Beginner’s Guide to Cryptocurrencies

Introduction to Cryptocurrencies

Bitcoin is the first cryptocurrency that came into existence. Bitcoin uses Blockchain technology. Satoshi Nakamoto, a mystery person who launched it in 2009 was likely to be responsible for its creation. As I was writing this post, it’s believed that a total of 21,000,000 bitcoins can be mined. Ethereum, Litecoin Ripple Golem Civic Civic, Litecoin Ripple and Bitcoin Cash Gold Hard Forks are also popular cryptocurrencies. You can see cryptocurrency prices for more information.

Avoid investing during the peak of the crypto bubble. When the cryptocurrency bubble is at the height, the price drops suddenly. As the crypto market is volatile, users should only invest money that they can afford.

Steve Wozniak (Co-Founder Apple) predicted that Bitcoin would be the next global currency, surpassing all other currencies, such as USD and EUR.

Why Invest or Not in Cryptocurrencies

Bitcoin, the original cryptocurrency was launched in 2009. Since then more than 1600 different cryptocurrencies have appeared with their own unique characteristics.

Decentralized platforms are the reason that I can share with you. Cryptocurrencies were created decentralized, so the users no longer need a third party in order to transfer their cryptocurrency. With fiat money, the user needs a banking platform to be able to transfer funds from one account into another. This cryptocurrency is built using a highly secure blockchain technology. You have almost zero chance of being hacked or having your coins stolen until you share certain information.

You should always avoid buying cryptocurrencies at the high point of cryptocurrency-bubble. Many people buy cryptocurrency at its peak hoping to earn quick cash, only to fall victim of the bubble hype and lose all their money. Research is important before users invest their money. If you want to get more out of your investment, it is better to have multiple cryptos than only one.