The end of the previous decade birthed an exceptional idea that is currently booming as a medium of exchange now. Have you ever wondered how important exchange is? Words in communication, transactions in Business, one way or the other, there is always going to be an exchange. Now, the world is moving at a fast pace arguably dictated by Technology. Even so, currencies are getting powerful and countries are not shying away from a Smart, Fast, Easy, and Safe medium of Exchange for her citizens. Just Think Cryptocurrency already!
What Are Cryptocurrencies?
Cryptocurrencies are virtual currencies or digital assets used for transactions. Cryptocurrencies use blockchain technology for Transparency, Decentralization, and Immutability. In the Nineties, there have been failed attempts to create Digital cash but at the beginning of 2009, an anonymous programmer or group of Programmers introduced Bitcoin. It is regarded as the king of Crypto followed by Ethereum as it is molded in its image. Interestingly there are more and you‘ll have a hard time finding a Country or government, a prominent software company, big accounting firm that has not researched cryptocurrencies or release a statement about it. All sorts of big-tech and finance companies want a cut of the crypto pie.
How Do Cryptocurrencies Work?
Cryptocurrencies use decentralized technology which enables users make secure payments and save money without the need for name or a bank. They work on a distributed public ledger known as blockchain. A blockchain is a record of transactions updated and held by currency holders. In order to create Units of cryptocurrency, there is always a need to Mine. You can create through mining or buy the currencies from brokers, then store and spend them using your Wallet (Cryptographic wallets). However, there are things to know before investing in Cryptocurrencies.
What Are The Things To Know Before Investing in Cryptocurrency?
Beyond the press releases and attempt to dig into Cryptocurrency, the vast majority of people – even bankers and developers – possess limited knowledge about cryptocurrencies. Those that know sometimes fail to understand the basic concepts. Here are four things to know before investing in Cryptocurrency.
Four Things to Know Before Investing in Cryptocurrency
1. Cryptocurrencies are Volatile
Cryptocurrency goes through extreme highs and lows. For instance, in May 2017, one unit of bitcoin (BTC) traded for $1,500 and at its peak in December 2017, it got as high as $19,800. Also, this year, there was a time when Bitcoin was around $8000 and recently it hung around $12000. It is important to know that, it’s risky before you invest in it. You will hardly invest your money in anything without Risk checks but in the case of Cryptocurrency, Caution is important. Be ready for extreme highs and sadly extreme lows.
2. Cryptocurrency’s Rate of Return is Unique
Before you invest, keep at the back of your mind that Cryptocurrency is not exactly predictable. You cannot calculate returns although stocks affect its highs and lows too. Mind you, because it’s exchanged peer to peer, there are no standard regulations as of now.newn the light of Volatility and its unique return, a small investment can become a huge sum overnight.
3. Cryptocurrency is Susceptible to Fraud
Cryptocurrency offers anonymous identity, easy and swift transactions; enabling fraudsters to make shady deals. Since they can avoid Government and Bank regulations, Money laundering is also possible. Note that, it does not mean Legitimate transactions are not thriving, it only means, you must be smart about your transactions as the use of Cryptocurrency vary.
4. The odds of Staying is Higher for Cryptocurrency
Contrary to cautious opinions and fears that Cryptocurrency may go into extinct or vanish, the odds have tilted in favor of Cryptocurrency. It has survived difficult times and nations of the world are building their own blockchain networks. Some are trying to ensure regulations against fraud. The altcoins are massively gaining recognition and the Crypto market is becoming a competitive haven. In fact, big guns in the software industry like (Facebook), Entrepreneurs in Africa are leveraging on future possibilities and realities of Crypto.
There are many things about Cryptocurrency that one should not be ignorant of. In some parts of the world, it is not accepted as a legit means of transaction. However, before you invest, be sure to enlighten yourself and get proper info from experts. At some point in the future, Cryptocurrency will be considered legitimate globally but before then, be smart like any good investor.
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