Cryptocurrency 101

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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.

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