What are Cryptocurrencies? - Marvin Germo

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What are Cryptocurrencies?

By: Marvin Germo | March 20, 2021

Investing in different portfolios such as stocks, mutual funds, commodities, real estate, and other common investments is good, especially if you plan to diversify your money. Diversification is essential so that you won’t lose your money in one go. If you have invested in those things already and you are still looking for a place where you can put your money, I suggest you look into cryptocurrencies.

For new investors who haven’t invested in Bitcoin, Ethereum, or ADA, this is the right blog for you! Let me introduce you to some essential things about cryptocurrencies so you can personally evaluate if you are open to this kind of investment.

What are cryptocurrencies?

Cryptocurrencies are digital money. It is a form of payment that can be exchanged over the internet so you can obtain goods and services from online sellers and businesses. There are already different companies that created their own digital money, which is often referred to as tokens. To get a good grasp of what it truly is, you can imagine being in a casino and exchanging your real money for some casino chips. Cryptocurrencies are like casino chips but you use them online instead of going somewhere else to play with them. To invest in Cryptocurrencies click here.

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How many cryptocurrencies exist?

There are over 6,700 cryptocurrencies that are being traded in the market right now. Yes! There are other cryptocurrencies aside from the well-known Bitcoin, Ethereum, ADA, and Litecoin. Cryptocurrencies continue to increase. Like stocks, there are so-called initial coin offerings where cryptocurrencies get their funds to expand. As of February 2021, there is more than $1.6 trillion worth of cryptocurrencies while the total value of Bitcoin is almost at $1 trillion. The best cryptocurrencies based on market capitalization are Bitcoin, Ethereum, Tether, Binance Coin, Cardano, Polkadot, and XRP among others. To buy Bitcoin.

Why are cryptocurrencies so hot right now?

The supporters of cryptocurrencies are one of the reasons why the crypto market is so hot right now. For example, Bitcoin supporters are chasing Bitcoin’s price before it becomes more valuable in the future. Another thing that makes cryptocurrencies more interesting is that it doesn’t involve central banks that control the digital token supply. Central banks tend to reduce the value of cryptocurrencies because of inflation. The technology behind cryptocurrencies is also great as it gives investors the assurance that any transaction that happened online is secure and safe. Let’s not forget as well that cryptocurrencies continue to go up. Bitcoin Protection.

Are cryptocurrencies worth it?

Well, that depends on your perspective on cryptocurrencies. Since the market is currently on momentum right now, especially Bitcoin, Ethereum, and ADA, you might want to consider investing in them while their value is still low. And, because a lot of companies are starting to accept Bitcoin right now as a form of payment, it’s only a matter of time before the world accepts cryptocurrencies as real currencies. If you think Bitcoin is the currency of the future, it’s fine to invest in it but make sure to trade and invest with strategies. To protect your Bitcoin.

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