So here I am writing an article about cryptocurrency. I started trading in these currencies since the beginning of 2017, my first purchase was Ripple and I sold it way to early when there was panic on the market. The price was crashing and I thought: lets cash out. I regret that, if I hadn't done that I could have paid my mortgage of my house all at once a few months later. First lesson learned: HODL!
But why have I started investing in cryptocurrencies? Of course, there is the idea of having a Bentley standing on my lawn after opening the gates of my castle. But the main reason was: I don’t trust the banking system of these days. Banks can’t backup all the money circulating with gold reserves.
A good example is the crisis with Greece; the country is bankrupt and needs millions of fiat currency to keep running, funded by the European Union. Banks were closed and people could only get a certain amount of cash when the banks opened their doors again. And then there is the European Central Bank which is pumping billions of euro’s in the European economy by buying government bonds. Because of this, banks can ‘borrow’ fiat currency for almost nothing, that can't be good in the long term if you ask me.
When looking at the current state of the financial system I think a collapse of the euro is eminent in the upcoming years. It may take a bit longer than a few years but I bet a crash will come. There is too much money circulating. Money can’t be free like it’s being ‘handed out’ now to the banks as we speak.
At the time of writing (2 September 2017) the current market capitalization of all the cryptocurrencies together is $166 billion. Compare this to the euro or dollar and it’s nothing. For example, the U.S. dollar alone had a $23.8 trillion-dollar market capitalization in 2016. This means that the crypto market is only 0.69% of all the dollars in the U.S. in 2016.
So, what did I do? After reading a lot, getting to know the volatile market of cryptocurrencies I decided to take control of my money. If a crash would happen in the future the banks/government won't be able to take my money. I predict that more fiat currencies will be transferred to cryptocurrencies when people start to think like this or when a market crash is upcomming even big companies will turn to crypto. Even if such a crash won't happen people will still want to be in control of their money.
At this moment, I only have the necessary euros on my bank and everything else is invested in cryptocurrencies. Is it a risk: yet it is. But well, the thought of really owning my money and maybe making some profit with it, is for me enough to take that risk.
There are only two question going through my head, the first one is: ‘Why do I hear more and more people talking about Bitcoin, but why are they not buying it?’ The answers I get: ‘I can’t touch it’, ‘How does it work?’. But the most heard answer is: ‘Can you help me buying it? It's complicated.' The second question I had when I started with cryptocurrencies was: 'Why isn't there just one app for all the currencies I own, so I can manage them from one place? Just like online banking.
As if someone heard this question I came across a new cryptocurrency called Bitquence. They intend to solve this problem, and I quote: “We make cryptocurrencies easier to purchase and transfer allowing the average individual to participate in the New Economy.”
They are creating a universal wallet for most of the existing cryptocurrencies available. Don't you just love that? One wallet, on your mobile phone. No more switching between those 10+ wallets on your desktop and it should be accessible for the average person. Which means that mass adoption of cryptocurrencies could start here. I don't give a price forecast, it's the technology/product I believe in and the price will follow eventually.
And while keeping in mind that the market capitalization is only around 0.69% of the U.S. dollar alone and the predictions are that it might grow to trillions in the future when the big mass starts adopting cryptocurrencies: how big can Bitquence be? It’s the first of its kind, just like Bitcoin once was and see where Bitcoin is now compared to a few years ago. Don’t you wish you were the one who accepted the 10.000 bitcoins for a pizza?
“Bitquence will bring the ease of online banking to the crypto market."
