I got into crypto because of the price. And I bet so did most people in the crypto space today. There’s a connection between the price and interest. Price waves have often led to more interest. The price generates interest, leading to new ideas and innovative startups and projects.
But here are some reasons to convince you to get into crypto without focusing on price.
Commitment
The most remarkable thing about crypto is that computers can now make a commitment. This means that instead of trusting government commitments which isn’t in our interest (increasing interest rates is proof enough), now we can trust a computer (blockchain) to make a commitment and stick to it.
For example, the Bitcoin blockchain made the following commitments:
- There will only be 21 million bitcoins in supply
- There will be no double spend
- Your bitcoin is under your control.
No central authority can change its mind and decide to mint more coins. With Bitcoin, network participants can trust the blockchain in a way that wasn’t possible in the past.
Decentralization
People also stick around with crypto because of its decentralized nature of peer-to-peer banking. Unlike traditional financial institutions with central authority boards, developers and users control cryptocurrency. Smart contracts make this possible. They automate the execution of agreements without needing a third party. Most smart contracts are also open-source and verifiable.
Accessible
According to the World Bank, 1.7 billion people don’t have access to bank accounts. This is due to several restrictions put in place by traditional financial institutions.
This is not the case with crypto.
Crypto is permission-less. You only need internet access to enjoy all crypto features. It’s also open 24/7, unlike traditional financial institutions that close on weekends.
Self-governed
In crypto, your funds are under your control. You don’t have to trust banks to keep your investments for you.
Apart from this, developers and miners govern and maintain crypto transactions. And they receive incentives that give them reasons to maintain the network’s integrity.
The future is bright
The crypto space is still young but with lots of promises. Lots of financial experts have predicted that crypto is the future of finance. Already, some corporate institutions are converting some of their assets to bitcoin. Countries such as El Salvador have already made bitcoin their legal tender. There are also exciting innovations in the blockchain, like NFTs, games, Dapps, etc.
Lots of job opportunities
Although the crypto space is still young, it is fast growing and needs diverse talents. The average pay for a crypto developer is $120,000, according to web3.career data. Some crypto developers make as much as $500,000
Don’t worry if you’re not a blockchain developer. The crypto industry has many non-tech jobs, so there’s something for you if you’re on top of your game. There are openings for lawyers, writers, social media managers, product managers, marketers, designers, community managers, etc.
To learn more about what you need to know before landing a crypto job, read this article by coindesk.com.
Note:
This article is not financial advice to invest in crypto. As there are advantages of crypto, there are also some disadvantages. So ensure you do your research and never invest more than you can afford to lose.
Some crypto projects will fail, as some early startups did. But, we should look at them as opportunities to learn and build better platforms. Crypto is here to stay.
Images:
1: https://unsplash.com/
2: https://a16z.com/2020/05/15/the-crypto-price-innovation-cycle/
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6 Reasons Why You Should Get Into Crypto In 2022 (Price isn’t included) was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.