Why Cryptocurrency

If you’ve ever asked why cryptocurrency, then you are miles ahead of the average citizen. It means you are interested in learning about the industry that will revolutionize the way we live.

What I learned from studying successful individuals is, whoever gets into a new trend early usually becomes wealthy. The richest man in the world, Jeff Bezos is a perfect example. Look at what he did with Amazon.

Trends such as investing in a specific stock most people don’t recognize the value of, buying land in an underdeveloped but potential area, or the most notable one in my opinion selling products on the internet. Just like with the internet in its early stages, we are seeing a new trend develop. This trend is called Blockchain Technology or internet 2.0. Out of Blockchain Technology emerged what is known as cryptocurrency.

Cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double spend. Examples of cryptocurrencies include Bitcoin and Ethereum.

Bitcoin is the earliest and most popular cryptocurrency that was created in January 2009. It is said to have been created by a mysterious person, group, or entity known as Satoshi Nakamoto.

It’s the world’s largest cryptocurrency by market capitalization. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.

Bitcoin is a decentralized digital currency, without a central bank or single administrator. It can be sent from user to user on the peer-to-peer network without the need for intermediaries.

Ethereum is an open-source, blockchain-based, decentralized technology used to power its own cryptocurrency, Ether, and thousands of decentralized applications.

It enables Smart Contracts and Distributed Applications (DApps) to be built and run without any downtime, fraud, control, or interference from a third party.

Ethereum is the world’s programmable blockchain. It builds on Bitcoin’s innovation, with some big differences. Ethereum is for more than payments, it’s a marketplace of financial services, games, and apps that can’t steal your data or censor you.

Benefits of Cryptocurrency

Ease of transactions: Crypto removes the need for middlemen when doing business or dealing with brokers or legal representatives.

Low transaction fee: Crypto drastically decreases the transaction fees when doing transactions.

More confidential: Each cryptocurrency transaction is a unique exchange between two parties, which protects users from issues like identity theft.

Helping the unbanked: Globally, more people have access to the internet than they have to banks. Crypto opens the opportunity for the underprivileged to establish credit and access other bank-related services.

Whether we like it or not, cryptocurrency will become a part of our daily lives. The wise thing to do is to learn as much as we can about this new technology. We should also take advantage of the potential utilities that are yet to be discovered.

I recommend researching and owning a few cryptocurrencies with real-world use cases, as you wait on the rest of the world to see their value. This is how you profit from a new trend, by being early.

Do you agree with the statement above?