Cryptocurrencies – Part 2 – It’s A New World After All

Cryptocurrencies

Cryptocurrencies – The Current Market

The stock market collapse and the value of cryptocurrencies has been been brutal.

Billions and billions of dollars – wiped from investor’s portfolios.

But whenever financial markets collapse there is the realization that over time they will recover.

But What About Cryptocurrencies?

Mark Cuban


The billionaire and owner of the the Dallas Mavericks Mark Cuban – worth $4.7 (U.S.) billion and a big proponent and investor in cryptocurrencies – believes the current decline of the crypto industry is similar to the dot-com bubble of the early 2000s.

“Crypto is going through the lull that the internet went through,” Cuban recently tweeted.

Why was digital cryptocurrency created?

There always have been a group of people who thought that traditional currencies had practical snd political shortcoming and wanted to change the system.

The concept gained traction with a white paper being published by Satoshi Nakamoto, a pseudonymous person or group.

In early 2009, Nakamoto released Bitcoin to the public, and a group of enthusiastic supporters began exchanging and mining the currency.

Bitcoin is widely regarded as the first modern cryptocurrency — the first publicly used means of exchange to combine decentralized control, user anonymity, record-keeping via a blockchain, and built-in scarcity.

By late 2010, the first of what would eventually be dozens of similar cryptocurrencies — including popular alternatives like Litecoin — began appearing. The first public Bitcoin exchanges appeared around this time as well.

In late 2012, WordPress became the first major merchant to accept payment in Bitcoin. Others, including online electronics retailers, Expedia, Microsoft  and Tesla were also early adopters.

So who accepts cryptocurrency now?

It’s a currency that is being accepted by big and smaller companies. Starbucks, Home Depot, Amazon, Whole Foods, Pizza Hut, Burger King, Subway, KFC, are some and daily more and more companies are coming aboard.

How is digital currency created?

To make cryptocurrency, a distributed network of computers in a closed, internet-based community works through a set of complex cryptographic algorithms, and the output of the specialized programs is cryptocurrency represented by digital tokens. The tokens are only valid for trade within digital communities, and individuals and organizations can open accounts — also called wallets — in the specialized communities.

One of the first — and clearly the most popular — cryptocurrencies established with a set limit for production was Bitcoin.

Bitcoins

And although Bitcoin was the first digital currency others followed.

Different Cryptocurrencies.

Elon Musk, the worlds richest man, has made a fortune by buying bitcoin and then selling it on behalf of his company Tesla – maker of the hottest electric car on the market.

There is one small town in Latin America that has accepted cryptocurrency. Take a look how it works – even for the smallest ma and pa operations and their transactions.

And finally – here is a great video, often humorous, on just what cryptocurrencies are and how they work.

A Final Word On Cryptocurrencies

Cryptocurrency is an exciting concept. But it remains a technological and practical work in progress.

At this point two countries – El Salvador and the Central African Republic -have made Bitcoin their official currency, with other countries studying such a move.

And countries such as Germany, Canada, the U.S., India, Japan, the United Kingdom, Australia, Singapore, South Korea, Singapore, China, the European Union, Mexico, allow the use of cryptocurrencies to buy and sell goods and services.

Cryptocurrencies are popular in Asia and India.

The top five countries with the largest ownership of cryptocurrency are in Asia, and 30 per cent of people polled in India said they held cryptocurrencies, according to a major research study.

And there is a reason for why a lot of people won’t invest in cryptocurrencies.

A lack of knowledge about crypto.

A research study conducted in 14 countries by Block, Inc. showed the following:

“Fifty-one percent of respondents in the survey, which took place in January and February and focuses on 14 countries, said the main reason they do not buy bitcoin is that they “don’t know enough about it.” Other major reasons include cybersecurity and theft risks (32%) and too much price volatility (30%). 

“Of the respondents who had at least a fair amount of knowledge about cryptocurrencies, the main reasons for not buying bitcoin were price volatility (30%) and an “uncertain regulatory outlook” (29%). “

Missed Part 1 of our Cryptocurrency series?

Just click on the link below.

Cryptocurrencies – Part 1 – It’s A New World After All

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