Cryptocurrency for Beginners

 



In the early days of its launch in  thousands of bitcoins were used to get a pizza. Ever since then, the cryptocurrency's meteoric rise to in April 2021, as a result of its heart-stopping drop in mid- by about 70 percent to around boggles the mind of several people - cyptocurrency investors, traders or simply the plain curious who missed the boat.


How everything began


Remember that dissatisfaction with the existing financial system gave rise to the development of the digital currency. The development of this cryptocurrency is based on blockchain technology by Satoshi Nakamoto, a pseudonym apparently employed by a developer or band of developers.


Notwithstanding the many opinions predicting the death of cryptocurrency, bitcoin's performance has inspired a great many other digital currencies, especially in recent years. The success with crowdfunding attributable to the blockchain fever also attracted those out to scam the unsuspecting public and it has arrive at the eye of regulators.


Beyond bitcoin


Bitcoin has inspired the launching of many other digital currencies, There are still a lot more than 1,000 versions of digital coins or tokens. Not these are the exact same and their values vary greatly, as do their liquidity.


Coins, altcoins and tokens


It would suffice at this point to say there are fine distinctions between coins, altcoins and tokens. Altcoins or alternative coins generally describes other than the pioneering bitcoin, although altcoins like ethereum, litecoin, ripple, dogecoin and dash are regarded as in the 'main' sounding coins, meaning they are traded in more cryptocurrency exchanges.


Coins serve as a currency or store of value whereas tokens offer asset or utility uses, a good example being a blockchain service for supply chain management to validate and track wine products from winery to the consumer.


A point to note is that tokens or coins  Crypto ATM  with low value offer upside opportunities but do not expect similar meteoric increases like bitcoin. Quite simply, the lesser known tokens may be easy to purchase but may be difficult to sell.


Before engaging in a cryptocurrency, start with studying the worthiness proposition and technological considerations viz-a-viz the commercial strategies outlined in the white paper accompanying each initial coin offering or ICO.


For those acquainted with stocks and shares, it's not unlike initial public offering or IPO. However, IPOs are issued by companies with tangible assets and a business track record. It is all done in just a regulated environment. On another hand, an ICO is situated purely on an idea proposed in a white paper by a company - yet to be in operation and without assets - that is searching for funds to start up.


Unregulated, so buyers beware


'One cannot regulated what's unknown' probably sums up the specific situation with digital currency. Regulators and regulations continue to be attempting to meet up with cryptocurrencies which are continuously evolving. The golden rule in the crypto space is 'caveat emptor', let the buyer beware.


Some countries are keeping an open mind adopting a hands-off policy for cryptocurrencies and blockchain applications, while keeping an eye fixed on outright scams. Yet there are regulators in other countries more focused on the cons than pros of digital money. Regulators generally realise the necessity to strike a balance and some are considering existing laws on securities to try to have a handle on the numerous flavours of cryptocurrencies globally.


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