By Chris Ifeanyi Ezeh
Some people are well-informed about the digital currency revolution and all the interesting digital currency stories, but many questions still bug many uninformed people´s minds: What are Cryptocurrencies? Where are the gains and pitfalls? How can I benefit from an investment in the digital currency revolution with the least risk or capital? At its core, cryptocurrency is typically decentralized digital money designed to be used over the internet. Bitcoin, Ethereum, and other crypto are revolutionizing how we invest, bank, and use money. To clarify cryptocurrency, what it can be, and how today’s coders, developers, and technology professionals can leverage cryptocurrency as part of their work, our new series, “Our Community & Cryptocurrency”, will regularly examine and publish relevant developments and tips on this crucial topic.
A cryptocurrency is a form of payment. However, it is not that uncomplicated. What differentiates it from the currency used in everyday life is that cryptocurrency often exists within a specific ecosystem. In a nutshell, it functions like tickets used at a carnival to ride the Ferris wheel or play ring toss. Nevertheless, what makes cryptocurrency such a disruptive force is its incorporation into our digitalized world. The number of cryptocurrencies continues multiplying, and there are no signs of slowing down.
Approximately 5,392 cryptocurrencies are being traded with a total market capitalization of $201bn in (April 2020). Some of these currencies can gain dominance in the future, and some have fewer chances of doing so. However, one thing is clear. They are significantly changing the technology and coding industry and impacting how countries across the world conceive currency.
Bitcoin (digital currency) emerged in the wake of the 2008/2009 global financial crisis as a way for people to control their money themselves, without having to rely on companies, banks, or governments and their fees and controls. Many investors consider bitcoin to be the original cryptocurrency. Founded in 2009 by a programmer (or, possibly, a group of programmers) under the pseudonym Satoshi Nakamoto, bitcoin ushered in a new age of blockchain technology and decentralized digital currencies. Non-Bitcoin cryptocurrencies are collectively called altcoins. In those early years, many people did not take Bitcoin seriously. Those who did are today multimillionaires.
What will Bitcoin be worth in 2030?
“We are standing amid the institutionalization of bitcoin,” said Arcane Crypto analyst Vetle Lunde who forecast a $120,000 bitcoin price by the end of 2021 and thinks bitcoin will be worth $300,000 at the end of 2025 and $500,000 in 2030.
Who is the youngest Bitcoin Millionaire?
Tarpley Hitt. The 27-year-old’s fortune is held in Ether, the Ethereum blockchain’s native token, rather than dollars or another currency. Buterin owns approximately 334,000 Ether, trading for just above $3,415 per coin on Wednesday afternoon. At that value, his wallet is worth about $1.14 billion.
Which New Crypto Currencies Have Growth Potentials?
While Bitcoin certainly is the most popular and influential cryptocurrency in today’s market, you must know that other cryptocurrency platforms are jockeying for status, influence, and impact. They are equally sizable, significant players in the crypto space. Here are a handful of the important alternatives to BitCoin:
- Ethereum is a decentralized software platform, allows Smart Contacts and Decentralized Apps to be constructed and operated without downtime, fraud, control, or interference from a third party. Ethereum is designed to create a decentralized suite of financial products that anyone in the world can have free access to, which makes the platform more appealing to those in countries without state infrastructure and state identifications.
- Litecoin, which launched in 2011, was among the first cryptocurrencies to follow in the footsteps of Bitcoin and has often been referred to as Bitcoin’s little brother. Litecoin is based on an open-source global payment network that is not controlled by any central authority and uses “script” as proof of work. Although Litecoin is like Bitcoin in many ways, it has a faster block generation rate and offers a faster transaction time. Other than developers, there are a growing number of merchants who accept Litecoin, and the platform is the sixth largest cryptocurrency platform in the world.
- Cardano was co-founded by Charles Hoskinson, one of the initial five founding members of Ethereum. Created with a research-based approach by engineers, mathematicians, and cryptology experts, the platform has been dubbed the “Ethereum killer” as its blockchain fosters a more data-driven approach to development and innovation. As part of its ‘proof-of-state’ founding principle, it has a sizeable leg-up on Ethereum, though the platform still has much work to do in the way of decentralized financial applications.
- Polkadot is an innovative proof-of-stake cryptocurrency aimed at delivering interoperability between other blockchains. Its protocol is designed to connect permissioned and permissionless blockchains and oracles to allow systems to work together under one roof. Polkadot’s core component is its relay chain that allows the interoperability of varying networks. Founded by another initial member of Ethereum, Gavin Wood, the platform has been identified as a quick ascender in the cryptocurrency space.
Other important players include:
Xlm (stellar lumar)
What is the Trend?
The trend points to seeing many rich people, firms and countries investing in different cryptocurrencies. What is undoubtedly true is that cryptocurrency has seeded in the mind of today’s most innovative, ambitious coders the possibilities of converting real-world aspects of a traditional economic system into digital forms. This means the worth of such currencies will appreciate and gain universal acceptance.
Just consider PayPal, for instance. The digital payments company made a big push into crypto last year. The platform now allows users in the U.S. to buy, sell, hold, and checkout with cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
China launches official cryptocurrency: World Bank and governments are appalled. The sale of the Chinese coin has officially started, and currently, these coins can only be bought from YuanPay Group at the price listed on their official website. And another piece of good news – Germany is one of the first countries where the sale has started today. Chinese Finance Minister Liu Kun announced that the starting price of the coin will be only EUR 0.01
Without any doubt, the most popular cryptocurrency investor in 2021 is Elon Musk, who has invested US$1.5 billion in Bitcoin. He said, “You know, no one was behind Bitcoin from the beginning, but there is a big and powerful China behind this currency from the beginning. I am very envious of the Germans being one of the first to invest in YuanPay Group. Every time a big company announces even a small partnership with a single cryptocurrency, the value of that coin skyrockets. I can’t wait to see what happens when a government officially adopts a cryptocurrency. When the name of the Chinese coin is released, many people will become millionaires practically overnight. I personally and my company Tesla will definitely be part of it.”
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