The countries of the European Union, as well as the countries of Europe that are not members of the European Union, are now increasingly looking towards investing their financial resources in such non-standard things as cryptocurrencies. The same happened with Ireland, whose residents initially did not consider this asset as a serious financial tool for enrichment or correction of the shortcomings of the euro economy in the form of inflation. The current state of financial affairs around the world is quite precarious due to supply problems and the consequences of the coronavirus pandemic. Because of this ambiguity and inability to predict the future, people are increasingly looking at non-standard options for investing their financial resources. Today we will see why exactly this is happening and how it will develop further.
Traditional Assets and Cryptocurrencies in Ireland
If numerous economic studies are to be believed, Ireland still has an overwhelming majority of people investing in traditional assets. Stocks of various kinds are a relatively safe method to save a fortune for the future and protect your funds from inflation. This is not so safe, given the economic difficulties that all the countries of the world have been facing for the last two years. It turns out that even the strongest US economy and the national companies that support it often lose money, causing stocks to fall. We don't even mention other countries that seemed to be developing but suffered from direct or indirect economic sanctions. People who invested their money in these countries lost it forever, and some were even forbidden to withdraw what was left in monetary equivalent. In any case, 21% of the Irish population currently focuses on traditional assets when they talk about investing.
11% of the entire population of Ireland currently invests exclusively in cryptocurrencies or combines investing in cryptocurrencies with traditional methods of doing business. The worse the traditional economy, the better things are for the non-standard economy. Cryptocurrencies are not regulated by anyone and nothing, except for the market, and they should be distinguished from tokens, which can be centralized. Such fundamental and most famous cryptocurrencies as Bitcoin and Ethereum are decentralized, and their price depends directly on the market. Even the news about the ban on cryptocurrencies can stir up the market, but it cannot completely bring it down because they have always recovered to their original values.
Cryptocurrency differs from financial assets in a huge number of ways. We would like to provide some important differences that you need to know about if you have never understood this topic before.
The presence of the blockchain
Blockchain is a modern method for keeping records that are based on modern technologies. Now you don't need accountants or other people to keep track of the amount of money transferred and received. All this is done automatically, and it is impossible to fake it because of the validation, which also occurs automatically. The fact is that the blockchain is managed by decentralized nodes, which, in turn, verify a random number of random transactions for a small fee.
Your financial assets will always be with you, regardless of the order of the authorities or the working hours of banks. Your crypto wallet cannot go bankrupt, and you will not lose your money due to the mistakes of top managers, as happens in centralized financial institutions. You will always know what is happening with your assets, and you will be able to influence them at any second.
You can also be sure that all transactions will go through as quickly as possible under the best conditions and for the lowest commission. The beauty of automation and blockchain is that you don't have to pay a part to real people for verification and other things to make any transaction. The issue of high fees existed on the Ethereum blockchain for some time, but it has now been resolved. In any case, you initially know how much money you will spend on a transaction, and you can always abandon this idea and switch to another blockchain that offers the most favorable conditions.