DELICIOUS
SU
REDDIT
In the modern era, we have so many forms of digital currency. We rely more on technology than anything else and the trend with finance is that the more ways that we find that are convenient for us, the risk of security increases. While we no longer have to carry wads of cash around, we are now at risk of getting hacked and potentially losing most or all of our money, as is the case with banks.
Cryptocurrency has recently been on the rise in terms of popularity and while the potential gains could net you a hundredfold, the losses that you could potentially incur have the same trend. Cryptocurrency is just so volatile. Just look at the recent BitConnect debacle. Despite its massive support from gullible investors and despite its sudden but temporary rise in performance, it still had to close up shop because the platform promised so much, yet failed to make good on those promises. The cryptocurrency platform turned out to be a Ponzi scheme and nothing more. Basically, a lot of people lost a lot of money, some even lost their life savings because they decided to invest in BitConnect.
Stock market investing and the Foreign Exchange are both of the same volatile nature but to a much more reasonable degree. But unlike cryptocurrency, stock market and FOREX trading are unlikely to fail because you are trading established currencies and stocks. They have been around for a long time and they will remain so unless a global economic disaster that affects every currency simultaneously occurs.
Case in point, if there’s one thing that’s true is that technology is not the ultimate solution to our problems. While it’s true that life is so much more convenient because of tech, well, let’s just say that you shouldn’t put all your eggs in one basket — digital or otherwise.
So, why should you buy silver?
It’s a Hard Asset
This means that the general public recognizes its value as much as it recognizes any other form of currency. Furthermore, hard assets can be sold in the event of a liquidation. For obvious reasons, silver can’t be hacked, nor is its value volatile.
It’s No Longer Being Inventoried
Basically, the US government is no longer stockpiling silver. So, much of the supply of silver is currently on the open market. You’re free to buy it!
Industrial Usage
It’s one thing to know that you can buy it, but why? Apart from its intrinsic value as a precious metal, silver also has many industrial uses. In fact, you may not notice it, but there is not one day that you go by without using something that has silver in it. This automatically makes silver a great investment as supplies deteriorate and as technology progresses.
Smaller Denominations
While this might not seem like an advantage at first glance, you won’t always want to sell an ounce of gold for a quick purchase. It’s the same concept as having a single million dollar bill. You wouldn’t want to use it to pay for cab fare, or a few groceries, or your utility bills. It’s always great to have smaller denominations. Furthermore, this allows you to sell the exact amount that you’re willing to sell. You have more control over what you want to keep.
In this digital age, it’s always wise to have contingencies. When technology fails, the only way to go is back to the basics and, for obvious reasons, silver makes a compelling case.
