Cryptocurrency Is Here to Stay
Cryptocurrency is transforming our way of selling, purchasing, and doing business. Cryptocurrencies gained in popularity as a medium of exchange because they are digital, encrypted, and decentralized. The current, market value of the Cryptocurrency industry is 1 trillion USD. Unlike the U.S Dollar or the Euro, there is no central authority that maintains the value of cryptocurrency. The value of cryptocurrency is completely market drive via the users of the specific cryptocurrency on the internet.
Cryptocurrencies use cryptographic storage and transmit data in the form of transactions that are closely verified then recorded by blockchain soft-where. Blockchain records transactions in “blocks” linked together on a chain of previous cryptocurrency transactions, giving way to a new and easier method of performing personal investments and business transactions. A blockchain gives individuals who use cryptocurrency their own copy of this book to create a unified transaction record.
Even big tech giants like Tesla and Facebook are jumping on the Cryptocurrency wagon. In a Securities Exchange Commission filing, Elon Musk’s Tesla revealed that it has bought $1.5 billion worth of Bitcoin and will soon accept Bitcoin as a payment method for products in the future. Bitcoin checks each transaction using one of two main validation techniques: proof of work or proof of stake. Facebook developed a cryptocurrency called Libra, which it announced on June 18, 2020. The cryptocurrency Libra allows the user to access and send money to others with nearly zero fees. Libra’s cashout feature allows the user to access it using third-party wallet apps or the Calibra wallet that Facebook installed into WhatWhatsApp, Messenger.
Keep in mind that if you are thinking of getting into this venture to store and save your password safely. German Programmer, Stefan Thomas, who lives in Silicon Valley, made headlines this past January after losing his password rendered his bitcoin fortune worth $220 million inaccessible. Insider reported Thomas stored his 7,002 bitcoin fortune on an Iron Key Device, which gave owners 10 chances to guess their password before encrypting the contents. Mr. Thomas only had two attempts left to guess correctly before it would lock him out. This misfortune left many Bitcoins worth 140 million dollars inaccessible to their owners and investors.
Best Cryptocurrencies as of 2021
- Bitcoin (BTC) The granddaddy of all cryptocurrencies, Bitcoin was first and is the most well-known cryptocurrency on the market.
- Ethereum (ETH)
- Ripple (XRP)
- EOS (EOS)
- Bitcoin Cash (BCH)
- Litecoin (LTC).
- Chainlink (LINK)