Since its launch in 2009, cryptocurrency has seen steady growth. Some opined that it would soon become a relic of the past, but it stayed.
Today, it is booming beyond comprehension – crossing the market cap of 1.2 trillion dollars! There are over 400,000 transactions of Bitcoin alone every single day. Crypto has reciprocated its investors with millions of dollars.
Jaw-dropping, right? Now you understand why investors are rushing to invest in digital currencies.
Carl Runefelt is one prominent example. A few years ago, he was stuck in a low-paying job at a grocery store. Today, he is a multi-millionaire who roams in his private jet around the globe. How?
You guessed it! Investments in cryptocurrency!
He says, “If you are working a nine-to-five job and you only make like $2,000 a month, I would say at least put a few hundred dollars every month into Bitcoin and keep accumulating weekly or monthly. That’s exactly what I was doing back a few years ago when I was working in a grocery store.”
Speaking on his YouTube channel, The Moon, he emphasizes, “Accumulate one bitcoin to become a millionaire in the future as only multi-millionaire would be able to hold bitcoin.”
If this is music to your ears and you want to invest in cryptocurrency to make massive gains, there are basics that you should learn first – the ABCs of the cryptocurrency.
What’s Cryptocurrency Exactly?
Simply put, you can call cryptocurrency a digital asset that you can trade without the involvement of a central authority like banks or government – the bedrock of decentralization. It is powered by cryptographic procedures that allow impregnable security in its transactions.
Carl Runefelt says, “I know that for a fact that you cannot hack Bitcoin. You can hack exchanges which is something different but not Bitcoin. It’s important to understand that you can hack YouTube, you can hack banks, or literally any internet company out there but you cannot hack Bitcoin. This is because the blockchain is very robust.”
The technology that’s the core of Bitcoin and Altcoins is blockchain – an innovation that is revolutionizing every industry out there. Cryptocurrencies are often called coins and tokens, and there are thousands of coins available in the market.
Crypto Features
Before you dive into the sea of cryptocurrency with all your investment, let’s have a look at some of the major features of crypto
Cryptography:
Ever wondered where the term cryptocurrency comes from? Well, you have your answer now.
Cryptography is the procedure that is utilized in cryptocurrency. It is a method of how your data and communications are kept secure. The process goes like this: there is public-key cryptography that you can share with others to transfer cryptocurrency.
Then there is private-key cryptography that remains private to you. You can call it your password, which you will use to sign transactions when sending cryptocurrency.
Incentives:
Game theory elements play a pivotal role in making sure that all users act in a way that maintains the entire system without third-party involvement.
If you are a Bitcoin miner, you would have to verify transaction blocks through computer processing power. And once a block of a transaction is verified, you get incentivized with newly-generated coins. In simple words, this is how crypto miners make new coins.
Transparency:
One of the cornerstones of cryptocurrency is openness and transparency. That is to say, most of the codes are open source – can be freely modified.
How to Buy Crypto?
Being an investor, if you want to get your hands on cryptocurrency, it is wise to use reputable platforms. Check the certified list and industry news to be on the safe side.
Remember, be skeptical if someone asks you for crypto payment online, especially on social media. Be vigilant to avoid any scams or frauds since cryptocurrency payments are irreversible.
Future is All Crypto
It’s only a matter of time before crypto will replace traditional fiat currency. The sooner you invest in crypto, the wealthier you can be.
Carl Runefelt predicts, “Cryptocurrency is genuinely game-changing and that it represents a massive transformation for the global economy and, indeed, the whole globe. It represents a paradigm change.”
It is high time you invest in crypto and reap enormous benefits.
