Okay, unless you’ve been living under a rock, you definitely heard of crypto before.
Maybe you didn’t know exactly what it was, but come on, this term is everywhere!
Cryptocurrencies are revolutionizing the way we think about money as well as commerce, investments and trading. As they are essentially digital currencies, they offer an alternative to fiat money that is much faster, more efficient and with fewer fees.
Despite the fact that cryptocurrencies face criticism from time to time, they are also gaining much traction and support from both traditional investors as well as new and younger traders alike.
So, what is it exactly, and how do you trade it? Well, let’s take things from the beginning.
In 2008 a mysterious person using the pseudonym Satoshi Nakamoto published a white paper called “Bitcoin – A Peer to Peer Electronic Cash System”.
Moving on, with the help of blockchain technology, he mined the first block of the Bitcoin network on January 3rd, 2009. This very first block of 50 Bitcoins is now referred to as the Genesis block.
Interestingly, Bitcoin had almost no value for the first few months of its existence. Six months after it started being traded in April 2010, the value of one Bitcoin was less than 14 cents. Today, the value of one Bitcoin is in the tens of thousands of US dollars!
Although Bitcoin is believed to be the “father” of cryptocurrencies, many more cryptos and coins have emerged such as:
Bitcoin, however, is still seen as the king of the crypto world, at least for now!
One characteristic of cryptocurrencies as you may be aware of is high volatility. This of course implies that its value displays wide price fluctuations providing ample opportunities to trade and benefit from the upward direction or swings as they are also known. In simple terms, buy low and sell high.
On the other hand, if speculation is not your thing, then you may hold on to your cryptos so you can potentially benefit when (and if) they shoot to the moon!
Now you know your cryptos!
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