Crypto currency and Blockchain technology
What is CryptoCurrency?
Ans: It is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions to control the creation of additional units and to verify the transfer of assets.
Cryptocurrency is the exotic investment on earth now.
So let me give a brief of cryptocurrency.
Cryptocurrency is a decentralised digital currency or money.
The paper money we are used to is called "fiat" money which I believe we all know. Before "fiat" mankind engaged in trade by barter. Sea shells (cowries), gold coins, oils, etc., were various forms of money that was used for exchange for goods and services in the past.
Paper money was originally created to solve the problem of carrying bulk gold coins about by merchants who move from place to place in the engagement of their businesses.
Paper money was introduced as a promissory note backed by gold, which implied that for every dollar bill that was printed there was an equivalent amount of gold backing it.
In 1971, President Richard Nixon suspended the backing of the dollar with gold. Hence, paper money failed to be a store of value, which is the true meaning of money.
In 2009, Satoshi Nakamoto invented the first Cryptocurrency called the bitcoin.
Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money.
Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks.
THE RISE OF BITCOIN
Bitcoin Price Rise June 2009 to April 2017.
• June 2009 1 BTC = 0.0001 USD
• June 2010 1 BTC = 0.07 USD
• June 2011 1 BTC = 15 USD
• June 2012 1 BTC = 7 USD
• June 2013 1 BTC = 100 USD
• June 2014 1 BTC = 600 USD
• June 2015 1 BTC = 220 USD
• June 2017 1 BTC = 2,600USD
• August 2017 1BTC = $3500USD
• September 2017 1BTC = $4,500 USD
October 2017 1 BTC = $8,000
But currently stands at $10,412. This brought about other digital currencies such as monero, ethereum, verge
Why own a bitcoin ?
Well bitcoin is a store of value and has great potentials of soaring higher than today in some few years down the lane. It would be to your advantage to at least own a fraction if not 1 bitcoin.
Why trade with your bitcoin ?
It is not enough to just buy and hold your coin and sell when it goes high. Just like money you can’t hold money and expect it to works for you. There are lots and lots of platforms where one can trade their coins and gain some more.
Now the issue here becomes which platform to trade on and I recommend the Titan trade club which has a very good and user friendly interface. It trades electronically with your coin and reward you with extra of that.