Quick grasp of Crypto
What’s Crypto?
Cryptocurrencies are becoming exponentially popular day by day. It wasn’t long ago that bitcoin was worth just about $1. Its volatile movement caused by demand and purchasing capabilities has driven the price of one bitcoin recently past $60,000. Bitcoin being the most popular, there has been an increase in creation of other types of cryptocurrencies like: Ethereum, Ripple, Litecoin, and more. Cryptocurrencies are a bit more complex than just standard cash. Yes, it’s a form of payment for goods and services just like any another currency, but exclusively exchanged online.
Think of it as you’re playing a game on your Xbox and you need this currency to upgrade your character. You can only use this currency on your Xbox (online) and it only works because of something called a blockchain (online server). What attracts people to this is of the security that is established with it. Cryptocurrencies use encryption in order to verify a transaction from your digital wallet and public database. To store cryptocurrency of any kind it must be kept in a digital wallet. Today, there are apps you can download and in minutes create an account to purchase, store, and transfer your coins.
To name a few:
Investing is not for everyone and defiantly not for the faint of heart. It requires dedication, research, and time in order to turn a profit. Cryptocurrency investing is not the same as buying a share of Microsoft. Crypto is an extremely volatile purchase and perhaps would even be safer to invest your money in established corporations like Amazon or Apple. On the other hand, the time we are in is the beginning of cryptocurrencies and I do not see them going away anytime soon. Individuals and Financial institutions have made hundreds of millions of dollars since the exponential rise in bitcoin and other currencies. The world we live in today is integrating to all things digital and it’s still early to jump on the crypto train while most are cheap and under $10 a coin.
- Jose D. Hernandez
Edition 2
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