CRYPTO – WORLD FOR RISKTAKERS

Crypto – World for risktakers

Cryptocurrencies, the word which is in lime light these days. Many of us are must be aware of this terms or must have heard about the term Bitcoin. Bitcoin is the mother of all crypto currencies because it has started a new era where we can send the money from any corner of the world to another corner in few minutes.

Background

Bitcoin has started in 2009 with a motive of removing any middlemen in the financial transaction and to make any financial transaction with fast access and without disclosing self details. It was evolved to solve the hurdles of the banking systems which are faced by us during making any financial transaction especially foreign currency transactions, problems such as high time requirement, high bank chrges, fake currency problem, chances of leak of financial details, problem in case of bank insolvency and many tedious bank formalities involved in the forex transactions. Bitcoin was evolved on blockchian technology which runs over the decentralized algorithms which can not be manipulated during the transmission. Algorithms which are decentralized and not owned by any one so it results in privacy as well as  fast transactions. Transferring Bitcoin is so much fast so that you can transfer money through bitcoin from any part of the world to another part what you need is just receiver’s bitcoin address and he will receive the money in few minutes.

But currently most of the people buying it for the investment purpose because in the recent past it has given a huge jump in the price as well as volume. Many of the bitcoin holders have become millionaire in a short span of time. You can guess its craze by this fact that it has moved from USD100 to USD19000 in few months in the year 2017 and most of the experts are determining it to be going up in such a manner so that it will break all the previous highs. This volatility of the price is due to its unregulated status as it is not regulated by any country or any government and this is the most critical thing about this phenomenon which makes it most dangerous as well as beautiful.

ALTCOINS

Altcoins are other crypto currencies which runs on the same platform or the other platforms like the bitcoin based on the blockchain technology. All these coins are quite similer in nature to the bitcoin but different in feature. There many altcoins are available in the open market like Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, IOTA, Neo and hundreds of other and growing every hour. All you can find on https://coinmarketcap.com/

MINING

Mining is the process of solving the blockchain algorithms to succeed the crypto transactions. When any one of us initiates any blockchian transaction like transferring of bitcoin/altcoin from one source to the destination address it goes through the blockchain algorithms which are solved by the miners who solves the said algorithms and get some amount of bitcoin in return as reward. Now many of the individuals as well as the companies are getting involved in the mining projects which are setting up the mining rigs for mining of the cypto currencies. This is an interesting business activity for those who are technology savvy and having expert level understanding of the blockchain technologies.

EXCHANGES

All the said crypto currencies are now can easily be bought at crypto currency exchanges where said crypto-coins are freely traded and every hour a new coin is coming in the market now a days. There are many crypto exchanges are available online such as https://www.bitfinex.com, https://www.okex.com, https://www.binance.com/, https://poloniex.com, https://www.cryptopia.co.nz/ and many more. You just need to create an account over these exchanges and you can start trading / inveting in the coins. These exchanges works as similar to the stock exchanges.

INVESTMENT OPTIONS

Due to hype in the market Mny of us are using it as an investment option to become overnight millionaire as many coins raises 1000% in a single day due to decentralized and unregulated system which also attracts high risk also for loosing the invested money.

Now a days a new option of investing is also evolving like ICO (initial coin offering) which is very much similar to the IPO in the share markets. If you take part in a good ICO which is based on a good project and idea, your investment can be multiple after listing of the said coin on exchanges 20x, 50x, 100x. When there is chances of multiple returns from a good ICO on the contrary there are chances of loosing everything which is invested in fake company’s ICO.

LEGAL/ILLEGAL

There are some countries where these crypto thing is legal and in some it is illegal but most of the countries has not cleared its stand over the legality of the crypto assets.

CONCLUSION

From the hype in the market, It is very well evident that the crypto currencies are the future of the banking and financial transactions. And if have the capability to take a huge risk with chances of loosing all your investment in a single day then you have the chances of getting you assets multiplied manifold overnight. Which can help us in a great way if it is monitored by the financial regulators of the world.