BigBitMarket reports – Australians are blowing millions on cryptocurrency

London, UK, 5th Feb 2022, ZEXPRWIRE, The cryptocurrency craze has gotten to the point where top online brokers are starting to allow trading in them. BigBitMarket broker Robert Lem says that this is a clear sign of how much popularity cryptocurrencies have gained and also a testament to their staying power even after the recent pullback. This seems like a sign of things to come.

The rising popularity of cryptos over the last year has triggered a crypto fever. Youngsters all around the globe are wondering how to invest in cryptocurrencies and benefit from their high returns potential. If you just hear about cryptocurrencies, it can be tempting to want to dive right in. After all, they have been soaring lately. This is understandable, but it’s important to remember that this is a very new asset class. This means that the rules that govern traditional investing don’t always apply.

Lem says that the cryptocurrency craze shows no signs of slowing down, and it wouldn’t be a surprise if cryptocurrencies continue to steal the financial spotlight in the coming months. However, it needs to be kept in mind at all times that losses can be a stark reality in cryptocurrency investing. In fact, it would be right to say that they are commonplace. You need to have a strong stomach for this type of investing and have the ability to withstand large fluctuations with no clear reason or rhyme.

Lem said that he has seen many people bear losses and enjoy profits, but the ones who understand the pros and cons the best survive easily.

Why is it so popular?

First and foremost, cryptocurrencies are anonymous. They allow users to transact without providing personal information. There’s no central bank or government that can control them. This is what makes them popular among both individual and institutional investors who don’t want their transactions tracked.

They’re also decentralized and based on blockchain technology and cryptography. It’s near impossible to hack or counterfeit any cryptocurrency since every transaction is recorded in the public ledger. The blockchain technology that makes them so popular also allows users to transact seamlessly across borders.

Apart from this, cryptocurrencies are open 24/7, 365 days a year. They’re not bound by banking hours or even central bank holidays. Trading never ceases. Lem thinks that the underlying technology that makes cryptocurrencies secure is also what allows them to be traded around the clock with no limits or restrictions.

Also, there’s the ‘get rich quick’ appeal of cryptocurrencies. Many speculators have made a lot of money in a relatively short period of time through the meteoric rise in cryptocurrencies. This means that some investors are buying cryptocurrencies in the hopes of making a quick buck.

Another reason why cryptocurrencies are gaining astonishing popularity, especially among young people, is that they can be acquired easily and with small amounts of money. As opposed to investing in stocks or bonds, which require a substantial amount of initial capital, cryptocurrencies can be purchased with just a few dollars. This makes them very attractive for many investors who may not have the financial resources required to invest in ‘traditional’ assets.

The Australian tilt

Australians are increasingly turning to cryptocurrencies. A recent survey that included a total of 1000 people showed that every 1 out of 4 Australians have invested in either Bitcoin or Ethereum. According to the statistics, crypto users in Australia have already spent $50.9 million on trading fees alone. The number of Aussies who have been investing in cryptocurrency has risen by 18% since September 2021. It has also been estimated that around 3.5 million of the remaining are planning on investing in the area by the time this year ends.

Lem says that this increase in the number of Australians investing in cryptocurrencies is likely due to the steady rise in popularity that these currencies have been experiencing for years now. It also shows that many people are now more comfortable with taking risks with their money as opposed to sticking with traditional investments such as property. He further said that cryptocurrencies offer a very attractive way to grow money and that this is something that attracts many people.

No matter how popular cryptocurrencies seem to be among Australians, Lem urges prospective investors to recognize their volatility and risks such as cybercrime, loss of funds (hacking) etc., before investing in any cryptocurrency. Australians, who want to invest in cryptocurrencies, should do their research and only put money into what they can afford to lose.

This also puts Australia in a unique position. Experts believe that the number of cryptocurrency investors will only increase in the coming years. They suggest that Australia can be at the centre of this office if it manages to set up an appropriate regulatory framework for cryptocurrencies very soon. However, if it doesn’t, they’re likely to miss out on an opportunity that could boost the economy in the long run.

Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.