Cryptocurrency. What is cryptos? Why it is called the currency of future? Is this really important to stack it for yourself. First thing First, we are going to discuss on the Cryptocurrency.
Credit : Forbes.com
What is Cryptocurrency?
A Cryptocurrency or Crypto is a digital currency designed to work as medium of exchange where the record of the ownership of Crypto is recorded in a computerize database to secure transaction, control the addition of more coins includes. There is no physical form for any of crypto like paper money or Cheque. It is also not issued by any central authority. Cryptos generally have decentralize control. When a crypto is mined or created it is issued by a single user on the blockchain technology.
Bitcoin was first of the prototype crypto launched in 2009 and since then many of the cryptos got created. At the time of launch Bitcoin’s value was even less than a dollar. Now it’s price is around 37000$ which is almost 2800000 Indian Rupees. On it’s highest note it crossed 50000$ this year.
Why it is Future currency?
It is called currency of future because of its mobility. Anyone can pay the crypto digitally to other individual without any issue. If people will start exchanging the crypto then there will be no exchange of real currency which is benifitable for common people but not for government. As Government has no control on the Crypto they can not do anything related to crypto. Whether it is about the control or any action related to the fraud. As Government has no contol on Crypto there was some news that Terrorist organisation like ISIS is using this for funding.
As soon as the news is travelling it is expected that Indian government will soon launch it’s own Cryptocurrency. Another news is travelling lately about banning of other Cryptos but not any solid news about it.
Credit : cnbc.com
Now the question is Can you stack it up for yourselves?
It is totally depend on yourself because there is no guarantee about Crypto that it will give only profit to you. As the working of Crypto is totally depends on the premade algorithm on the computers. Most of the traders and individual who invested in Crypto market only invested on presumptions. Most of us don’t know how the algorithm works. Also there are different algorithms for different cryptos. So its totally useless if you want to trade without learning anything about it. You will go into a loss if you invested in it without giving a second thought but it act like a double edged sword too. If it can drag you into losses then it can also work as stair to gain.
So as I say if you’re ready to take risk on all out or all in you can invest in it but be sure to how to invest in it and in which crypto. The second one is most important.
That’s all from my side hope you enjoyed the blog and let us know your thoughts in comment box.