Month: July 2019

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Cryptocurrency 101

July 19, 2019 | Uncategorized | No Comments

Cryptocurrency is quite popular and taking the world by storm nowadays. Those who believe that it is just a fad are blown away by how the market keeps on growing. In essence, cryptocurrency is a form of digital or virtual currency. This currency only exists over the internet and using computer networks, blockchain technology and cryptography in monitoring its value and at the same time, ownership.

In 2009, a man named Satoshi Nakamoto has launched Bitcoin which was the very first blockchain-based virtual currency and it has remained as to be the most valuable and popular ever since. However as time goes by, there are now more competition to Bitcoin. In fact, trading cryptocurrency has attracted millions of people worldwide. Some are even applying to Zebra loans from New Zealand to fund this new opportunity.

Familiarize Yourself into Crypto First

However, before you jump into the bandwagon, it is important that you know what you are getting yourself into.

Underscoring the importance of cryptocurrency, there were two bills that were passed to back digital currency in the US. These bills are entitled Virtual Currency Consumer Protection Act of 2019 as well as U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2019. The legislation proposed from these acts are made to provide regulations to cryptocurrencies and protecting consumers towards bad aspects of the virtual currency. With the interests and attention given by the federal government, it only shows that there is a bright future ahead for crypto.

Are You a Risk-Taker?

For those investors who are not confident when it comes to volatility as well as risks, they steer clear from cryptocurrency investment. The same thing goes for those who cannot afford to lose their investment. One may have chosen the wrong asset and painfully watch their investment to disappear.

But according to Russell Korus, the cofounder and at the same time, CEO of EZ Exchange in Toronto, Canada, he said that those who are interested to dive in crypto must concentrate on blue chip cryptocurrency which is none other than Bitcoin. After all, this is the largest and oldest form of cryptocurrency. Besides, it has shown resilience to great number of things from:

  • Community infighting
  • Attempted intervention of the government and;
  • Technological threats

Crypto might help in Business Transactions

Money transfers are currently requiring third party portal for it to push through. It can be credit card, a bank, PayPal or any other intermediary. The proponents of crypto expect the industry to facilitate direct transfer between parties and thus, cuts out the presence of third party.

Why do many buy, sell, or exchange cryptocurrencies like bitcoins? When the bitcoin’s worth touched $20,000 on Dec. 17, 2017, a lot of individuals, even those unfamiliar with bitcoins, started asking the question “when to buy bitcoin” in the hopes of hitting it big.

One does not need to have a degree in accounting or economics to realize that individuals who made investments in bitcoin some years ago are now reaping the fruits of their investments.

Cryptocurrencies or digital currencies were designed and developed to offer individuals financial freedom. Although it may take time, cryptocurrencies, if adopted fully, could altogether eliminate banks or intermediaries. For the time being, digital currencies are being utilized worldwide for numerous purposes, whether utilized as an alternative to weakening fiat currencies, or as a replacement to financial institutions like banks and credit companies, cryptocurrencies are generating a type of financial freedom that, for the longest time, individuals across the globe badly need.

Financial institutions like banks charge fees that are utterly high, dictate which part of the globe where funds can and can’t be transferred or sent, as well as limit the opportunities of consumers to attain financial freedom. Moreover, there are financial institutions that have caused numerous individuals to lose their livelihoods, jobs, and homes.

Achieving Financial Freedom

The outlook of the general public states that during phases of instability, typical systems for banking every so often miss the mark to address the people’s needs. But, during such phase, the framework of blockchain and cryptocurrency could still thrive. Not only could crypto holders rely on their assets for daily transactions or payments, but could as well utilize them to yield more wealth. Here are a few approaches wherein you could attain financial freedom with cryptocurrencies:

Staking

Rather than mining, which could be painstaking, expensive since a particular hardware is required, as well as intermittently rewarding, several cryptocurrencies have taken on the idea of staking for transactions to be verified. As a reward or incentive for the securing of the system, the method permits crypto holders to generate and earn interest on their token. Typically, the method entails locking up in a live wallet a specified quantity of tokens. The more tokens you stake, the greater the incentive or reward.

Purchasing and Holding

Since the release of bitcoin in 2009, the value of numerous cryptocurrencies has quickly escalated. Although the short-term concern remains to be about volatility, the value of digital currencies has increased for the demands of the market to be met, causing cryptocurrencies like bitcoin to have billions in capitalizations in the market. In 2011, bitcoin was exchanging between 1 and 2 US dollars. Currently, its value is on the 10,000 US dollar mark.

For individuals new to cryptocurrnecy, a workable strategy is to have a little amount of these digital currencies as well as holding it for some months. On condition that you have a device to connect and access the internet, you could immediately install, create, and access a wallet.

Day Trading

Digital currencies are traded on exchanges, similar to how those found in worldwide equity markets function. If you are experienced in technical analysis and are positive that your capabilities match the market on cryptocurrencies, this method could be greatly profitable. But, day trading could be a risky venture since every so often some tokens could go through short-term phases of high volatility.

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