Cryptocurrencies have really taken off lately, becoming a more and more popular investment choice with each passing day. If you are still sitting on the sidelines because you are unsure of the advantages of crypto-investment, you may be costing yourself a pretty penny. Here are three reasons why you should finally take the plunge and start investing in cryptocurrency today.
1. It's Incredibly Simple to Start
With most cryptocurrencies, there are no investment brokers to deal with. If you want to handle all of your investments yourself, you can. Cryptocurrencies can be traded through a variety of free smartphone apps or websites that allow you to perform an online exchange. If you know how to log onto eBay and place an order for an item, you have the skills necessary to purchase cryptocurrency. Yes, "crypto" sure sounds complicated but the truth is it couldn't be easier to get on board.
2. No Attachment to Any Government
If you have investments tied closely to a foreign government such as Asia, you might watch your portfolio go up or down every time there's a bit of breaking news in that part of the world. With cryptocurrency, the only thing that dictates the price is the market itself. If some third-world government or even a larger one suddenly falls apart, your cryptocurrency should remain largely unaffected. This makes it a great option for investors looking to diversify their portfolios in unique ways.
3. You Won't Get Nickeled and Dimed
Anyone who has ever paid for their stock brokers trip to Hawaii will tell you that losing a large amount of fees to your financial advisor doesn't seem very fair. When it comes to cryptocurrency, the vast majority of exchange fees are incredibly small. Most are on the order of under 0.5 percent per transaction. Even if that rate goes up in the days to come, it will likely still be less than the rate or fee you are currently paying for more traditional investments. There are also no ongoing management fees with cryptocurrency if you manage the account yourself. You'll only get charged a fee when you actually buy or sell.
Cryptocurrency is a great way to further diversify your portfolio because it's not backed by any specific government and therefore is mostly able to escape the ups and downs of the daily news cycle. It's also easy to get started and relatively inexpensive when it comes to fees. Contact an expert on Litecoin prices today for more information.