Published Date:12/09/2021
Published by: Jawad Ahmed Khan
Article no: 28Hope you all doing well! Today I was getting bored so, I started scrolling on Facebook then I saw the cryptocurrency-related post. It was very interesting. My bad I forgot to copy the link to that post. I thought to read the comments of that post to see the reaction of people but I found that many people were unaware of cryptocurrency. Then I suddenly thought to write an article about it to spread the awareness of cryptocurrency.
So, let's start our today article without wasting time.
If you haven’t visited my previous articles then do visit first.
https://read.cash/@Niazi420/lets-talk-about-bitcoin-cash-bch-36e9e58c
Cryptocurrency, an introduction
What is cryptocurrency?
Before diving deep into cryptocurrency and its benefits, let's get straight on some buzzwords
Cryptocurrency is like an asset but digital. You can buy assets (or a portion of them) by using real money. Then you can use these digital assets or crypto to buy services and other properties just like other digital banking services. For further clarification, you can consider cryptocurrency as chips of the casino, you buy them with real money and then use them for trading and buying services and products obviously in the real world.
Working:
Whenever a transaction is made, it is verified over several networks of computers that make the blockchain. Blockchain transactions are decentralized as they are verified by several different connected computers. That is why it is considered more secure than centralized currencies.
Hey you stop here
https://branch.wallet.bitcoin.com/baQgfD5Dujb
Take your surprise.
Value of cryptocurrency:
The value of cryptocurrency is like Non-fungible tokens (NFT), which means that it depends upon what people are interested to buy. Just like fine arts or real estate, its value varies from time to time. For example, real state prices in the US went down 33% in 2008, but they raised to 50% in 2018. All that depends on public interest.
How many cryptocurrencies are there:
According to CoinMarketCap.com, there are more than 10,000 cryptocurrencies that are actively traded on a public level. Cryptocurrencies continue to proliferate and raising money through initial coin offerings (ICO). The total value of all known cryptocurrencies was more than 1.9 trillion US dollars on August 18, 2021—down from 2.2 trillion USD which was in April 2021. The total value of the most popular cryptocurrency i.e. Bitcoin was $849 billion in August 2021 which is still down from the previous 1.2 trillion US dollars. Best cryptocurrencies depending upon their market cap are arranged as Bitcoin, Bitcoin Cash, Ethereum, Binance Coin, Tether, Cardona, XRP, …
https://branch.wallet.bitcoin.com/6YU0JV6Dujb
Why cryptocurrencies are so popular:
There are several factors that make cryptocurrencies popular among their supports.
Supporters consider cryptocurrencies like Bitcoin as the currency of the future and try to buy them as assets assuming that they will be more valuable in the future.
Some supporters believe that central banks try to reduce the value of money due to inflation and cryptocurrencies remove the central banks from managing money supply so it is a plus point.
Some consider it because of blockchain, cryptocurrencies are safer than traditional payment systems.
Some speculators prefer cryptocurrency as its value goes up with time and have no interest in currencies’ long-term acceptance.
How do I buy cryptocurrency?
There are some cryptocurrencies that are available for purchase with US dollars, there are many cryptocurrencies that can only be bought using other cryptos. It is like the conversion of one cryptocurrency to some other e.g. you can use bitcoin to buy another cryptocurrency. To buy any crypto, all you need is a wallet for that currency which is an online mobile application. You can register your account on this app by following easy steps. These app work as an exchange and you can use real money to buy cryptocurrency which is received in that wallet app. Coinbase is the most popular crypto wallet and exchange point. You can use it as a wallet as well as to buy and sell cryptocurrencies. It is like trading currency using a single platform.
Are cryptocurrencies legal?
They are legal in many countries but there are some countries that do not allow buying and trading of cryptocurrencies e.g. China have banned crypto trading. So, whenever you want to buy crypto, beware of fraudsters as it is the buyer who has to be cautious.
Should I buy crypto?
No doubt, crypto is a very tentative and volatile buy. However one should stock trade-in well-established companies which are less risky.
Ending thoughts
Sorry Guys Yesterday, I Asked that I had shared a shareable link in the comment section but unfortunately I forgot to share the links so that's why I am sharing two links today.
I had dropped a shareable link in the article go and try to find where it is and the one who will claim then please let me know in the comment box.
Btw, if you have any queries regarding anything you can follow me on my different branches :)
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Plagiarism
All words are written by me. This article is 100% unique.
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It is a very substantial information for a newbie like me. Thanks a lot.