Make $100 a day trading cryptocurrency
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Cryptocurrency is generally decentralized digital money designed for use over the Internet. Bitcoin, which was launched in 2008, was the first cryptocurrency, and is by far the biggest, most influential, and best-known. In the decade since, bitcoin and other cryptocurrencies such as ethereum have developed as digital alternatives to money issued by governments.
To understand cryptocurrency, one must first understand three terminologies – blockchain, decentralization and cryptography.
In simple terms, blockchain in the context of cryptocurrency is a digital ledger whose access is distributed among authorized users. This ledger records transactions related to many types of assets, such as money, homes, or even intellectual property.
Access is shared among its users and any information shared is transparent, immediate and “immutable”. Immutable means anything that is a blockchain record for good and cannot be modified or tampered with – even by an administrator.
Centralized money refers to the regular money we use, which is governed by authorities such as the Reserve Bank of India. Decentralization in cryptocurrency means that there is no uniform authority that can be held responsible for monitoring the rise and fall of a particular cryptocurrency. It has many advantages over centralized money.
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Why is cryptocurrency the future?
Cryptocurrencies are the first alternative to the traditional banking system, and have powerful advantages over previous payment methods and traditional asset classes. A new kind of cash that is native to the Internet, giving it the potential to be the fastest, easiest, cheapest, safest and most universal method of exchange of value the world has ever seen.
Should you invest in cryptocurrency?
There are many advantages to dealing in cryptocurrencies, and there are also a lot of disadvantages. Here are the top three reasons that work for and against cryptocurrencies.
Make Dollars in a day trading cryptocurrency : Pros
They are private and secure: The blockchain technology that powers cryptocurrencies ensures user anonymity. It also assures a high level of security through cryptography, which we discussed earlier.
They are decentralized, immutable and transparent: the entire system operates on shared ownership, where data is available to all permitted members and is tamper-proof.
They are a hedge against inflation: Cryptocurrency makes a great investment in times of inflation. For example, investors often compare cryptocurrencies to gold. One of the reasons behind this is that just like gold, they are in limited supply, as there is a limit on mining any type of cryptocurrency.
Make Dollars in a day trading cryptocurrency : Cons
They are not widely understood: they are a relatively new concept and the long-term stability of cryptocurrencies remains to be seen. They are prone to high risk: Needless to say, cryptocurrencies bring as many rewards as they do risks.
Their highly volatile and speculative nature makes them prone to sharp downward spirals. Investing in cryptocurrency can be risky for a number of reasons.
A major deterrent may be the fact that digital currency has no inherent or underlying value. There is a supply-demand type of equation that is used to determine the value of cryptos such as bitcoin. Plus, it’s easy to see how these coins can increase or lose in value as a result of simple speculation on the Internet.
Plus the fact that cryptocurrencies are banned or their use is restricted in many countries, this poses a significant risk. Their legality is a matter of debate in countries like India.
Scalability is a problem: This is a complex issue that has more to do with the technical side of blockchain. Simply put, the slow nature of the blockchain causes it to cause transaction delays. This has a tendency to make crypto payments inefficient compared to modern electronic payment technologies.
Top 10 Cryptocurrencies in India – (Best Cryptocurrencies in the world)
1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Tether (USDT)
4. Binance Coin (BNB)
5. XRP (XRP)
6. Terra (Luna)
7. Cardano (ADA)
8. Solana (SOL)
9. Polkadot (dot)
10. Litecoin (LTC)
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