BRICS – A digital currency named after Brazil, Russia, India, China and South Africa, its membership is growing day by day. Launched as an alternative to the US dollar, this digital currency is expanding in the international market and many are even expressing interest in investing in this currency. This comprehensive guide from Octopus Network explores how to buy BRICS or how to invest in BRICS currency.
What is BRICS Currency ?
The BRICS currency is a newly launched new currency and its organizational journey first began in 2006, but it was later announced to launch this currency in 2024 at the 14th international summit. This currency was originally launched as an alternative to the US dollar so that its member countries could conduct international transactions in their own independent currencies without being dependent on the US dollar.
Historical Background
After World War II, the United States and the Soviet Union were locked in a long-running Cold War. Since the collapse of the Soviet Union, America has dominated its currency as the world’s best currency. Their currency is the only one acceptable for any international transaction in the world market. As a result, the entire world is forced to accept the dollar as an international currency.
In 2001, Britain’s Jim O’Neill first proposed the idea of exiting the US dollar, in light of which the first official BRIC (Brazil, Russia, India and China) was formed in 2006. Later, in 2010, its name was changed from BRIC to BRICS with the accession of South Africa. According to the 2024 summit, the total number of BRICS members is currently 10. In addition, some other countries are eager to become BRICS members.
The Main Goal of BRICS
The main goal of BRICS is to exit the US dollar and transact in the international market through their own independent currency, that is, to transform BRICS into an international digital currency. The solution to breaking free from the US dollar’s dominance and transacting internationally in our own currencies would not have been so easy if BRICS had not been formed.
Investing in BRICS Currency
Although it is a newly launched currency, the interest and potential of investment in it has given rise to many curiosities about BRICS. The interest of investors in investing in it is evidenced by the reviews of various websites including the official website and popular platforms like Facebook, YouTube. However, investing in BRICS can be very profitable for you.
How to Invest in BRICS Currency
To invest in BRICS currencies follow the steps below:
Through MetaMask (Recommended for Desktop Version)
Step-1> Install Chrome Extension: First, go to the Chrome (recommended) or Firefox, Edge, and Brave web extension store on your desktop and install the “MetaMask” extension.
Step-2> Create Wallet: Once the MetaMask extension is complete, it will redirect you to the MetaMask website and here you will be asked to create a wallet first. To create a wallet, first click on the “Get Started” button and then on the “Create a Wallet” button.
Step-3> Create Password: Create a strong password to access your wallet. Make the password relatively difficult and secure.
Step-4> Create Recovery Phrase: Once the password is created, you will be asked to create a Recovery Phrase. This is very important for your wallet account. If you forget your password, you can access it through this Recovery Phrase.
Step-5> Connect Binance Network: After logging in to your wallet account, you will see Ethereum mainnet on the top right side. If you click on that icon, you will see the option to add a network, then click on the “Add Network” button to add Binance Network to your wallet.
Step-6> Import BRC Token: Now click on the “Add Token” button and enter the BRC token address. Add the BRC token and click on the “Save” button
Through Trust Wallet App (Recommended for Mobile Version)
Step-1> Install the official Trust Wallet app: To invest in BRICS currencies on mobile, install the Trust Wallet app from the app store or play store. It is available for both Android and IOS.
Step-2> Create Wallet: After downloading and installing the Trust Wallet app, create a wallet. In this case, generate a strong and secure password.
Step-3> Backup Passphrase: Create a strong and unique 12-word Passphrase. This is very important for your wallet recovery.
Step-4> Add BRC Token: Once the wallet account setup is complete, it is ready to add coins. To add BRC coins, simply click on the “Add Token” option and enter Your BRC Coin address.
Where to get BRC Coin address ?
The BRC Coin address is available on the official Brics Exchange website in ‘My Token’ section. Copy the address and paste it into the Trust Wallet app and MetaMask.
Advantages of Investing in BRICS
There are many benefits to investing in BRICS currencies, some of the main benefits of which are given below:
- If the dream with which BRICS was formed is realized, almost half the world will use this currency.
- Will help break free from the dominance of the US dollar.
- Cross-border transactions between BRICS countries will be facilitated, which will help reduce transaction costs and increase price transparency.
- Cooperation between member countries could increase, which would create a more competitive economic zone.
- The use of blockchain technology and digital currencies can make financial transactions faster and more secure.
Disadvantages of Investing in BRICS
The main problems that can arise due to investing in BRICS currencies are:
- Establishing a single currency could complicate the political and economic situation among the BRICS countries, leading to governance challenges and disputes over monetary policy.
- The logistical complexities involved in creating a new currency system could pose significant obstacles, making investing in this currency quite risky.
- Member countries may have to give up some control over their own monetary policy to maintain the stability of their individual single currency, thereby losing their domestic economic and monetary policy autonomy.
Final Thoughts about Investing in BRICS
While investing in BRICS currencies offers the potential to enhance the commercial viability of member countries and other countries, there are also significant risks associated with political instability, currency fluctuations, and economic challenges. Investors should closely monitor these ongoing developments in BRICS currencies and assess their risk tolerance before investing into it’s.
