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What You Should Know About Cryptocurrency

With cryptocurrency you can buy goods and services, or trade it for profit. Clearly understand what crypto is and how to buy and protect yourself so you can enjoy its benefits.

Cryptocurrency is a digital currency that can be used to buy goods or services, but uses an online ledger with strong cryptography to secure its transactions. Much of the interest in these unregulated currencies has come from traders who watch their values skyrocket after getting tips on which cryptocurrencies are making news for all the right reasons.

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The most popular cryptocurrency, bitcoin, has been volatile this year. In April it peaked at almost $65,000 before dropping to almost half its value in May. However, as the fall approached the price began to rise again and hit a high of more than $66,000 before decreasing drastically once more.

1. What is cryptocurrency?

Cryptocurrency is a type of payment that can be exchanged online. Increasingly, more companies are issuing their own tokens for holders to purchase goods and services. They act as arcade tokens or casino chips that need to be swapped for real currency for the company’s items.

First, let’s start with blockchain, the foundation of cryptocurrencies. Blockchain is a decentralized technology that records your transactions across multiple computers. Part of the appeal in this new technology is that it’s more secure than when transacting in cash.

2. How many cryptocurrencies are there? What are they worth?

There are over 15,000 different cryptocurrencies that are traded on public markets around the world. One of their biggest demographics is made up of traders with little experience. New cryptocurrencies arise on a regular basis, and the total value of all cryptocurrenices oct 10 of this year is about 2.3 trillion.

Best cryptocurrencies by market capitalization

These are the 10 largest cryptocurrencies by market cap as tracked by CoinMarketCap, a cryptocurrency data and analytics provider. Using their metric metric system that takes into account token transactions, the site ranks Bitcoin as the No. 1 most traded crypto and XRP as No. 3.

Cryptocurrency

Market Capitalization

Bitcoin

$932.4 billion

Ethereum

$497 billion

Binance Coin

$98.2 billion

Tether

$76.2 billion

Solana

$55.6 billion

Cardano

$44.1 billion

USD Coin

$41.1 billion

XRP

$40.4 billion

Polkadot

$27.6 billion

Terra

$26.8 billion

3. Why are cryptocurrencies so popular?

Cryptocurrencies may not be as well known as traditional currencies, but they fulfil some of the same functions. Find out why people love them and what they use them for.

  • Supporters see cryptocurrencies such as bitcoin as the currency of the future and are racing to buy them before they skyrocket in value.
  • As a decentralized currency, cryptocurrency removes the reliance on central banks from managing your money supply. This system is one of the advantages that can help investors avoid inflation over time.
  • Cryptocurrency is created to replace traditional payment systems with increased security associated with blockchain technology.
  • Many people like cryptocurrencies because they hope to make quick gains and don’t care about whether they become a widely-accepted method of payment

4. Are cryptocurrencies a good investment?

As cryptocurrencies can generate no cash flow and for you to seek growth, there has to be someone increasing the value of the currency. That increasing growth oftentimes has investors seeking profits as they watch their investments go up in value.

Cryptocurrencies are not well-managed businesses by any stretch of the imagination; they’re bubbles, pointing to “the greater fool” theory. Contrast that with profitable and well-managed businesses, which grow in value over time.

Some key voices in the investment community have advised would-be investors to steer clear of cryptocurrencies. Of particular note, legendary investor Warren Buffett compared bitcoin to paper checks: “It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money?”

It’s important to note, cryptocurrencies such as bitcoin and their corresponding value is not stable. Bitcoin started at $20,000 but then headed south. Trade now hovers between $3200 – $3300, an admirable asset to say the least.

People are less likely to spend cryptocoins in the future, letting them circulate less in the present. This is a conundrum when the prices are so volatile.

 

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