In this blog, we will discuss further how we can achieve financial freedom cryptocurrency.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. We do not recommend that any cryptocurrency should be bought, sold, or held by you.
In the last article, we covered the basics of how investing in crypto can lead you towards financial independence.
Today we will further expand on the topic, and discover the different aspects of it.
Cryptocurrency, while being a great investment for individuals, is also an amazing investment as well as a viable mode of payment for companies, however big or small they may be.
It is a good way of increasing capital without involving more investors, thus keeping your shares to yourself. It is also a better way of increasing sales. A recent analysis found 40% of all customers that paid through cryptocurrency are new customers, and they bought about twice as much as credit-card users. Thus, just accepting and trading cryptocurrency is an extremely good practice, and a skilled trader will prove to be a lot more beneficial to the company than external investors.
Almost everyone has heard the name of the geek-god Elon Musk, and how his companies accept payments through cryptocurrency. Infact, his influence on the crypto market has been so effluent, any comment of his is given utmost scrutiny, as they quite literally control the market.
Payments in virtual currency is risky, as the market is unpredictable to the inexperienced eye, but it does beat the loss due to inflation that we face in today’s economy with physical currency.
AirDrops are a great way for beginners to enter the market, provided that they have a slightly large followers list. An airdrop is when companies with new projects (new coins) enter the market, they give away small portions of the currency for free to active members of the blockchain in exchange for a simple retweet. That’s a pretty easy way to make a few bucks…or a lot if you’re lucky!
Now there is a term, or rather an abbreviation, FIRE, that you should be aware about.
Financial Independence doesn’t only mean moving out of your parents, but also retiring as early as possible. That’s where FIRE comes in.
It stands for Financially independent and retire early. It’s a pretty basic, but effective strategy of earning a little extra money that you invest into assets that will be beneficial to you in the future.
As these assets start generating money, you can slowly quit your day job and retire, while still having various active sources of income. You invest in a few coins for the long term after assessing their past and present performance and reap the benefits in 10–20 years when your’s middle-aged and the coin prices are crazy high. It’s the same concept for any asset. There are always risks involved in every type of investment. In real estate, the risk is the quality and the longevity of the property, in Precious metals and stones there’s always the possibility of greater availability, dropping their prices. However, with enough education and experience, the risks to investing in cryptocurrency are minimized.
Now, there’s always the question of as to why should your company venture into the crypto space if you’re doing just fine through physical currency?
Well you get loads of benefits of doing so. A few of them are:
- Transaction fees are lower than credit cards and no bank charges are required when cryptocurrency is not being exchanged.
- Credit card payments may take days or even weeks to complete. At the same time, cryptocurrency provides instant transfers.
- Cryptocurrency makes international trade easier by removing trade barriers and restrictions and ultimately makes it easier to accept payments in different currencies.
- Since crypto is still a fairly new payment method, offering your customers an option can help you generate new business.
- Unlike credit and debit cards, which use large amounts of personal information to track transactions, crypto does not require any identifying information, providing customers with greater flexibility and discretion.
- Crypto payments are irreversible, which means that merchants can ensure that they will receive the money once a transaction occurs. When the transaction is completed on the blockchain, there is no longer the risk of refunds or fraudulent payment disputes.
As cryptocurrencies become more widely adopted, companies should pay close attention to the development of this technology and consider how to use it to their advantage.
So what are you waiting for?
Your dream car is waiting for you at your dream house, in your dream location, for you to go and grab them. Start studying folks, because the market will only get more competitive from here on out.
We will definitely help you in your way and help you understand cryptocurrency better from our upcoming blogs which will be published by next week.
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