Crypto News
-
Everyone has heard how some who purchased Bitcoin and other crypto news less than a year ago have become millionaires. Gains of 1,000% or more are not just feasible; several of these crypto currencies have experienced them frequently. A gain of 1,400% for someone who purchased Bitcoin in May 2016 for less than $500 would have occurred in just over 17 months. Then, in the recent days, we witnessed Bitcoin lose almost $1,000; hence, to claim that these digital currencies are volatile would be a major understatement.
Since the creation of Bitcoin in 2008, Trend News has been dubious about the viability of cryptocurrencies since they pose a very real threat to centralized authorities that wish to monitor and tax all transactions. While we may still be wary of genuine crypto currencies, the underlying technology that supports these digital currencies has enormous potential. In fact, similar to how the internet affected the media, we think that this technology will significantly alter how data is maintained and have an impact on every area of the global economy.
Here are some starter questions and their respective responses:
What are cryptocurrencies, exactly?
BITCOIN is the crypto currency (CC) that is most well-known. It was the initial CC, beginning in 2008. There are currently more than 800 CCs, all of which are "virtual," including Ethereum, Litecoin, Dash, Zcash, Ripple, and Monero. Coins or money aren't "physical," either.
How do CCs function?
Virtual currencies known as CCs are seen in enormous distributed databases. These databases make advantage of BLOCKCHAIN innovation. Since each Blockchain database is widely dispersed and every transaction is accessible to everyone on the network, it is believed that each database is impervious to hacking. A team of administrators, referred to as "miners," oversees each CC and verifies transactions. "Smart contracts" are used by one CC called Ethereum to verify transactions. More information will be provided by Crypto TREND in subsequent news articles.
What is Blockchain, exactly?
Blockchain is the underlying technology for all CCs. Every time a CC is bought, sold, or traded, the transaction is recorded in a BLOCK that is added to the chain. Since transactions may be completed swiftly and easily, reducing or eliminating fees, this technology has the potential to transform the financial services sector. However, because it is complex, it will not be detailed here. A lot of other sectors are also considering using the technology.
Do governments regulate CC Exchanges?
The majority of the time, the response is NO, which, for some users, is a key draw of this market. Although the industry is currently unregulated, governments in the majority of wealthy nations are looking into it to determine whether any regulations would be necessary. The choice of whether to classify CCs as a currency or a commodity or security is a significant one. CCs are currently recognized as lawful in Canada and the USA, but there are still some unresolved reporting and tax concerns. Crypto TREND will monitor these developments and provide updates.
How can I make investments in this market?
Using the services of specialized "Exchanges," which function as a brokerage, you can buy, sell, and swap CCs. You begin by deciding on an Exchange, creating an account, and adding fiat money to it. Your BUY and SELL CC orders may then be placed. Exchanges take place all around the world. These exchanges all have their own policies regarding initial investment and withdrawals, and account opening is quite simple.
Where do I keep my credit card?
You'll need a digital wallet in order to be free to move your crypto currency around and pay expenses. There are several different formats available for these wallets, including PC, cloud-based, hardware (USB), mobile phone, and paper. Many of them are free, but security is important because nobody ever wants their wallet to get lost or stolen. In the future, Crypto TREND will advise using digital wallets.
What can I use my CC for?
You can use cryptocurrency for various financial operations, such as money transfers and bill payment, in addition to investing in CC products. A long range of well-known businesses are now taking cryptocurrency, including Microsoft, GAP, JC Penny, Expedia, Shopify, Bloomberg.com, Dish Network, Zynga, Subway, and WordPress.
What comes next?
To begin with, we will make sure that each Crypto TREND piece is brief and as focused as feasible. As we have stated, we think that the technology behind cryptocurrencies will revolutionize the game, and chances to invest like this only arise sometimes. Make no mistake: You should only spend your most speculative capital—money you can afford to lose—in this industry at the beginning.
Gaining an early understanding of this novel disruptive technology will put you in a position to profit from our recommendations as we go forward, even if you do not wish to invest at this moment.
As we embark on our adventure into what may initially seem to be a foreign jungle, anticipate seeing more news and specific suggestions from Crypto TREND. Even though this is a risky market and may not be appealing to all investors, Crypto TREND will be your mentor when the time is right.
