Are you ready for cryptocurrencies?

In our Telegram channel we have asked about cryptocurrencies and 47% of our people are not interested in them at the moment. Why? Does everyone know what cryptocurrencies are for?

Cryptocurrencies such as Bitcoin and other digital currencies continue to gain popularity because of their unique characteristics. They are decentralised digital currencies that are not subject to the control of governments or central banks and rely on blockchain technology to ensure their security and transparency.

In addition, many cryptocurrencies have a limited supply, which means that they cannot be created indefinitely and therefore have a scarcity component, like precious metals. These are financial assets, especially if we are talking about established cryptocurrencies such as Bitcoin, which, a priori, have some of the characteristics of a store of value (limited supply, divisible, transferable, trustworthy, durable) that can be useful in the event of an economic crisis.

Cryptocurrencies as a store of value

However, whether cryptocurrencies are a store of value is a matter of debate. There are several factors to consider. First, cryptocurrencies are relatively new and have experienced great volatility since their creation. Their value can fluctuate significantly over short periods of time, which can create uncertainty for investors and make it difficult to use them as an established store of value.

While some investors see the long-term potential of cryptocurrencies and are confident of their usefulness and future adoption, others are still sceptical. Concerns about regulation, volatility and possible market manipulation are important aspects to consider. Still, these factors make them attractive for speculation.

What do you think about cryptocurrencies?

The 11Onze Telegram channel is a tool we use to get feedback from our community. The results on cryptocurrencies are quite interesting. Of the 227 people who responded to the questions, 47% said that they are not interested in cryptocurrencies, as they see them as too complicated. On the other hand, 29% expressed interest in learning more about this new financial asset, while 24% of respondents said they would be willing to buy and sell cryptocurrencies as long as it is through 11Onze.

In other words, more than half of 11Onze users are interested in learning about cryptocurrencies or buying them through 11Onze. The other 47% still show some understandable rejection of a new and risky sector. That is why 11Onze Recommends Bitvavo, because it is the safest and easiest option we have found to get started in this sector.

BlackRock’s view

The effort to consolidate crypto assets and to make cryptocurrency investment accessible to everyone seems unstoppable. In addition to the numerous exchange platforms such as Bitvavo, where you can buy and sell various cryptocurrencies, traditional banks and investment fund companies such as BlackRock are now also betting heavily on Bitcoin and are about to launch cryptocurrency exchange-traded funds (ETFs) on the market. The fact that a major fund such as BlackRock has decided to bet on cryptocurrencies has been one of the most relevant news in the sector in recent weeks.

Even so, it should be borne in mind that cryptocurrencies are not as widely accepted as a means of payment as traditional fiat currencies. Although more and more businesses and retailers are accepting digital currencies, the widespread adoption of these assets has not yet taken hold and may affect the ability of cryptocurrencies to act as stores of value. Remember, however, that it is always advisable to hold no more than 5% of your savings in cryptocurrencies. And that we recommend cryptocurrencies for long-term diversification of savings, not speculation.

Perhaps even more importantly, from the survey results we can extract that a significant part of our community is interested in expanding their knowledge about cryptocurrencies. This makes us happy because financial education has been at the heart of 11Onze since its inception. This commitment is reflected in the Learn section, where you will find content such as the series El Diner, in the 11Onze Trainings made by the employees themselves or in our Courses. In addition, in the Discover section of 11Onze TV you will also find pieces by our agents on topics of interest for your day-to-day.

11Onze Recommends Bitvavo, cryptocurrency trading made easy, safe and at a reasonable cost.