Cryptocurrency represents a paradigm shift in the way investors think about wealth and portfolio management. A type of digital asset, cryptocurrency has taken the world by storm over the past decade. This is primarily because cryptocurrencies are decentralized, lacking a company owner and payment processor. For those who are curious, CEO and digital asset management guru Richard Iamunno wants you to understand some of the advantages of crypto for individuals and organizations alike.
Ease of Transactions
You may have seen movies, often thrillers or dramas, where a buyer and/or seller go through a complex process to exchange large sums of money. You’ve also probably made payments or transferred funds that were subject to a hold while a bank or institution verified funds. In many cases, this hold was a few days. With crypto, you can make and settle a transaction in a matter of minutes. While a wire transfer is usually 24 hours, an exchange of cryptocurrencies can be settled in seconds.
In addition to transaction time, there are also the costs to send money with traditional currency. Iamunno would have you know that transactions with Bitcoin, Ether, and other cryptos can cost as little as a few cents to a couple of dollars. Wire transfers can cost s much as $25 to send money domestically. International transfers are significantly more expensive. Crypto transactions allow users to keep more of their money.
With traditional currency, there can be economic, geographic, and social barriers to investing and wealth management. Opening a bank account usually requires photographic ID and an applicant may be subject to a background check or credit check. On the flip side, opening a cryptocurrency wallet only requires a computer or smartphone and an internet connection and the process is much faster than starting a bank account. For many reasons, a person may be unwilling or unable to open a bank account. Cryptocurrencies allow those without bank accounts to send and receive money.
Common wisdom says that investors should have a diverse portfolio. You’ve likely heard the adage, “Don’t put your eggs in one basket.” A portfolio that contains various kinds of assets is better equipped to weather the ebbs and flows of money markets. Crypto represents a different type of asset from stocks, bonds, real estate, and other means of investment. Richard Iamunno would also point out that cryptocurrencies often have means to protect against inflation, making them worthy of inclusion in any portfolio, especially for those who have a low appetite for risk.
Cryptocurrencies such as Bitcoin, Dogecoin, and others are part of an adventurous new frontier in wealth building. Digital asset expert Richard Iamunno is excited about the possibilities of crypto, NFTs, and other digital assets. Embrace a brighter financial future by exploring what’s possible and even probable, about cryptocurrency.