The influence of Cryptocurrency in our current and future lives.
The influence of Cryptocurrency in our current and future lives.
The influence of Cryptocurrency in our current and future lives.
The influence of Cryptocurrency in our current and future lives.
The basics of
Cryptocurrency
The Creation
The creation of Cryptocurrency all started with the first decentralized cryptocurrency being Bitcoin. Created by Satoshi Nakamoto on the 31rst of October in the year of 2008 Bitcoin was the originally created to create a possible way of transactions between two people without a third party like a bank being involved. In simple words, Bitcoin can be seen as an online cash, where person A can hand a specific amount of money / bitcoin to person B without a bank, resulting in less costs for both parties, and a faster transaction.
The internet is full of success stories where someone invested and believed in the crytocurrency of Bitcoin and spent a few dollars on a few Bitcoins, which are now sitting on thousands of dollars per piece. Yet still people question if cryptocurrencies are worth their investment.
Blockchain System
A Blockchain system is a system which is used by the Cryptocurrencies.
The blockchain system is a system which is open to the public, showing the transactions within the cryptocurrency. Each block / transaction within a token such as Bitcoin creates the blockchain.
A simple example of what a Blockchain system is could be looked at like the difference between google documents and microsoft word. If you share a document in google docs, different owners are able to work on the same document at the same time, seeing each others changes, just like in the blockchain system. If you were to work collaboratively with someone over a Microsoft Word document, you would need to send one another the document via something like email, which then takes extra time overcomplicating the collaboration between one another. The blockchain system allows infinite people to see one anothers affects on the token with almost instant changes.
Candlestick Charts
Candlestick chart is the mane used type of chart within cryptocurrency. Candlestick charts show the markets open, high, low and close within a certain amont of time. Within crytocurrency charts or candlestick charts there are two main colors used. The green color of the individual candlestick shows that there is a increase in value of the token or coin, whereas the red color of the individual candlestick shows a decrease in worth. Through each individual candlestick traders are able to analyze the market of their specific coin.
The different coins
Within the start of this year (2020) there were a total of 2000+ estimated coins. Now surely having been doubled approaching the end of the same year. The main coins being Bitcoin, Ethereum and Tether, the cryptocurrency total market cap sits at a total of 324.716 Billion USD.
Within the world of cryptocurrency, all coins aside from Bitcoin can be seen as Altcoins. This due to the fact that Bitcoin was the first cryptocoin, all of the other cryptocurrencies developed later after seeing the success of the Bitcoin.
What can Cryptocurrencies be used for?
Within our current society there are many people accepting the development of cryptocurrency, yet some are still scared implementing this into buisnesses. Constantly the amount of buisnesses allowing Bitcoin payments are increasing, yet this is a risk for the payer as the company. If you for example pay 10,000USD worth of bitcoin for a watch, the next week this may possibly be worth 5000USD, yet at the same time it could be worth double the price.
Cryptocurrencies can be used as an investment, with active trading and constantly watching the market a user can gain huge financial funds from trading within cryptocurrency. Even companies such as Microsoft accept payments in Bitcoin.
