3 THINGS TO KNOW ABOUT CRYPTO
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You’ve likely heard of Bitcoin, but did you know that it’s not the only kind of cryptocurrency out there? There are various types of these digital "currencies," and while Bitcoin’s prices are rising, there may be some others your want to buy into. Moreover, there are some points to store in mind before buying into these fundings, because while they appear to be a “sure thing,” it doesn’t take long for someone to lose millions of dollars thanks to their capricious change. Here’s some information to know before purchasing.
•YOU CAN SELL AND BUY ANYTIME, ANYWHERE
Unlike the wares(stock) market, which is only open during business hours Monday-Friday, cryptocurrencies can be traded at anytime of the day or night, which makes them delightful to investors. If you see the price of Ethereum whirling overnight, you can buy it right then. However, with the wares(stock) market, it’s not as easy to buy during off hours.
This also works for unceremonious purchases, because cryptocurrencies are ubiquitous(universal). Instead of having to change Euros into US dollars, you can simply pay with whatever crypto is accepted where you are.
This means that whether you’re sitting on a vacation or at your desk, it’s simple to make a quick transaction.
•CRYPTOCURRENCY IS UNREGULATED
This is where cryptocurrencies start to get a little risky, literally. Investments are typically backed by something of importance. Cash is (technically) backed by gold, wares(stock) are backed by companies, but cryptocurrencies importance are tyrannize(dictate) by their request. Because of this, there’s no certainty(security) that an investment’s value will be kept(retained).
However, cryptocurrencies do provide an intrinsic importance that people see as worthy enough to go ahead and invest their hard-earned money. This importance is the belief that we are moving to a more digital world, and deal(transaction) made with cryptocurrencies can be made relatively unspecified (depending on the purchase plan on which they’re used). Additionally, the universal nature of using cryptos for international transactions is another intrinsic value cryptos offer.
•THERE'S A FINITE AMOUNT OF COINS AVAILABLE
Another reason some people trust cryptocurrencies more than actual currency(Dollar,Euros,Pounds) is because there’s a finite amount of them available, whereas money can just printed for economic and aggrandizement(inflation) purposes.
There will only ever be 21 million Bitcoin in circulation. They’re set to release on the blockchain at a fixed date, and once they're all mined, that’s all of the Bitcoin that’s obtainable. What happens to the importance from there on out is a point of supposition, but the point is that cryptocurrencies likely won’t be subject to aggrandizement the way that traditional cash is, and some investors find comfort in this concept.
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