Is cryptocurrency a good investment idea?


Cryptocurrency is not one thing. Cryptocurrency is many things with a blanket name. 

Is it a good investment? Some are, some are not. 

Why is cryptocurrency, many things?

1. Some function as collectibles or just like art or gold bars (e.g. bitcoin -BTC, NFTs). Are art a good investment?

2. Some function like stocks of companies, giving you voting rights etc on their projects and earning dividends (e.g. TRX etc). Are stocks a good investment?

3. Some are memes or just for fun with no clear use case but still have all the qualities of a cryptocurrency (e.g. doge etc). Is joining something that is being hyped a good investment?

4. Some are used as fuel or the underlying transport mechanism for running a process on the blockchain called smart contracts. (e.g. eth gas and BNB etc). Is owning fuel a good investment?

5. Some are used as money and aim to replace the money we know (e.g. Bitcoin Cash - BCH etc). Is owning what may become generally used as cash a good investment?

6. Some are used in other DeFi (decentralized finance) projects such as for issuing loans and insurance (e.g. Maker DAO etc). Is giving loans a good investment?

7. And then some are used purely for exit scams, pyramid schemes and other exploitation. (e.g. bitconnect etc). Would you like to invest in a scam?

There are other use cases and many cryptocurrency have more than one use case.

Remember to DYOR (do your own research) to clear your FUD (fear and doubt) and never FoMO (fear of missing out).

You can join the Blockchain Ghana Discussion Group on Telegram where there are some updates on developments in the space. Blockchain Society Ghana

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