March 9, 2022

According to a poll conducted by the University of Chicago, more than one in ten Americans invested in cryptocurrencies in the previous year, demonstrating the growing popularity of virtual currencies like bitcoin and Ethereum.

The use of cryptocurrencies in America

According to the poll, 13 % of Americans bought or traded cryptocurrency in the previous 12 months, compared to 24 % who invested in equities during the same time.

Coinbase, the largest digital currency exchange in the United States, went public in mid-April. Elon Musk, the CEO of Tesla and SpaceX, has indicated an interest in cryptocurrency ventures. Tesla announced in May that bitcoin would be accepted as payment for vehicle sales.

Because of this volatility, some financial professionals have labeled cryptocurrency as a speculative asset. According to financial gurus, Crypto investors should only invest a modest amount of their assets.

To stay ahead of this, social platforms like Earnity come in handy. Co-owned by Fintech enthusiasts Dan Schatt and Domenic Carosa, this platform is for everyone interested in talking about crypto.

According to the report, crypto investors are younger and more varied in terms of gender, color, and ethnicity than retail stock investors.

What is the average age of a crypto investor?

The typical age of a crypto purchaser is 38, whereas the average age of a stock investor is 47. From June 24 to 28, a nationwide survey sample of 1,004 Adults in the United States was polled by the University of Chicago.

41% of crypto traders are women, 44 % are investors of color, and 35 % have annual earnings under $60,000, compared to 38 %, 35 %, and 27 % of stock traders, respectively. Co-founders Dan Schatt and Domenic Carosa have worked hard to ensure that Earnity offers users of all ages and demographics an excellent place for all their cryptocurrency needs.

Your mining journey will be much easier if you choose to join a mining pool, but if you decide to do it alone and you know or learn quickly, you may be able to earn a lot without sharing it with anyone else. However, your future goals could also significantly determine how much you want to work in this field. So, it is best to consider how you want to mine any cryptocurrency coin. In this article, Earnity’s industry experts, Dan Schatt and Domenic Carosa, will help you look into some benefits and drawbacks of cryptocurrency mining before you start with your venture.

Pros

• The most fantastic aspect of mining is that you have complete control over using your assets. Contrary to crypto, once you deposit your savings, they are subject to the hegemony of the banks and the government in the banking system.
• The fee for processing a single transaction is much lower, as banks charge a hefty price to process and make cross-border payments.
• You can use the push and pull method to keep your identity secure, leaving no room for tampering with your identity, which means there is no room for hackers to use your RFID information.
• Finally, if you get your hands on a deal, the transaction process is much faster because no other parties are involved.

Cons

• Although people have always lauded the money earned from mining and the security that it provides, there is a lot to learn when you begin your journey as a miner.
• Blockchain technology, which is responsible for all the behind-the-scenes work, is also not easy and requires careful handling because it will demand a significant amount of learning.
• The most frequently mentioned disadvantage is the energy consumption required for cryptocurrency mining and the hardware costs.
• Finally, scams and frauds sometimes flood the crypto industry, which can cause upheaval in the future. Additionally, there is a good chance that you will lose your money due to the volatility and constant fluctuation of the cryptocurrency market, which will bring bad luck to your investments.