Crypto currency has been referred to as the future of the currency system by some, and the downfall of fiat money by others. What’s the truth? Is there really any benefit in using crypto currency? And if so, what benefits do they have over traditional currencies, such as USD or EUR? And what are some of the other major trends surrounding cryptocurrency? Let’s take a look at three major benefits of crypto currency and its current direction.
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Why Cryptocurrency
Cryptocurrency is a digital or virtual asset that uses cryptography for security. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are often mined. Mining is the process of verifying transactions and adding them to the public ledger, which is known as the blockchain. Miners are rewarded with cryptocurrency for their work. Binance is a popular cryptocurrency exchange. Ethereum is another popular cryptocurrency. Etherium is more than just a currency like Bitcoin; it's also a platform on which smart contracts can be built. A smart contract is an automated piece of code that executes when certain conditions are met. It guarantees both parties will keep to the agreement made without fear of fraud or third party interference. These pieces of code have a wide range of applications from digital rights management to automating real estate deals. In 2017 alone, there were 42 ICOs (Initial Coin Offerings) raising over $1 billion total. Some projects included The Basic Attention Token and Dragon Coin. Bitcoin mining has become increasingly difficult in recent years because ASICs have largely replaced GPU mining rigs due to power efficiency considerations and higher hash rates. But many people still mine bitcoin because it's worth around $8000 per coin! Mining bitcoin requires expensive hardware, such as GPUs or ASICs, and plenty of electricity. If you're looking to get into mining bitcoin, make sure you do your research before getting started. What direction crypto is headed: The next few months should show us what direction crypto is headed. There are many factors at play right now including increased regulation by the SEC and increased competition from other coins like Ripple. For example, Ripple has seen more widespread adoption in countries where trade restrictions and high fees have been an issue such as India. Ripple’s transaction times are faster and its fee structure is cheaper. There’s also Bitcoin Cash, Litecoin, Dashcoin and Monero. The prices fluctuate quite frequently so if you want to invest in cryptocurrencies I recommend buying through Coinbase instead of mining them yourself.
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What’s Currently Happening in Cryptocurrency
Cryptocurrency is on the rise with more people than ever investing in various types of digital currency. Bitcoin, etherium, and other altcoins are becoming increasingly popular as investors look to cash in on trends in the market. While the future direction of cryptocurrency is unknown, many experts believe that it is here to stay and will only continue to grow in popularity. Bitcoin has made headlines for its price swings, but this past year alone bitcoin has surged from $1,000 per coin to $19,000 per coin. Etherium has been more stable during these same times with a climb from $8 to just over $900 per coin during the same time period. Experts predict that while bitcoin may be slowing down its growth trend at this point, etherium has a lot of potential for future growth because of its recent success. The future of cryptocurrency is up in the air, but there are some trends occurring now that provide clues about what may happen in the coming years. Bitcoin’s price volatility and fluctuation seems to be easing up which means that bitcoin could actually stabilize as a form of currency. Ethereum has seen a decrease in volatility since January 2017 which suggests an increase in stability for crypto-currency. These changes suggest that bitcoin could take off again and etherium could become less volatile or even see an increase in stability or value if it continues trending this way.
The Good and Bad News for Cryptocurrency
The price of Bitcoin has rebounded since March 2020 and is now trading over $11,000 per coin. That's the good news. The bad news is that not all cryptocurrencies have fared as well as Bitcoin during the Covid-19 pandemic. In fact, many have lost a significant portion of their value. Binance, for example, is down over 50% from its all-time high. It still has a market cap of $2 billion but this represents less than one tenth of what it was worth at the peak. Not all cryptocurrencies are in such dire straits, however. Stellar Lumens (XLM) is up more than 75% from its lows last week, bringing its market cap to about $2 billion dollars. Cardano (ADA) also looks poised to recover after plunging 90%. It's currently trading around $0.27 with a market cap of $2 billion. Ripple (XRP), on the other hand, may be headed for an eventual recovery even though it suffered one of the worst drops in history--down 92% from its highs--with a current price of about 17 cents and a market cap just shy of $1 billion.
Takeaway
The direction crypto currency is headed these days can best be summed up by comparing crypto currencies to stocks: some will outperform others while some will suffer losses and never regain ground. Invest wisely!
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