What Should You Know About Cryptocurrencies?
Cryptocurrencies are set to be the future of the global financial industry. What started out as a concept that was mainly used on the black market is having a wide acceptance rate these days as millions of people use them daily, and the institutional interest in them is high.
Many of the world’s most popular brands accept them as a payment method, and governments are becoming more lenient. Nations such as the USA, Canada, as well as members of the EU allow their residents to trade crypto, whereas El Salvador has become the first country to recognize them fully after it legalized Bitcoin.
These points lead us to believe that they might have a bright future; hence it is worth getting familiar with them. With that thought in mind, we decided to name a few things that you should know about. Without any further ado, let’s dive into the details.
Where Can You Trade Them?
Some cryptocurrencies may have specially designated trading platforms. For example, Bitcoin can be traded at Bitcoin ATMs. Ether can be traded on its own decentralized network – Ethereum. But, all of these cryptocurrencies also have one general platform, which goes by the name trading sites.
Trading sites support hundreds of cryptocurrencies, and they allow you to connect with other traders from around the world. Not only that, but they are easy to use, and the process of registration there is very fast and simple. You just fill out an online application form and verify your account.
And if that is not enough, some trading sites, such as the Quantum AI app, even use advanced AI systems that are able to track the latest developments on the market and, with that, provide you with predictions on the future price of your chosen cryptocurrency.
The First Cryptocurrency Ever Invented
The first cryptocurrency to be invented was Bitcoin. Bitcoin was created by none other than Satoshi Nakamoto, a person or a group whose identity remains a mystery to this day. In its inception years, Bitcoin was mostly used on Silk Road, which is a black market.
But, after it caught the eye of the global public thanks to the fact that it was superior to regular payment methods, it quickly started to rise and gain popularity. Not only that, but it sparked a revolution in which numerous other individuals and companies invented cryptocurrencies of their own.
That is why we got the likes of Ethereum, Tether, Dogecoin, Litecoin, and Ripple these days. Research states that there are around 2,000 cryptocurrencies. As for Bitcoin, it continues to break barriers as it is the most valuable cryptocurrency on the market. 2021 is set to be historical for Bitcoin because experts believe that it has the potential to reach $100,000 by the end of the year.
Difference Between Stablecoins and Highly Volatile Cryptocurrencies
There are two types of cryptocurrencies. The likes of Bitcoin and Ethereum belong in the so-called highly volatile cryptocurrencies. They are used for making a profit due to the fact that their value fluctuates often, and it can rise in a short period.
On the other hand, stablecoins are not subject to the volatility rate because they are tied to an outside asset. In doing so, they remain stable for a long period and are the perfect cryptocurrency for trading and paying for services. The two most popular stablecoins on the market are Tether and USD Coin.
The Advantages That They Boast
Since we mentioned that they are superior to regular payment methods, it is worth sharing the advantages that they boast. Cryptocurrencies provide users with a certain level of online anonymity, thus, are more secure. They also offer instant online transactions, users void unnecessary fees, and of course, they can make a profit with them.
