What is with all this cryptocurrency euphoria?
What is with all this cryptocurrency euphoria?
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Better invest in cryptocurrency now – at least you won’t be sorry later that you miss your chance
Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
The first cryptocurrency was Bitcoin, created in 2009 and since then, many cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/central banking systems. The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.
The purpose of cryptocurrencies is to let users make secure payments without paying fees and store money without the need to use their name or go through a bank. They run on a distributed public ledger called blockchain, which is a record of all transactions updated and held by currency holders.
Cryptocurrencies are created through a process called mining, which involves using powerful computers to solve complicated maths problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
On the internet are informations that a so-called Satoshi Nakamoto, invented bitcoin in 2008 before it went online in 2009.
Is cryptocurrency really the future?
What are the advantages of using cryptocurrency?
From my point of view, like other people, I see value in money free from government control and the fees banks charge; as well as the blockchain, to verify transactions. Bitcoin has been seen as a tool for private, anonymous transactions, but also illegal purchases.
Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated maths problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
This euphoria with investing in cryptocurrency has started for the simple reason that everyone buys and sells in bitcoins without the need of foreign exchanges, middlemen and more importantly, failing banks!
The cryptocurrency investing euphoria started at the beginning of December 2017, when Bitcoin hit a record price of 16,564.72 Dollars. When this happened, all news was talking about this and even myself I register on trading websites to buy a fraction of bitcoin and other cryptocurrencies. I always had a conversation with my friends about Bitcoin, but I always thought that is already too expensive. I was naive two years ago that I didn’t listen to my instinct to invest in Bitcoin….. right now my life could be so much better, financial saying, but is not too late.
According to news and speculations, Bitcoin can hit the record price of 100K in the next year or next two years. If their predictions are right, I suggest you should start investing a small amount into cryptocurrency, because you never know, when you might become a millionaire. You can start buying some cryptocurrency through Coinbase, one of my favourite website, where I invested some money into cryptocurrency for a long time.
You can register at Coinbase from my referral link: goo.gl/q5WFRT
From my referral link who buys or sells $100 (£75) of digital currency or more, you will both get $10 (£7) of free bitcoin. So is a win-win for all of us.
The most common cryptocurrencies
Here are some of the most common cryptocurrencies:
Bitcoin was the first and is the most commonly traded cryptocurrency. The currency was developed by Satoshi Nakamoto in 2009, a mysterious figure who developed its blockchain. It has a market capitalisation of around $180 billion as of November 2017.
Ethereum was developed in 2015, ether is the currency token used in the Ethereum blockchain, the second most popular and valuable cryptocurrency. Ether has a market capitalisation of around $18bn as of July 2017. However, ether has had a turbulent journey. After a major hack in 2016, it split into two currencies, while its value has in recent months reached as high as $476 but it has previously crashed briefly to as low as 10 cents. It has proved hugely popular as a launchpad for other cryptocurrencies in 2017, which use the Ethereum blockchain’s code.
Ripple is another distributed ledger system that was founded in 2012. Ripple can be used to track more kinds of transactions, not just of the cryptocurrency. It has been used by banks including Santander and UBS and has a market capitalisation of around $10 billion.
Litecoin is most similar in form to bitcoin but has moved more quickly to develop new innovations, including faster payments and processes to allow many more transactions. The total value of all Litecoin is around $5 billion.
After I’ve been hit by cryptocurrency euphoria, I open an account on 500plus and I started to buy daily some of these cryptocurrencies and sell it when price raised, which returned me a nice profit. Since I started to trade on 500plus, almost every day I make 60 pounds profit. It might not sound too much, I didn’t invest thousands, I just play with a small number, because I prefer to earn small amounts of money in a long term, instead of playing all my money and losing all in one day.
To trade cryptocurrency, you need to study and research more about every coin, join Facebook groups and read daily news about cryptocurrency. If you want to invest for a long period of time in cryptocurrency, you can open an Ehereum virtual wallet, where you can keep most of your cryptocurrencies, like Ripple, Etherium, Bitcoin, Litecoin and Iota(Miota).
I am open to cryptocurrency because I see this as a future investment, where banks and governments should take more serious these virtual coins. You might like it or not, this is the future of technology evolution. Imagine just how many benefits have cryptocurrencies compared with fiat currency.