Introduction to Cryptocurrency 2018
The desire to bring a virtual currency that could help mitigate the problems and cushion investors as well as depositors out of problems such as that of the great depression seems to have been realized. The launch of block chain technology where virtual currencies could be transacted was a break though for the dreamers of the digital currencies. And even though this form of currency has faced many challenges, 2017 seems to have been the year of break through, with some coins such as bitcoin going as high as $10,000 in value. But as a new investor, it is important that you understand what cryptocurrency is and how you can benefit from it this 2018.
So what is cryptocurrency?
Perhaps this is the most basic question that many beginners would want to ask. Simply put, a cryptocurrency is a digital currency that enables users to quickly and securely carry out transactions using technology. Built on block chain technology, cryptocurrency transactions take place on a peer to peer basis, meaning that there are no third parties involved in the transactions. This is perhaps one of the reasons why many countries are legalizing this currency as it provides total security for transactions. At the same time, the parties involved are given full control of their transactions.
What are some of the cryptocoins available in the market?
There are many types of coins that have been unveiled since 2009 when the block chain technology was launched. Originally, bitcoin was the face of crypto currency and block chain as a whole. But as time goes, many other coins have been launched. Among the notable coins include Ethereum, Litecoin, Ripple, Tron, Monero and many others. Whether you want to invest in one type of coin or another is all upon you. This will depend on several factors after understanding how each coin operates. There are many review sources that can help you get an in-depth understanding of these coins.
And what is the future of cryptocurrencies?
Traders in crypto currencies seem to have varied feelings on how these coins will actually perform in 2018. This is because the major coins such as bitcoin, Litecoin and ripple have posted somehow poor performance in January. At the same time, less known coins such as monero, tron and others seem to be performing much better. Predicting the performance of these coins might thus be somehow difficult. Remember that most of the investors are always driven by emotions when investing, and thus when a coin tumbles, they are easily discouraged. This will affect the performance of the coin in question.
To add to that, while there are countries that are now legalizing cryptocoins, there are also others that are making it illegal to use them. This means that growth of crypto currencies is a case of mixed fortunes.
But even as we state that the growth of crypto currencies is a case of mixed fortunes, signs indicate that the digital currencies might perform even better in 2018 when compared to 2017. Today, there are thousands and thousands of investors putting their money in crypto currencies. At the same time, there many other types of coins that are being mined. This is a clear indication that the coins are here to stay, and as a smart investor, you should take your share now.