Over the years, coins and banknotes have ceased to be used as well. People started paying with credit cards because it was more convenient than carrying around a lot of coins and bills in their wallets. Today, there is a type of currency that is increasingly used. This type of currency is cryptocurrency.
Cryptocurrencies are not physical currency, but digital currency. With them you can buy things or even pay for a job. The first cryptocurrency that appeared was Bitcoin in 2009, although the domain was registered in 2008. It was developed by Satoshi Nakamoto, however, some people think it is a pseudonym, as it is not is not known. It is not known whether it was created by a single person or by a team of workers. Over the years, other cryptocurrencies such as Litecoin, Bitcoin Cash, Ripple, Ethereum, and Dogecoin have emerged. Currently, there are over 2,000 cryptocurrencies available, although these are the most valuable at the moment.
One of the advantages of cryptocurrencies is their security, because their structure and protection are so complex that it is impossible to break this security. Another positive thing to keep in mind is that you can avoid transaction fees. The money goes directly from the buyer to the seller, and this way you avoid other companies keeping a percentage of the money just to act as middlemen.
Another advantage would be time, as the seller only has to wait a few minutes to receive the money. If the money is sent by bank transfer, the seller must wait several days before receiving the money.
If You Want To Invest In Cryptocurrencies, We Should Keep The Following Ideas In Mind:
The value of cryptocurrencies changes a lot. In one hour, the value can drop considerably and no one assures you that it will go back up. Therefore, we must be very sure that it will not affect our economy and we must never invest too much money.
Also keep in mind that some countries consider this form of payment illegal or simply don’t give you the protection you need to avoid putting your economy at risk. For example, Bolivia in 2014 became the first country to ban the use of this type of money. In Spain, cryptocurrencies are not considered real money.
To buy cryptocurrencies, there are several ways. There are currently around 1800 ATMs where you can get bitcoins spread across 58 countries. With lesser-known cryptocurrencies, it’s more difficult because you don’t have as many ATMs that allow it. The particular cryptocurrencies, their popularity, and their location are the aspects that make buying these types of coins easier or more complicated.
In different interviews, well-known people like Bill Gates, Richard Branson or Al Gore were asked what they thought of this type of virtual currency. All had a similar response. They all thought it is a very convenient way to invest, pay or receive money. However, they all felt that this setup could also be a bad thing if you don’t have the security you need.
Also Read: Is The Crypto Bull Run Coming To An End?