Many people find cryptocurrency exciting and feel part of a new modern universe. If crypto investing excites you, you might be curious to know why. Could it be psychological? The way you perform at work? Do you yearn for financial flexibility, diversity, or control? Or perhaps it’s as simple as growing tired of conventional financial services.
Here are 5 common reasons people are drawn to cryptocurrency:
Looking inward at who you are may show why you’re ready to ditch the traditional financial realm. Psychological research points to several tell-tale traits in crypto investors.
Calculated: Being wary of traditional financial services can breed a cunning individual. If you feel drawn to fintech, it may suggest a slight distrust in governmental agencies and standard banking.
Social: There’s a common misconception that cryptocurrency investors are hoarding up in their rooms, rarely seeing the sun. But research suggests you’re more likely to be an extroverted and outgoing individual, maybe with a competitive edge. And if you’re prone to FOMO (fear of missing out) and trying something new, it may lead you to the blockchain.
Confident: The founders of crypto technology were also daring and sure of themselves. Crypto banking solutions and confidence go hand-in-hand. And you can’t participate in thrilling, new financial services without some conviction.
Positive and Open: Cryptocurrency enthusiasts are also more welcoming of modern ideas and change. Chances are, you may be more of an open and positive person who isn’t scared of fintech solutions.
FFintech is one of the most significant market segments rapidly accelerating and growing at a 20.5% CAGR and is estimated to hit US $699.50 billion by 2030. It's no wonder with this evolution; many people are looking beyond traditional financial means to support their lifestyle. Here are a few everyday life fintech is transforming:
Neighborhood Bank: Consumer banking will be at the “epicentre of disruption” over the next five years. The nature and business model of providing branches in every single town will change. Gradually, the number of services requiring a physical bank visit will dwindle. People want to manage their finances in a seamless and mobile manner like other areas of their lives. Their expectations are not set by their experience in other financial services. Their expectations are set by what they see from the other apps on their phone.
Cross-Border Payments: You may work abroad and need to send money home, or you have family across the ocean; Fintechs are leading more modern and efficient solutions for cross-board transactions than a typical bank wire transfer.
Currency: Some experts predict that cash will one day become obsolete, and currencies such as the dollar or the pound will see serious competition from digital platforms — thanks to blockchain technology which allows for the reliable use of cryptocurrencies. Crypto adoption is on the rise,with over 420 million crypto users globally, and 15,174 businesses worldwide accept crypto, with only 2,300 of those within the USA.
How you perform on your career path may be a clue as to why crypto intrigues you. Check out these work traits to see the correlation between work performance and crypto:
Patience: Being impatient isn’t a good start to a crypto lifestyle. You aren’t going to make a quick buck, but you know this. Playing the waiting game is crucial with crypto investing, so you don’t chase your losses.
Passion: Fintech is like a hobby that you have to nurture. Passion for work or interests is essential to keep your performance from fizzling. And a passion for new financial options can draw you towards the idea of mastering cryptocurrency.
Research: If you love to learn, a plethora of blockchain info is waiting for you. There are a lot of intricacies to crypto banking that solid research skills will complement.
Multitasking: If you know that investing means putting your eggs in several baskets, you’re more likely to try crypto investing. It requires the same multitasking abilities as traditional financing.
Creativity: Crypto intrigues those who think outside the box. You are likely to think of unique solutions to daily problems.
Solutions to Traditional Banks
There needs to be more control and flexibility in traditional banking. Many traditional bankings fail to provide modern investing solutions, savings accounts, credit, etc. If this sounds agreeable, it can push you toward the fintech market.
First, there is the allure of decentralized crypto banking. There is no third-party control looming over you. Crypto would remove the human bias that traditional banks can’t break free from, even if they wanted to.
Since cryptocurrencies run on the blockchain, you can also worry less about security threats. The blockchain has more protection from hacking and fraud, which you can’t say about standard online banking.
Traditional financial services can also be rigid with their operations and are sometimes entirely inaccessible. Crypto economic systems are available at any time of the day. They also offer faster transaction speeds, differing from your standard bank that must follow protocol, slowing down transactions.
Lastly, the fluidity and flexibility of fintech solutions can be appealing. Crypto growth can happen in multiple ways with your investments, sometimes simultaneously. This is because cryptocurrencies are more diverse than conventional banks and have more features.
Benefits and Perks
A keen interest in receiving more modern financial perks, rewards or cashback incentives than what you typically receive from your other card providers or banks can push you towards crypto-centric fintech solutions.
Crypto credit: Maybe you’re ready to say goodbye to credit checks and lengthy applications and say hello to crypto lending. Utilizing a crypto-backed credit card or loan gives you the credit you need while maintaining an appreciation of your digital assets. The amount of credit suits your needs, and you don’t have to deal with collateral and asset risk when you make a big purchase. Oh, and you can pay your balances using cryptocurrency itself! Companies like Connect Financial are pathing innovation on these products. Join their waitlist today to secure your crypto-backed credit product.
Crypto wallets: Crypto wallets let you buy, sell, and trade crypto and fiat (government-issued currency). You can also open multiple wallets for different purposes. A crypto wallet also comes with a personalized dashboard. And, of course, you don’t have to worry about someone stealing it.
Buying and selling: Crypto can make the finance game more rewarding and stimulating. You can buy coins at your leisure and then easily sell them using various transfer options.
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