Business & Entrepreneurship

Redefine boundaries

As the world progresses and new technologies create opportunities for unconventional methods of operations, we need to adapt and evolve to an ever-changing environment. As a result of this, we constantly find ourselves redefining traditional boundaries that allow for a better world. One such technology called Blockchain, is here to do just that as it challenges conventional methods of value asset transfers globally.

The birth of an alternative currency, called Bitcoin which is currently redefining conventional financial systems, is the world’s first Blockchain product. Bitcoin is uncontrolled by any sovereign government worldwide, opposing the norm of traditional systems that are all government controlled. Created after the 2018 American Financial Crisis, its creator Satoshi Nakamoto, challenged the status quo, and created opportunity for a new thinking to emerge as controlled systems can still manipulate power and break trust.

Bitcoin, is a peer-peer network, that allows for instantaneous and cross border transfers without the need of using a middleman. Opening an online ‘bank’ account, has never been easier as it takes seconds to open one and transact. Money can now be sent globally in seconds, with no need to wait traditional hours and days as before, to allow the transaction to clear. Fees have been reduced drastically from traditional methods, as middle-men such as banks or third party services that add these exorbitant fees are no longer needed, and money gets sent directly from person to person. The Blockchain technology now records, processes and releases funds at a much lower cost effective price, saving people a significant amount of money in end.

Richard de Sousa, Senior Partner at AltCoinTrader, one of South Africa’s largest and oldest cryptocurrency exchanges says, “With many new products that are coming into the market, there is a lot of choice in savings options and consumers need to be made aware of new entrants in the market to make more informed decisions.”

Some of these alternatives like cryptocurrencies are very different from traditional savings mechanisms. They don’t have; arbitrary restrictions, minimum investment demands; regular payment expectations; cancellation demands on withdrawals; or tie you into any type of contract or restrictions for depositing or withdrawing. You can deposit as much money as you like, in the frequency you like, as your budget permits.

“The sector has created opportunity for a new way of savings, unlike banks and rigid financial systems. Savings is a matter of cultivating a positive mindset to creating wealth. The principle of savings is not how much you save on a regular basis, but the act alone of keeping consistency in your goals to save, that will ultimately benefit you in the long run” says De Sousa.

Saving a little portion on a monthly basis in a crypto portfolio, might yield you massive returns, as the crypto market has shown significant growth in the past few years, where multi- millionaires were created and still are if you hold your crypto for a long period of time. Whether you save R50 or R1000 monthly as to your own budget, you can expect that it will pay off.

AltCoinTrader shares these insights for saving in cryptocurrencies:

Traditional fiat currencies lose value over time due to inflation. For example R1000 today will purchase far more than what R1000 will purchase in a year’s time. This is due to the government printing more money and increasing the monitory supply in the economy ultimately diluting the purchasing power of the Rand.

Decentralised cryptocurrencies like Bitcoin and Ethereum are limited in supply and grow in value over time due to scarcity and hold better value against inflationary fiat currencies, creating opportunity for your money to increase its value over time.

Saving using cryptocurrencies, allows you the freedom to save within your own budget at your own pace and time.

Possibility of exponential growth as the industry continues to mature.

Opportunites to invest in various different cryptocurrencies and create a diverse crypto portolio. AltCoinTrader offer 20 cryptocurrencies that can be purchased with Rands.

Saving in cryptocurrencies can offer you an opportunity to include a different type of savings class to your current portfolio with minimal investments.

Savings with cryptocurrencies have no restrictions allowing you to withdraw your money at your discretion.

Using cryptocurrencies on a transactional basis allows you to save more on fees associated to traditional systems.

Use reputable exchanges to purchase your cryptocurrencies from. You can open an AltCoinTrader account for free and start saving as often as you choose.

Supplied by: AltCoinTrader

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Uownit-SA
Uownit-SA is an online publication focused on collecting and publishing valuable and informed opinions from all the people of South Africa, published on the 15th of every month. Send us your views to contributions@uownit-sa.co.za.

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