your Gut Instinct

If you have decided that you cannot wait any longer to start investing in or simply using digital currencies for their intended use, then please go with your gut instinct, and try and spread the levels of risk if you are investing in digital currencies.

Whilst it is very true to say and has been proven time and time again some of them can produce huge and awesome profits as their value increase, the opposite can also happen, and if you put all of your eggs in one basket so to speak and the digital currency you invest in crashes in value you will be left licking your wounds!

Also, never invest in any type of Ponzi scheme or get rich scheme related to digital currencies, you should have something of a sixth sense in regards to know which schemes are designed only to rip you off, and if you haven’t got that sixth sense then you shouldn’t be consider investing in any digital currencies.

No one has so far proven that they have a gift for picking out only the digital currencies that are profitable to invest in and with the volatility of all digital currencies no one is ever likely to be able to develop a way of guaranteeing you a profit or return on any investment you make in any digital currency, so not matter which one or ones you choose to invest in there are always going to be risks attached!