Over the past month, Bitcoin prices have surged upward yet again, eliciting excitement, anticipation, and an overall positive outlook on the entire cryptocurrency market.
2019 has been good to cryptocurrency investors. After the seemingly never-ending 2018 bear market, positive progress has been a welcome change.
Prices plummeted in 2018 from December 2017 all-time highs that nearly hit the unbelievable $20K USD price. The subsequent trough lasted five bleak months, from late November 2018 to early April 2019.
A return to anything above $4K USD was cause for celebration. When the market hit double digits in June 2019, investors were positively jubilant.
This positive market movement generated more than just generalized relief from Bitcoin diehards. New investors, seeing missed opportunities for enormous profits, with ROIs approaching and even surpassing 200 percent, are jumping into the market in quantity.
Positive price changes are not the only reason Bitcoin and its altcoin followers have seen a surge of brand-new investors. 2019 has seen unprecedented change in overall blockchain technology.
Even casual cryptocurrency investors are aware that most new platforms which launched in 2017 during the ICO boom did not survive. Some never made it past the ICO stage. Others limped along for a time, trying to survive amidst challenges like underfunding, a faltering market, and a complete loss of consumer confidence.
What some people are not aware of is that those platforms that did survive the 2018 bloodbath did not just survive. Many of them are now thriving. While others were shutting their doors, platforms with existing solid technology coupled with an entrepreneurial spirit and the belief that blockchain technology is legitimately the way of the future continued to grow and advance.
This commitment to growth is part of what is now attracting new investors. Blockchain technology has been quietly – and not so quietly – moving into mainstream fintech. The industry is achieving widespread levels of awareness that were previously unattainable.
Blockchain all around
Top ranking international financial institutions, the likes of JP Morgan Chase, Bank of America, and HSBC Holdings PLC are beginning to integrate blockchain technology on all levels.
Following an initial and understandable widespread anti-blockchain mentality throughout the finance industry, the growing acceptance of blockchain is a welcome respite for DLT entrepreneurs and developers.
Developers have had the opportunity to introduce blockchain technology for various use cases supporting and integrating blockchain into traditional banking.
The People’s Bank of China (PBoC), for example, filed a patent as early as summer 2018 for an integrated digital wallet. The wallet could manage transaction histories and hold digital assets. This is not the first blockchain-based technology introduced into the fiat China markets. The PBoC has also explored the possibility of introducing smart contract functionality.
Choosing your Fiat to Crypto gateway
The growing acceptance of blockchain in traditional fiat banks does nothing for new investors looking to enter the crypto space before they miss the next wave of the bull run.
Cryptocurrency to fiat transactions still take time, and depending on the platform investors choose to utilize, can be cumbersome and complex. It is important to strategize before jumping into cryptocurrency investing.
What steps do new investors need to take? One of the most critical action items is to select an exchange and wallet service providers. With over 250 exchanges listed, and with many wallet providers, selecting the best platform can feel overwhelming.
In the current market remember that time is of utmost importance. Certain exchanges and wallets provide a much more rapid process to get started on your cryptocurrency investment journey.
Coinbase offers what is easily the most well-known cryptocurrency wallet and exchange. It is easy to use and supported by multi-signature and two-factor authentication security features. However, it is certainly not the only choice.
Other wallets, Exodus, for example, offer specialized services that just may optimally meet your needs. Well known for having a very pretty, intuitive interface, Exodus provides superior desktop functionality.
For European investors, a top contender is the Globitex Euro Wallet. The Euro wallet key features include functionality for both retail and institutional investors, and more importantly in this market, exceptionally fast transaction capability.
Keep in mind, these options are merely three out of hundreds of available cryptocurrency wallets. While due diligence is important when selecting a cryptocurrency product, keep in mind that in Bitcoin’s current state, time is of the essence.
The recent bullish trends may continue. Those on the fence about when and how to invest in crypto may find themselves in the unfortunate situation of having missed out on an optimal opportunity to jump in before prices skyrocket.
If you see cryptocurrency investment in your future, this might be the perfect time to make it your present.