What is Happening with Crypto & Bitcoin Lately?
The world of Bitcoin and crypto currency is volatile by nature and this month, November, has been extremely dramatic to say the least. The crypto market as a whole saw drastic losses across the boards, which began with Bitcoin and quickly spread to Ethereum and the other top Altcoins. The “max pain” crypto sell off looks like it may be calming down because the crypto coin prices are starting to rally back already, and its only Saturday.
Those who are invested are already seeing their portfolio balances rise back to where they were before the price drop. So, how can you feel confident about investing in crypto currencies if they are so volatile by nature. Select the Best forex liquidity providers list.
What is Crypto Currency?
Crypto currency is the digital decentralization of finance and money. Crypto like Bitcoin and Ethereum are designed with blockchain technology, which has changed the game forever. Blockchain enables anyone to use the technology it provides without the fear of government intervention, theft, or hacking. Plus, the blockchain keeps a public ledger of every transaction ever done on the chain. However, it doesn’t expose your personal information, since the only thing anyone can see is the wallet ID number that is associated with your account.
With the ups and Downs, is Crypto Safe to Invest in?
It is true, crypto is a crazy game where coins can be valued at one price when you wake up in the morning, and can be a totally different price, by the time you go to be at nighttime. But looking at crypto as some sort of “get rich quick” scheme, wont work in your favor. In fact, crypto currency is far more that just an investment for holding value.
The blockchain technology is truly what you are investing in, when you purchase crypto coins including, Bitcoin. The more you understand about blockchain, the easier it will be to accept the volatility within the current market.
Blockchain is a new way of recording transactions, transparently, and decentralized, with no singular authority dictating how the blockchain operates. Ethereum, the newest blockchain, can automatically run smart contracts that can execute all sorts of functions, without the need for oversight, or excessive fees. Not to mention, all of this is decentralized, and each transaction gets recorded on a public ledger that anyone can examine for fraud anytime.
Each transaction gets instantly recorded to the ledger, via thousands of networked computers to prevent fraud.
Nowadays, all types of companies are developing their own blockchain apps, via Ethereum nodes, which enables them to create, sell, and value coins of their own, for payments within their apps, and or online worlds. So yes, Bitcoin is the digital storage of value such as money, but the blockchain technology within Ethereum provides that and so much more. The actual value for crypto currencies is limitless, if society accepts it more broadly than it is now.
Crypto acceptance is happening now!
So, is Crypto Safe?
This really depends on what your definition of safe really is. The truth is that the current USD is nothing more than fiat money, or value by decree. The dollar bill is worth $1 because the government says so. The money we use in America is no longer backed by gold whatsoever. The paper really has zero worth, other than the perceived worth we give it through this fiat situation.
Is that Safe?
Many people think that crypto, even though it’s a bit volatile, is still way safer than paper money that’s worth gets determined by someone saying so.
Bitcoin is decentralized blockchain technology that can not be manipulated, stolen from, or changed in anyway. There are only 21 million Bitcoins that will ever be produced. Of which, 90% have already been mined as of 2021. So, inflation will never exist because each Bitcoin can be infinitely divisible. But no extra Bitcoins can ever enter the system, like what inflation does.
There are many things to consider when you are thinking about purchasing Bitcoin for the first time, especially. However, many intelligent people believe that Bitcoins are the way our future financial system will operate. It creates a fairer system, that everyone can benefit from, without being able to manipulate the system, in corrupt ways like the current one is plagued with.
Do your own research and talk with people you trust to see if crypto currency is something you can benefit from investing in today while prices are still low, considering the bright future Bitcoin is predicted to have.
Read Also: How to Increase Your Company’s Profitability