Cryptocurrencies 2022
What are Cryptocurrencies?
A cryptocurrency is a digital currency that is created and distributed by the use of advanced encryption methods known as cryptography. Cryptocurrency made into the news in the year 2009, when Bitcoin got introduced in the market which used to be on paper as a concept of virtual money. In the year 2013 Bitcoin has seen its rise as more and more investors started investing in the Bitcoin for some time it started trading higher than the Gold which is not seen from the past 5 years from its introduction in the market according to an article in Forbes price of a single coin hit an all-time high. Mt. Gox, one of the original and biggest bitcoin exchanges, based in Tokyo, recorded the high at $1,242 per coin. For comparison, during the same day, spot gold prices hit a session low of $1,240 per ounce. The dramatic fall of Bitcoin happens to see after 2013, slowly new cryptocurrencies emerged in the market like Bitcoin.
What is the Future of Cryptocurrency?
As economists forecast that a big financial change is going to come in the near future as the digital revolution is going to boon the world, there is a need for institutional money to come into play, cryptocurrencies depend on the blockchain technology and the only thing cryptocurrencies require is a verified exchange-traded fund(ETF). A verified tag would definitely attract the investors to invest in cryptocurrencies and people trust increases once it is verified.
2 Key Benefits Of Cryptocurrencies
Useful for Economic Activities:
The tempo at which the cryptocurrency is turning is exponential and this can be fortified by investors who invested in Bitcoin and became overnight rich. The operational cost of physical money transactions can be reduced if cryptocurrencies where introduced, digital money transactions increases and better securities are provided to the users.
Transaction Costs becomes Low
cryptocurrencies and blockchain technologies don’t require paper and pen to note down the details of each and every transaction, every transaction made is saved in a chain method with time and date stamp with encryption. so no illegal activity is performed while transaction. Everything is saved and processed with transparency.
How graduates can learn about trading?
Cryptocurrencies trading can be learned by everyone, graduates can use free resources like youtube.com, Blogs, books and paid mediums like udemy.com,medium.com etc. Click on this trading to learn about the crypto trading
Different Types of Cryptocurrencies:
- Bitcoin
– Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.
- Litecoin
– Litecoin is viewed as Bitcoin’s rival, and it is intended for smaller transactions. It was established in October 2011 as “a coin that is silver to Bitcoin’s gold,” by Charles Lee.
- Ripple
– Ripple was started by OpenCoin, a company established by technology entrepreneur Chris Larsen in 2012.
- MintChip
– MintChip is actually the brainchild of a government institution, the Royal Canadian Mint. MintChip is a smartcard that holds electronic value and can transfer it securely from one chip to another. Like Bitcoin, it is financed by physical money, the Canadian dollar.
- Ethereum–
is a decentralized open-source blockchain featuring smart contract functionality. Ether is the native cryptocurrency token of the Ethereum platform. It is the second-largest cryptocurrency by market capitalization
Conclusion:
Cryptocurrencies are the future of the present world to reduce illegal financial transactions and to improve the economies, but many of the countries are opposing the move as it disrupts the economy in the long run, the only solution is regulating the crypto so that it will be under the proper body and everyone gets benefited from cryptocurrencies.
