Now, there is not a chance that you didn’t hear for cryptocurrencies being a major topic everywhere around. The cryptocurrency subject has taken people by the storm for the past few years, and it still remains a mystery for a lot of them. Some even invested not knowing how any of the offered cryptocurrency works – people were just thinking of it as a good way to earn fast money. And it is true BitCoin, Ethereum and few others skyrocketed in the past 2017 and reached the all-time highs. BitCoin was at one point at $20000 per coin which made more than few people millionaires in a short span of time. But, what the heck happened since then – why is the BitCoin a year after circling between $3000-4000 and is this the end of cryptocurrencies?
Source: Dark Web News
Well, the answer to this can’t be simple, but one thing is certain – the cryptocurrency bubble has busted, and the reason for that is that many people went in and as soon as BitCoin started shaking they pulled out their money and made the BitCoin skyrocket downwards. But, in order to understand the cryptocurrency market and the future of the same let’s explain it in few theses!
What Is A Cryptocurrency
If you want a one sentence definition cryptocurrency can be seen as an electronic peer-to-peer currency that isn’t physically definable but still has value. And the value is formed by the market and the action of people. The more is invested in one coin, the more likely it will get power for that time. And BitCoin and Ethereum aren’t the only cryptocurrencies – according to a crypto tracker there are more than 1300 right now, and the market keeps on the building. In our opinion, one of the most perspective cryptocurrencies is IOTA as it runs on a completely different system separate from the blockchain and has a Tangle algorithm. We are yet to see how this one will do on the huge market, but from this point of view, it has quite a bright future.
Source: MashableNow, most of the people don’t understand what a blockchain is – and once again simply defined it is a type of digital ledger, and every transaction whether it is a buy or sell builds another block in it. It is the base and at the end has a capacity of 21 million Bitcoins – this said once that amount is mined it is unlikely that we can expect any more value is rising of the same. Still, this is speculation as well, and we can’t claim it for certain. The benefits of a BitCoin per see are few: first of all it is decentralized so there is no risk of anyone manipulating the value; the second thing is the fact that the transaction fees are lower as there is no middleman such as a bank; and the last but not least is the fact that it offers the possibility of all transactions being done in just a few minutes rather than the traditional few hours when it comes to the complicated bank delivering.
A thing we all have to understand is that we can benefit out of BitCoin and cryptocurrencies while the same are public. A public blockchain basically allows anyone to participate and join, while the private one would benefit business the most and would soon become a point of centralization. That is one of the main things a cryptocurrency has to stay away from.
Source: bitcoinist.com
Okay, I Invested And Now What
The answer to this is simple – if you have done your research and decided to invest in some of the cryptocurrencies, it is the best to sit and wait. Don’t act impulsively and pull out your money as soon as things start going downwards or upwards. Think of it as a long-term investment and enjoy the process (unless you put your whole life savings in it which we don’t recommend). Now, there is a thing called crypto tracker, and it can make the whole process much easier to follow and analyze.
The benefits of signing up for a crypto tracker such as a KryptoGraphe one are numerous:
- You will get the option to track and analyze your This way you will get the presentation of all the daily losses/winnings and get the other necessary information about the market cap or ongoing trends.
- Along with that, you will it offers you the possibility of tracking your relative performance – which in few words means that you will be able to see how do you rate versus other investors.
- Of course, the crypto tracker offers you all the information that you would need and daily updates you on the news that are happening at the crypto market.
- Last, but not least – the crypto tracker will even give you a suggestion (based on the coin performance) for your future investment.
Source: Draglet.com
Summary
It is important to say that it is not too late to enter the cryptocurrency, but the thing you have to do before is research. Entering only out of speculative motives isn’t good, and it won’t lead you to long-term profit. The better you are educated on the crypto matter, the higher the chances of you becoming a millionaire are. So go ahead, read a few books/articles and try out the crypto market yourself!
