London, UK, 4 Sep 2021, ZEXPRWIRE – Crypto is no more a digital currency that some teenagers might like to explore. Many years ago, people thought that the digital coin had no worth and that it would never succeed in making it to the point it stands today. FinancialCentre Broker David Porter The digital tokens have been revolutionary so far and no one can clearly say where they will take the world and the human race to in the near future with so much potential. Every now and then we keep hearing of people around us jumping on the bandwagon and investing in the area. Many people think that investing in crypto is all about huge sums of money but in reality, there is more to it. Crypto can be massively beneficial for your account and highly damaging too.
This high amount of risk depends on two things. First is the highly volatile nature of the coins. One day they are soaring high, something small happens and the next day you find yourself sinking in the loss. The second thing is the fake and fraudulent companies that have densely colonized the crypto industry. We keep hearing of cyberattacks, new types of scamming schemes and a lot more all the time. Unfortunately, this crime does not seem to be coming down any time soon and so is the growing interest of the individuals.
Time will tell if all of them have been thinking about investing in crypto or not but for now, the crypto industry has become huge. Today, more than 40 million Americans own crypto. Mr Porter says this figure might sound small to you but in reality, it has put the lawmakers from all around the globe to work. With a rising interest in the area, the governmental financial institutions need to come up with appropriate laws so that these individuals can be catered to without making compromises on national security.
Here’s another aspect that is usually overlooked by people and analysts. Mr Porter pointed out that many people from different places in the world prefer working from home or without having to commute. Crypto can be a huge career opportunity for such individuals who wish to invest their money and time in something as promising as crypto while they keep earning from the comfort of their homes. This is another reason why people from all around the globe are actively looking into this area. With the deadly pandemic waves that keep coming back to all the countries from time to time, the movement has already been restricted. Most of the people are locked up at their houses and in such a time they are in dire need of a source of income that requires no travelling. Apart from this, the pandemic has taken away the jobs of millions of hardworking people. With downsizing all around and restricted job openings, people think that crypto can be a great partner that can help them quickly land out of all the financial problems in no time.
Axie Infinity is a video game that is becoming increasingly popular among individuals who are into crypto or in search of greater profits. The video game is a rather different one and the players get to earn and accumulate rewards in the form of tradable crypto coins. The growing popularity of the video game Axie Infinity can be seen from the statistics. These figures show that back in April the total number of active users was 30,000 and in a period of 4 months this figure has increased by folds. This month the total number of active users is more than 1 million. The reports tell that most of the individuals who play the game come from developing countries such as Brazil, Venezuela and the Philippines. Mr Porter says it should be kept in mind that all these countries have been struck hard by the pandemic and the residents have been suffering a lot at the hands of inflicted financial issues. The video game rewards the users in the form of Ethereum coins. It was originally built on the Ethereum Blockchain and in a period of one month, coins worth 30 million US dollars are transferred per day.
Not That Small
This figure might appear to be small to you but this can be huge for someone who has just lost their job. These figures are also enough to put the income tax officers on alert and they have given out a statement reminding the beneficiaries that income tax laws are applicable on this income.
Mr Porter believes that earning money as you play is definitely something smart but it should be made sure that all the assets coming your way are not a threat to your state. Also, it should be made sure that beneath these generous companies there isn’t hidden any scam!
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.