In this episode of Cryptocurrency Investing For Dummies Book Reading series, I read parts of Chapter 2 of my book, Cryptocurrency Investing For Dummies. My goal is to simulate a book-signing experience for those of you who haven’t got a chance to meet me in person. The following is a direct extract from the copyrighted book. All rights are reserved to Jon Wiley & Sons “For Dummies” series. Check out the first episode here.
Cryptocurrency Investing For Dummies Book – Chapter 2
In Chapter 2 I discuss some reasons why you should consider investing in cryptocurrencies. Some of these reasons include:
- Diversifying from Traditional Investments
- Gaining Capital Appreciation
- Increasing Income Potential
- Fueling Ideological Empowerment
One of my favorite reasons is help for the unbanked and underbanked.
One of the most noble problems cryptocurrencies can solve is banking the unbanked. According to Cointelegraph, 2 billion people in the world still don’t have a bank account. Most of them live in low- and middle-income emerging markets, but even in high-income countries, large numbers of people are unable to use banks to meet their day-to-day financial needs. This means they don’t have access to the convenience, security, and interest that banks provide.
Moreover, many people are underbanked; they have access to a bank account but don’t have adequate access to the financial services that banks can provide. Even in the United States, for example, 33.5 million households were recognized in 2015 as unbanked or underbanked. That’s over 25 percent of the population! Without access to savings and credit, these people can’t participate in the virtuous cycle of economic growth instead of remaining in a vicious cycle of poverty.
Cryptocurrencies, with the help of the blockchain technology, have the potential to help the unbanked and underbanked by allowing them to create their own financial alternatives in an efficient, transparent, and scalable manner. All someone needs to start using cryptocurrencies such as Bitcoin and send and receive money is a smartphone or laptop and Internet connection. Cryptocurrency not only is fast and cheap but also can be more secure than mobile banking. (Flip to Chapter 6 for an introduction on how to buy cryptocurrencies.)
If you’re wondering how you can take your crypto investing to the next level, don’t forget to get your free copy of my new book, Cryptocurrency Investing For Dummies.