Buying and holding an asset for a long period of time is awell-known strategy. People who buy Bitcoin (or other cryptos) today are fullyaware that the price of Bitcoin might once again soar to extreme highs, andsome forecasts project it to even reach 100,000. This might sound a bitfar-fetched in the current environment, but still many people are holding on tothe cryptocurrencies in their wallets. We at Voltcoins, a regulated onlinecrypto exchange, decided to find out why.
First reason: Peoplecan buy with crypto
November is a shopping month with all the offers that aretaking place, and while many people use fiat currency like the US Dollar orEuro to pay for goods and services, there is also another option - less talkedabout, but no less attractive. Today, you have the possibility to buy withcrypto at some stores. Even Tesla, the car manufacturer, offered in the pastthe possibility of buying with crypto, although it retracted on its decisionafterward.
Beside this, there are many other things you can buy withcrypto. Our exchange, Voltcoins, enables you to buy different types ofcryptocurrencies, so if you see that one coin is not doing so well, you canalways opt for another one.
In other words, cryptocurrencies can still be used forpurposes other than holding on. While the options today seem somewhat limited,there is a chance that more businesses will accept crypto if their technicalperformance in carrying out transactions improves. If big companies begin toaccept them, this will likely impact their price with higher demand for them -and subsequently smaller businesses will also show a willingness to cooperatewith this trend.
Second reason:Believers have not lost their faith yet in the upside potential
The promise of cryptocurrencies has not died yet. Despiteall the events taking place and the decline of the prices of differentcryptocurrencies, there are still many people who believe that they willrecover and resume their upside. Time, of course, will tell, but believers arestill holding on to their faith in what is called DeFi, or decentralizedfinance.
We at Voltcoins offer anyone who feels this way theopportunity to buy crypto without a hassle. SImply register by providing a fewdetails, verify your identity with relevant documents - and that’s it. You canstart buying several cryptocurrencies.
Third reason:blockchain is the basis of a new type of internet
Many people who do not have strong faith in allcryptocurrencies still do believe in the power of the blockchain, the technologyupon which Bitcoin is built. We believe strongly in it as this technology isthe basis of Web 3.
The first generation of the web was the static web, wherepages were created and hosted by central authorities. The second generation wasthe dynamic web, where users could interact with each other and create theirown content. Web 3 is the next step in the evolution of the web, and it givesthe users more and more opportunities to actively participate in how theinternet looks and works. If this is not true democratization of the internet,we don’t know what is.
There are still many hurdles facing cryptocurrencies, buttheir potential remains significant, mainly because of the blockchain and whatyou can buy with crypto nowadays. You can buy the crypto tokens available atVoltcoins and then use them to buy goods and services, or even othercryptocurrencies. It will take time for those crypto tokens to realize theirtrue potential, but patient holders will likely get the fruit should this potentialbe realized in the near or medium terms.