These days more and more people are becoming aware of cryptocurrency to the point where the concept has solidified itself in the public conscience. Even if a large percentage of people have no idea how these currencies work or what it is even really for, the crypto trading market has boomed over the last few years from a niche interest to a full-blown financial movement in its own right.
What is Cryptocurrency?
Cryptocurrency in its simplest sense is a digital currency that isn’t regulated or represented by a state. There are many different cryptocurrencies out there (such as Bitcoin and Dogecoin), but they all function in the same basic way, often with different levels of acceptance and security.
Cryptocurrencies exist on and are traded exclusively over the internet, which has been a source of both positive and negative press over its existence, but it is a necessity for the currencies to function. Being online allows instant transactions that are verified by a huge network of connected users in an accessible yet incredibly secure system.
What is Cryptocurrency for?
The majority of people who own some sort of cryptocurrency often only own shares in currencies to trade with as opposed to having the balance in a spendable wallet. This was never its primary function but was a result of the incredible worth that was almost immediately found in this genre of currency. Currencies such as Bitcoin can now be spent on a huge variety of websites and there is an ever-increasing number of cities around the world now installing bitcoin ATMs to facilitate the trading of such coins! You can even find your local ATM at findbitcoinatm!
Should I invest?
Over the few short years that cryptocurrencies have existed, they have been known to be fairly volatile, but it always worth remembering the tale of the humble Bitcoin, which were worth under $100 when they first hit the public eye before very quickly being worth 4 digits for a single coin!
However true this might be, all currencies dip and rise over time, so much more important than the history of a currency is the present. If you’re thinking of investing to make money, you want to be looking at the better-established currencies and those are often very expensive for even a share in a coin. If this isn’t enough to deter you, then you should read on to see if you have what it takes.
Crypto and Covid-19
While many industries have dipped hard as a result of the Covid-19 pandemic, many cryptocurrencies have seen meteoric rises in value. As faith in governments diminishes, Bitcoin, Etherium, and other big names in the industry have shown their worth in having economic strength with people rather than states.
As a result, more and more people are finding success in the crypto trading scene, and there are huge profits to be mined. There is of course risk in any sort of trading for profit, but the uncertain climate of modern times has actually shown us that there can be some sort of stability found in cryptocurrency.
Popularity is loss
Unfortunately, the more money there is to be made with something, the more people there are who want to be a part of it. And as is inherent with cryptocurrency, its worth increases the more people want to use it. This means we could be very swiftly approaching a point where cryptocurrencies are worth too much for the layman to get involved, which is something to keep in mind.
If you are thinking of getting into some crypto investments, there is an incredible array of apps and websites which will allow you to securely and easily sign up for a wallet for your chosen currency and start trading in just a few minutes. You often can’t withdraw your coin balance for private usage and trade, but for the common user, these apps provide more than enough usability to allow you to trade your way to profit soon!
In my opinion, now is definitely the most optimum time to invest in some cryptocurrency. Ideally, we would have all invested in Bitcoin a decade ago, but seeing as we didn’t, today’s market is incredibly diverse, but has been skyrocketing up and shows no signs of stopping. Not until we no longer need a decentralized currency.