Why are some people excited about crypto? Why are the majority confused? Is crypto really the new future? Too many questions and too many debates. But the fact remains that cryptocurrency is the new big thing that can make inspirational changes to any given system.
Should I buy crypto?
Do you invest in mutual funds? Or do you have a portfolio of stocks flourishing? To or not to buy is a personal preference. But it is advisable to venture into crypto investment and see where you land. Moreover, crypto is not only about the payment system, it’s more than what any one of us could have imagined.
Are there any types of crypto coins I can look through?
Yes! There are more than 4000+ cryptocurrencies you can venture into. Bitcoin, ethereum, litecoin, dogecoin, and even more.
What’s blockchain and why is it linked to crypto?
Blockchain is a network of transactions of a particular type of crypto. For example, there is the bitcoin blockchain, ethereum blockchain, etc. If you sold me 5 BTC, this transaction will be stored in the bitcoin blockchain. In simpler terms, blockchain is a transaction ledger. But this is where it gets interesting!In a blockchain, every transaction is not only recorded but also guarded by strong cryptography. And all the blocks are linked, so even if a hacker has to hack, he will have to bring down all the blocks. Hence today we call it safe cryptocurrency.
So is crypto all about trading in currencies?
No! The blockchain theory that was mentioned above can be put to use in transforming any system! There’s a common word going around that cryptocurrency is going to destroy the business of Uber. It could be true because cryptocurrency is decentralized! Meaning there is no third party between me as a seller and you as a buyer. Also, you can’t believe how fast any transactions would be as banks are not involved in maintaining crypto records.
What’s with NFTs?
NFTs are non-fungible tokens. Meaning they are digital assets like a photo, video, postcard, tweet, or really any content that one can think of! But here’s a catch. The original copy of the art is only sold for a given price, though there can be duplicates of the same art running across the web. Even so, people are eager to purchase and sell NFTs because the money involved is megabucks!
Sounds interesting! Is there any place where I can start my crypto journey?
Yes, there are tons of places to start from! But to kickstart your journey easily here’s CoinSwitch. This application brings an easy user interface with no unnecessary jargon. Invest in 100+ currencies in just one place. Amusing how so much can fit into something so simple!
So next time when you buy or sell crypto, realize that you are way ahead of the investors and contributing to the near betterment of the nation’s finances.