It’s no secret that cryptocurrency is dominating the gambling world right now. I don’t know about you but I’m seeing this word absolutely EVERYWHERE at the moment. The popularity of investing in cryptocurrency is increasing rapidly every year as more and more people gain interest. Many different online platforms have decided to join the list of accepting crypto this year too. With huge successful company names such as PayPal and Xbox accepting bitcoin and various other cryptocurrencies as payment. Also, lots of our favourite fast-food chains are now accepting, with Starbucks, Subway and Burger King accepting bitcoin payment. And various technology firms and auction houses too! The options as to where you can spend cryptocurrencies are continually increasing. So with the endless options of where to spend cryptocurrencies, it’s no wonder its popularity continues to rise. Let’s take a closer look at what it’s all about…

What is cryptocurrency?

In simple terms, it is a digital way to pay for things that were created in 2009 by Satoshi Nakamoto. He specialised in computer science, digital currencies and cryptography and devised the first blockchain database. The cryptocurrency was created as a result of the global financial crisis that took place in 2007- 2008. Nakamoto invented it so people could keep their identity secret and control their money themselves. Without any interest, fees or controls from banks or government. His goal was to be able to use cryptocurrency as a form of payment for goods and services and this has definitely been achieved! The value of all the different cryptocurrencies coins is constantly changing (increasing and decreasing). So that’s why maybe people attempt to study the market and invest in the hope of earning a profit from it. And let’s face it – it’s become so mainstream now that investors are finding it hard to ignore the potential gains.

Is investing in cryptocurrency a good idea?

Is it just hype that won’t last or is cryptocurrency really worth investing in? First things first, it’s so important that you do your research before jumping into any investments. You must fully understand the risks that come with the cryptocurrency world before gambling your hard-earned cash. In fact, any investment is a risk and you should fully prepare yourself for the consequences (making huge losses). That being said, plenty of people make significant gains from cryptocurrency. For example, if you invested $100 in 2009 you would have over $48 million now. Crazy, right? of course, this is a very long time to hold onto an investment and the percentage of people that did is extremely small. So overall, cryptocurrency is a high risk that potentially brings a high reward if you’re in it for the long term.

Is cryptocurrency a form of gambling?

Plain and simple – yes, it is! Investing in cryptocurrency is a form of gambling because you can never be certain of the outcome. The outcome is extremely unpredictable and there is always the potential to lose it all. You will find many people telling you that investing in certain cryptocurrencies will make you rich and which ones are due to rise. But the fact is… no one is 100% certain. So with that being said… invest wisely and only with money you can afford to lose!

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Mint

Mint was created in 2006 by Aaron Patzer as an app to help people manage their personal finances effectively. And it has undoubtedly become the most well-known and used finance app. It now has over 20 million users and this number keeps on rising as more people discover the incredible benefits of downloading it. Mint is a simple and effective way to create financial goals and then budgeting steps to get there. It also keeps a track of your spending and credit score.

You Need a Budget

The You Need a Budget app was created by Jesse Mecham in 2004. This is a great app for budgeting. And let’s face it, without a good system of budgeting you’ll never save the money you need. You probably don’t even realise how much you’re spending on silly things that you don’t need until you start budgeting. This app works to help you break the paycheck to paycheck cycle that so many of us get stuck in. It also helps with paying off debts by helping work out how much you can realistically afford to pay towards them each month. You can plan how much to spend on things each month and make cutbacks accordingly. The best part? you can try this app for free for 30 days to see if it really helps you save and budget.

Personal Capital

The Personal Capital app was founded by Rob Foregger, Paul Bergholm, Louie Gasparini and Bill Harris and in 2009. To put it simply, this app is for those who have a sufficient amount of wealth already, not those living paycheck to paycheck. Personal Capital is without a doubt the best app for wealth management. It brings together all accounts that you have to make them easily accessible in one location. It creates summaries of what you’re spending, net worth and also keeps track of your investments.

Clarity Money

The Clarity money app was founded in 2016 by Adam Dell. Many people prefer this app over others because it doesn’t include a budgeting section. Instead, it simply focuses on what’s going in and out of your account and which goods and services your money is being spent on. So, if you’ve already mastered budgeting, good for you, Clarity Money will give you a straightforward account of your incomings and outcomings.

Prism

Prism is an app that was introduced in 2011 by Steve Gordon and Tyler Griffin to help people with bill payments. It helps you manage and budget your money so that you have enough for the important bill payments each month. Because no one likes the stress of getting behind on bill payments and seeing them rack up until it becomes an unmanageable figure. Prism will give you a simple account of your finances and help you stay in control of what you’re spending by notifying you of upcoming bills. And your card activities.

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