A substitute for traditional money, Bitcoin has come into the world as a form of digital currency that is rarely used in retail transactions and is decentralized. Similar to the worth of gold, it can protect against inflation and short in supply which adds to the value. Blockchain is the technology behind Bitcoin that has a wide variety of uses throughout the financial services space. Travis Bott, who is an initial crypto user and entrepreneur believes that there are multiple qualities required for a currency to be successful: counterfeit-proof, paucity, separability, and resilience.
Risk will always be involved no matter the investment, Travis believes. Weighing the pros and cons of the investment is necessary when it comes to taking the plunge with money. Having a strong sense of awareness of the protentional risk and reward is a necessity when building a financial relationship with crypto. Finding a dependable brokerage platform is a vital to finding protection and security, Travis suggests. As an early pioneer of crypto, he knows the ropes of digital investing and has plenty of guidance to share to those just starting their crypto journey.
With all the benefits crypto has the potential to bring, there is also the flipside of potential of risks as with any investment. Travis warns to proceed with caution when it comes to choosing which exchange to use, and to be weary of fraudulent traps as he himself has experienced first-hand bad players in the crypto space. Thorough research and support are the key to successful investing, Travis says. To find out more about Travis, follow his Instagram.