What is Cryptocurrency?

The Cryptocurrency Market for Noobs – The Basics & More Complex Sides To It!

Cryptocurrency investments have turned into quite the popular financial venture nowadays, even reaching the levels of a public craze. So many users are trying to hop on board and capitalize on the existing trends that the list of cryptocurrencies by market cap keeps growing in the dozens every single day. There are so many Altcoins that it is hard to pick a single crypto coin to place your investments in.

Those who have paid attention to the Altcoin market since its early days know how one can feel like a small sprat fish in the ocean full of crypto trading sharks and white whales. In order to spare newcomers to the cryptocurrency industry the burden of swimming in stranger tides, we shall present them with a brief history of how it all began.

It all began when Satoshi Nakamoto (the anonymous creator of Bitcoin) decided to launch a decentralized and peer-2-peer crypto token on the Internet in January 2009. Not many people knew what exactly it was, nor what could they do with it. But the underlying blockchain technology would set to revolutionize the way that the established financial and payment systems work for good.

Bitcoins were mainly acquired via a process called crypto mining. The said involved the solving of complex mathematical equations and puzzles via the use of sophisticated hardware – one of the main reasons why miners, in general, have hefty electricity bills! Back in the early days, there was little that one could purchase online with the crypto coin.

More and more people started acquiring the different cryptocurrencies that were launched not long after via crypto mining, scrypt mining, crypto trading, and crypto investments. This led to the appearance of an increased number of different cryptocurrency exchange platforms.

Logically, the average Altcoin price also skyrocketed, reaching an all-time peak in November 2017 (as of the time that this article was compiled). Bitcoin remains the market leader and the most lucrative and remunerative asset that one could be in possession of, with Ethereum following closely behind, and Ripple holding the bronze place.

Cryptocurrencies have managed to become an essential part of our daily lives in a little under a decade. The blockchain technology has also proven its technological relevance. New variations of it are released every day. It is applied by official institutions, such as J.P. Morgan, IBM, oil-drilling giants, Standard & Poor’s, and many more.

Fun to Know:

As time went on, most of the online stores began accepting the first crypto coin to hit the digital markets, as well as the other Altcoins, as a legit payment method. The most famous case (and the first ever Bitcoin transaction) is said to be that of two Dominoes pizzas ordered by British software developer Laszlo Hanyecz in 2010. For the service, he paid 10,000 BTC units which were then worth $40 (£30) but whose value is now estimated to be somewhere around $100,000,000. The day they were purchased continues to be lightheartedly celebrated as the Bitcoin Pizza Day (May 22nd).

Are Cryptocurrencies Real Currencies?

The answer to this question is very complicated. Altcoins are not currencies in the authentic sense, meaning that they are not endorsed by most of the governments around the world. They are not like fiat currencies either, meaning that there they are not backed up by an asset. Most of the existing currencies are supported by gold.

But this does not mean that they are not an underlying currency by themselves. One can go online and purchase nearly anything by paying with Altcoins. Transactions are usually irreversible and getting a refund is almost completely out of the question but there is a hidden advantage to paying for goods on the Internet with crypto coins.

There is absolutely no chance of anyone double-charging the user’s account with additional fees. Cryptocurrencies are stored in crypto wallets that have a public address and a private key. No one can access them or make any kind of transactions to and from it without being in possession of either one of the said.

This makes Altcoins and their respective digital wallets far more secure than real-life ones. No one can tamper with them unless the user losses the private key. Which is why extra security measures should always be carefully considered and timely undertaken.

To sum it all up, cryptocurrencies can be considered a completely legit payment system, as well as a valid currency on their own terms. The fact that they bear little resemblance to traditional exchanges is because this was their exact purpose.

Satoshi Nakamoto’s wish was to build upon the existing monetary system and improve it. Every person in the world knows that there are great problems with the current situation and it cannot last for much longer. This is where crypto tokens come into the picture. Operating with them is faster, easier, more transparent, and much more secure than with fiat currencies.

Is There Any Risk to Cryptocurrency Trading?

Cryptocurrency investments are a financial matter. Every financial endeavor always involves a certain degree of volatility, speculation, and risk. This is just the way that things are. There are cryptocurrency exchange platforms that can trade on behalf of the end client. Most of them are fully legit and regulated.

They feature complex programming algorithms that asses cryptocurrency market information on a 24/7 basis, issue predictions as to the direction of a particular Altcoin’s price movements, and place trades accordingly. They do not require anything else than the placement of a small starting investment.

There are no free lunches in life, an old English saying goes. One cannot expect to accumulate anything if one is not willing to give something from oneself. This justifies all of the risks involved. Plus, trading cryptocurrencies is much securer, safer, and financially fruitful than doing so on the fiat exchanges.

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Everybody Can Trade Cryptocurrencies to Fruitful Daily Results!

Gone are the days when crypto investments were intended only for those who understood what crypto mining is and was willing to invest the necessary funds in the purchase of the specifically-required hardware and the payment of the respective electricity bills.

The best part about Altcoins is that users do not need to comprehend how they are generated or how they work in order to trade fruitfully. Technology is so advanced nowadays that they can simply opt for the service of a fully legit and authentic cryptocurrency exchange program and let it do all the hard work for them.

Cryptocurrencies are revolutionary in so many ways that it is hard to encompass all of the spheres which they have changed for the better. Life does not wait for us, humans, to adapt as it moves forward. The best thing that we can do if we want to stay on top is to try and stay on top of the trends.

This can be done by not making hasty and emotional decisions and via the careful rationalization and assessment of all the facts. The said is also the strategy with which one can generate favorable and financially lucrative results on the cryptocurrency market.

Find the BEST Crypto Tool

Investment solutions get released every day. But that does not mean each is good for your trading ambitions. You need secure and proven to work platforms if you want good returns on your investments. We have found the best among the best and we strongly recommend them. Visit the industry leader if you are eager to start trading.

 

To start making investments, do the following:

1. Go to the Official Website of the Platform

2. Complete the Sign-up Process

3. Start Trading


Jamie Portiss

My name is Jamie Portiss. Let me tell a little bit more about myself. I am a Financial Analyst by profession. Having worked my entire life in the financial services sector, I have managed to build a solid investment portfolio. It all began with a Bachelor’s Degree in Finance and right after graduating from university, I began working as a Junior Financial Analyst at a startup company, dealing with financial solutions. I want to bestow our know-how and understanding of the virtual markets (the cryptocurrency exchange, Bitcoin trading, and Altcoin investment spheres, in particular) with users. All that it takes is to do it the right way!

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