Hi everyone,
It's another day of the week and I'm delighted to participate in this contest today organized by @waqarahmadshah which talks about S4B Crypto Contest - Season 2. I will be making my entry below so read through it and drop your valuable comment as it will be appreciated.
| Who created the first cryptocurrency, and when? |
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The first ever cryptocurrency in the world is Bitcoin and this crypto was created in the year 2009 by Satoshi Nakamoto. This person's identity is still a mystery to this very moment.
Satoshi Nakamoto is the name given to the founder or founders of the first-ever cryptocurrency in the world. When this crypto asset was created, it was created to eliminate third-party roles in performing transactions.
So to me, we are yet to know if the first ever crypto asset was created by one person or a group of persons. The research and studies for this are still ongoing and we hope that the mystery will be unraveled soon.
So, therefore, to answer the question above, the first crypto is Bitcoin created by Satoshi Nakamoto who happens to be an individual or group of individuals with the main aim of performing transactions without a third party.
| Are cryptocurrencies controlled by governments or financial institutions? |
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Financial institutions are the main controller of the cryptocurrency market. I have said these because they are the people we call the whales in the market and they can push the market toward whichever direction they want.
Whenever the big boys or financial institutions such as banks and others decide to trade their assets, you will notice that if you don't follow their direction, you will get liquidated immediately.
So the financial institutions have more grip on the cryptocurrency market than every other sector. This is the reason I have said that the financial institutions control the market.
| What are some of the risks associated with investing in cryptocurrencies? |
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Some of the risks associated with cryptocurrency are fake projects, when the team behind the project disagrees with each other leading to a hard fork, and many more.
There are many shitcoins in the world today and most of them are a project that aims at coming to carry people's money and elope with them. They will deceive you into investing in their project and later they will elope with your money.
Another thing is that some of those behind the project may have disagreements and that may lead to a hard fork which if not careful may cause a crash in the market thereby making people lose their assets.
I want to invite @josepha, @rakiya, and @dave-hanny, to join the contest in this community and share their entry participation.