There is no doubt that investing in cryptocurrency has proved to be extremely beneficial in terms of returns. Most of the investors have made glamorous profits by investing in cryptocurrency.
What is Cryptocurrency?
Cryptocurrency is nothing but a type of digital currency. One can purchase cryptocurrency by exchanging traditional money for the same. Cryptocurrency act as casino chips or tokens and their prices keep varying as per the volatility of the crypto market. Blockchain technology is the fundamental system on which the cryptocurrency system functions. The primary advantages of cryptocurrencies are that it works on a decentralized network and can be accessed from anywhere, with no central controlling agency. There are a plethora of different types of cryptocurrencies already in existence and with time, newer ones get added to the list.
Can investing in cryptocurrency impact relationships?
The trend of investing in cryptocurrency in the hopes of excellent returns in the future is very common these days. However, as surprising as it may sound, investing in cryptocurrency has negatively impacted the personal relationships of many.
According to a survey conducted by SurveyMonkey on 1033 American citizens, sixty percent of investors’ personal relationships were negatively impacted due to crypto investment. The findings of this survey further led to the discovery that the level of negative impact on personal relationships is directly proportional to the percentage of net worth invested in crypto assets.
Let’s take a look at how investing in cryptocurrency negatively impacts personal relationships:
- In a relationship, while one person is an ardent believer in investing in cryptocurrencies, the other may be a vehement non-believer. Such a situation is bound to cause stress in the relationship, especially when there is a lot of money at stake.
- Even if the investment proves to be extremely rewarding in terms of returns and the investor gains a lot of wealth, this could lead to the creation of an inferiority complex in the partner.
- Investing in cryptocurrency can lead to greed and needless to say, greed can easily corrupt any relationship.
- The volatility of crypto investments can sour relationships. While one partner easily throws in all their wealth in expectations of stellar returns, the volatility of the cryptocurrency market may lead to serious losses.
- As the concept of cryptocurrency is relatively new, many people from the older generations as well as this generation do not fully grasp the concept. They believe in the traditional financial system and find it extremely risky to invest so much in a volatile futuristic financial system. This often strains the relationships of crypto investors with their family members.
- Money is a very common cause of feuds in relationships. While one person in the relationship may be a “saver”, the other is the exact opposite. In such cases, the risk of unsafe investments can often cause problems in the relationship.
- Investing in a significant amount of wealth without informing the partner has often led to feuds. When investors sell joint assets only to invest in cryptocurrency without informing their partner, the partner is bound to feel upset.
The survey in question revealed that the more a person invests, the worse could be its effect on personal relationships. Moreover, it was found that millennials and Gen Z were the dominant age groups among those who invested in cryptocurrencies. The investment field is male-dominated and Bitcoins remain the first choice in cryptocurrency for investments. For more information on trading in bitcoins, visit the british bitcoin profit.
It was also discovered that the main reason behind people not investing in cryptocurrency was that they were not fully aware of the system.
It is safe to conclude that the concept of crypto investments has not reached a very wide audience yet. People are yet to fully understand the terms and conditions of investing in cryptocurrencies. With increased awareness, it can be expected that at least some of the negative impacts on personal relationships can be easily done away with.
