Financial Freedom refers to the status where you have sufficient money to pay all your current and future expenses for the rest of your life without needing to work for others. Financial Freedom is a trendy subject among millennials, who aspire to retire from their official work as soon as possible by accumulating enough money. But, it’s easier said than done.
If you take inflation into account, the value of your cash in savings is only depreciating with time. Because the interest rates banks offer today is typically lower than the rate at which fiat currency is depreciating. So, the only way to save or increase the value of your money or end up with financial freedom is to invest in assets whose value appreciates with time. These include stocks, funds, and digital currencies. I prefer cryptocurrencies the most and preferably the safest option to achieve financial freedom fast. I will explain here why.
There are many reasons why cryptocurrencies make a great investment tool for anyone looking for financial freedom.
Top Reasons to Invest in Cryptocurrencies for Financial Freedom
Looking for the fastest way to reach your financial goals? Invest in crypto.
1. Crypto is Growing, like Nothing Else
Can you believe it has just been 10 years or so since bitcoin came into existence? And during this period, the cryptocurrency has achieved tremendous growth, both in value and popularity. The current bitcoin price of $50,000+ is almost 38,000% highest than the currency’s 2010 price. The same is true for many other cryptocurrencies, including ETH. Even new cryptocurrencies like the Libra Coin (LC) are registering significant growth, which is higher than any fiat or traditional asset could probably offer. And it definitely beats inflation and lets your money grow.
2. Crypto is for Everyone
Unlike fiat and traditional banking services that are still inaccessible to many people in remote and undeveloped regions, crypto is a global, borderless asset that can be accessed and used by literally anyone, anywhere in the world. With just the internet, you can create a cryptocurrency wallet online and start buying, trading and using cryptocurrencies with unlimited, unrestricted cross-border transactions.
3. Crypto is Cheaper
While using and investing in fiat currency comes with its own set of complexities, such as the requirement of physical infrastructure to manage, security, the need of middlemen, and others, managing and using cryptocurrencies is both easier and cost-effective. Since you do not need physical wallets or bank accounts or middlemen to manage and use cryptocurrency, you can end up saving huge in transaction fees otherwise charged by such physical entities. Also, sending & receiving cryptocurrency is cheaper than fiat transfer.
4. More Transparency with Cryptocurrencies
Cryptocurrencies are powered by blockchain, which is a distributed ledger technology (DLT), where all the transaction records are securely kept on a transparent, public ledger, which is managed in a decentralized manner. This increases transparency as well as reduces the need to trust someone else with your money. This is particularly beneficial for people and institutions looking for a completely independent way of managing their money.
5. Disrupting the Finance Industry
There are a number of problems with traditional finances and payments. Paper-based money is difficult to manage and there is always the risk of theft. Moreover, payments can only be made to people who are physically present. Online payments are slow and costly. With cryptocurrencies, payments are quick, easy and super affordable. Moreover, you can send money to anyone, anywhere in the world, which is particularly useful for businesses with a global clientele.
However, know that crypto investing and trading involve significant risk and make sure that you understand the risk before investing in cryptocurrencies.