You are already familiar with digital currencies that exist only on the internet! Do you know about crypto investment? Digital currencies are decentralized and can be used to sell and buy stuff. You got it right. It is called cryptocurrency.
There is no physical existence of cryptocurrency. No coin or no bill exists. A common currency like the dollar is backed and supported by banks and the government, but crypto is another story.
It is endorsed and supported by its users. So, you may say that it is the currency of the people, by the people, and for the people. The more it is used and purchased, the more value it will gain.
A question might be in your mind that how many cryptocurrencies are there and what crypto to buy? Is the crypto investment worth it in 2024? These types of questions might be very diplomatic to answer. But there are thousands of cryptocurrencies in the world right now.
When the word crypto is heard, the first name that comes into mind is Bitcoin. Yes, launched in 2009, the original crypto, the most successful in the world.
Other big-name are Ethereum, tether, bitcoin cash, and dogecoin. Amazingly enough, it cannot be banned physically.
Working and value of Crypto
The gold reserves of a country backed previous currencies. They would print the bills equivalent to the amount of gold they had in reserves.
But in the 70s, they started printing more, and governments got the right to print the money as much as they wanted. This caused inflation and other problems, which continuously resulted in the downfall of the value of money.
The more money you will print, the less value it will have. Now people are mostly investing that money in Bitcoin and other cryptocurrencies.
You will be surprised to know that big names like Tesla and Paypal have been investing in crypto heavily for the last few years. In fact, Elon Musk was one of the main reasons for the sudden rise in Bitcoin’s value.
Now you can trade crypto with PayPal.
People now are investing in Bitcoin, Dogecoin, and Etherium heavily instead of real-estate and gold. This is due to the trust that is developing for these currencies and their future value.
Cryptocurrency and Blockchain Technology
For your information, each currency in the world has a record. The big question arises, where are the cryptocurrency transactions recorded? The answer is “Blockchain.”
It is a distributed digital register. It is a public ledger where any crypto holder can take part. You must know about cryptocurrency and blockchain before starting to invest in this field.
But are your transactions safe? Are they public?
The Answer is big No, only the individuals involved in the trades can access their records.
So how is it kept secure? The answer is a term called “cryptography,” the basis of the term cryptocurrency.
You keep your money in your wallet since it has physical existence. But crypto is stored in online crypto-wallets.
The most common are Binance, Coinbase, and Kraken and others. You are given a long keyphrase when you create an account on these wallets.
You cannot lose that; otherwise, all your crypto will be inaccessible. It is entirely unique, like the password of your email or bank account PIN code.
God Forbid, If you lose your passcode, unfortunately, you will lose all your crypto investment.
But you can recover the email or bank acc passwords by proving your identity. Therefore, it is imperative, crucial, and vital to have your keyphrase with you when accessing your wallet.
It is usually a long passphrase containing at least 16 characters or words. You can custom create it, or the system makes one for you.
Crypto mining and how can you do it?
You can buy cryptocurrency by using various platforms. Another way of getting crypto is called mining. Now you will be thinking that what’s crypto mining?
You use your computer’s processing power to solve an algorithm of crypto online. It tries to balance the available currency online and gives you some of it in return.
In layman’s terms, you are converting your electricity to cryptocurrency. The most prominent miner of crypto in the world is China and china cryptocurrency is “Digital Yuan“
There are various powerhouses reserved for mining. However, it is not limited to China but also other parts of the world. A computer with a GPU is at least required for mining.
Cryptocurrency and Bitcoin go together, and you cannot talk about one without talking about the other. In Bitcoin mining, new coins are added to the blockchain by using this process, and the computers solving those complex computational problems are rewarded with some of them.
How to make money with Crypto
A typical and easy approach for you to earn in this field is buying or mining it and waiting for the right moment when the cryptocurrency list price is higher and sell it.
Cryptocurrency price depends upon the demand and mining cost.
Bitcoin, at its launch in 2009 it was work nothing. Then in 2010, it gained a little value around 0.003 USD. Since then, it has kept on rising exponentially.
Today, Bitcoin has a value of around 57,686 USD. It is, without a doubt, the fastest-growing coin. This is how you earn with cryptocurrency.
People who possess the ability to look ahead into the future are often surprised by the outcomes of their past investments.
We are not talking about palm reading, gazing at stars, and voodoo stuff. We are talking about the ability to feel what is coming in the following years by using logic and getting to know the latest trends around the globe.
Best Crypto to Buy
Cryptocurrency price shifts like sea wind. You have to be careful and always do your research. People who invested in Bitcoin have earned billions of dollars.
Bitcoin price once crossed 63 thousand dollars when it was being invested heavily. That was the time to invest in it and people earned a lot of money and became rich. But some people lost a lot of money as well.
But is it like gambling? Many folks may believe that, but I tend to differ for one reason that if you are well experienced and learned person in this field, you will always know the rise and fall of the prices and best cryptocurrency to buy at that time. Only through this way, your crypto investment will be safe.
But like the rise and fall of a kingdom, Crypto Bitcoin price fell heavily after reaching its prime of 63k USD. Right now, it is around 57 thousand USD.
Talk about cryptocurrency’s future? And what cryptocurrency to buy? Well, it seems bright right now. Maybe it is time for you to buy some Dogecoin since a genius like Elon Musk appears to be interested in it.
Watch out for Cons
You must know that good and bad split the world into two. There were a lot of fake cryptocurrencies launched in the past. People saw the opportunity and invested in them heavily, but in the end, they were conned.
There was a woman in 2016, and she told the world that she was going to launch the “Bitcoin Killer,” she called it “One Coin” and was heavily welcomed around the world. She claimed it would be the fastest-growing cryptocurrency in the coming days.
Billions of dollars were invested in that particular coin. Her name was Dr Ruja, and she disappeared after scamming the whole world.
The only good thing that came out of this is that the investors in crypto became careful and if you are planning to invest, first try to understand the crypto and its blockchain.
If investors of “One coin” were cautious, they would know that it had no blockchain. Try researching terms like cryptocurrency and blockchain.
Try to know about them as much as you can. However, do not risk your savings without fully understanding these terms.
Is the Crypto investment worth in 2023?
There might be very diplomatic views about crypto investment. The views depend on the research. The good the research, the more close the results will be.
In the end, I must say that there are many opportunities worth enough to make you rich. You can move with meme coins, NFT’s and others.
But make sure that you have researched well about that coin you are investing in. The coin should have a good team working behind and the coin.
First, satisfy yourself, then invest in this field as there is a lot of scope in 2023 and onwards.