If you asked tech investors and entrepreneurs to name an ideal Christmas present, cryptocurrency is likely your answer.
Rather than offering family members quick cash as a last-minute gift or an easy gesture of affection, cryptocurrency offers a direct investment in generational wealth.
โWhen I wrote my book, The Wealth Cure 10 years ago, it was about how to heal the wealth gap. But the technology was not where it needed to be to scale the impact we are talking about. " Hill harper, founder of The Black Wall Street counted digital wallet theGrio. โIt is here now. And it is strictly due to the fact that we are moving from a tipping point from physical fiat currency, which is physical money to digital currency and cryptocurrency. "
Harper's Black Wall Street is the first black-owned digital wallet, which also offers a financial education component to help users understand cryptocurrencies. The main cryptocurrency used on the digital platform is Bitcoin. The goal of the Harper wallet is to ensure that each user acquires and owns at least 0.01 bitcoins.
To accumulate up to 0.01 bitcoins, users can buy Satoshis, which are a smaller denomination of Bitcoin. For every 1,000,000 satoshis, a user has 0.01 bitcoins.
โNow Bitcoin specifically, it's what I call digital gold, it's a store of value. That's why we as black people can understand it, we started stacking Satoshis, which are fractal shares of Bitcoin Satoshis, โHarper explained.
Besides Harper, theGrio spoke with financial analysts, investors, and traders to gather a solid foundation of must-have information about Bitcoin and other trending cryptocurrencies.
This is what you need to know.
Bitcoin is the beginner's favorite cryptocurrency
"We are talking about wealth, generational wealth and wealth, preservation and creation of wealth." Steve Venino, senior associate of 10T, a capital firm, said theGrio. "Bitcoin has really proven to be a pristine form of collateral and a store of value."
Cash is not valued at interest, but is deeply affected by inflation
Investors compared the appreciation of cryptocurrencies to the growth of interest on a bank account. You can buy cryptocurrencies and then store them in a digital wallet. Over time, the value of the coin will increase as the coin trends in popularity and value.
Government bonds are the investment of older generations
When you buy a government bond, analysts warn that you are barely keeping your principal and that you don't really earn any real interest. If you want to invest in government bonds, you get 1%, if not a negative return. However, with Bitcoin or a stablecoin, you can earn more than 8-9% of the investment. Not only do you own the cryptocurrency itself as a potential price appreciation, but you can also get more return than most bonuses pay. Also, cryptocurrencies can earn more interest than a savings account or checking account pays at the Bank of the United States.
Government regulations are not expected to have a significant impact on the volatility of the Bitcoin market
One of the most attractive things about cryptocurrencies is their global appeal. Analysts suggest that if a crackdown occurs in the United States, a pullback with a ton of volatility is expected to produce a price decline of about 20%, but the price will rebound and the Bitcoin coin will survive. However, other less popular or established cryptocurrencies may not follow this trend.
More educational tools
Podcasts like The scoop on The Block Y Around the Coinbase block They offer easily digestible information on the latest cryptocurrency news and events.
Other investment options
Financial analysts recommended using Early riser to invest for your loved ones outside your immediate home. Like The Black Wall Street digital wallet, EarlyBird offers a financial education component.
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