Promising technology or just another useless thing?
If you would like to know more about , it can be difficult to know where to begin and the concept of can feel overwhelmingly confusing.
This does not have to be the case, however, because millions of everyday folks, just like you, are discovering how incredible actually is.
In the past couple of years has taken the world by storm so we have compiled a beginner’s guide to everything you need to know about !
is essentially a digital or virtual currency. Think of it like a casino chip or even an arcade . Just like a real currency (i.e.. USD or Euro), lets you purchase goods and services. Most of the hype around , however, has been around them for profit (as they are unregulated currencies). This has caused speculators to drive the prices of sky high.
A works with the use of a technology by the name of . manages and records all transactions and can be accessed on any device since it is decentralized. A large part of the attraction is the tight security of technology.
There are many kinds of and, as at January 2018, there were a whopping 1,400 . Of course, there are probably now far more than 1,400 and they continue to grow exponentially with profits being made via the first coin offerings.
An example of just how has grown is the fact that, according to Report, ICOs made an astounding $1.38 billion in the last quarter of 2017. This makes their 2016 $100 million earnings pale in comparison. It should be noted, though, that this sort of profit making does not include the values of the initial , namely and .
So, what is ’s big drawing card and why are so many people singing its praises? Well, there are several reasons for this.
Firstly, traders seem to have the inside scoop and feel that will be the main currency in the future and are therefore rushing to buy the currency before it becomes too expensive.
Many folks also like the fact that when it comes to , they do not have to rely on banks to manage their money who often cause their money to decrease in value because of inflation. , on the other hand, are increasing in value.
Of course, the technology is seen as a highly secure management and transaction recording system and most feel that it is more secure than your traditional banking and payment system.
The anonymity when using is also another advantage because there is no government monitoring.
If you would like to buy , you will need a which is essentially an app that you download that will hold all your . There are many companies who sell and you will need to register your details (including banking details) with them before you can buy. If this does not sound appealing to you, you could always buy it indirectly through investors who have exchange-trade funds. This is very similar to buying shares or stocks and is heralded as one of the easiest ways to buy as all you need is a good broker.
In terms of legality, is 100% legal in the USA and many other countries. Unfortunately, it is illegal in .
Obviously, when buying or in , you will need to protect yourself (even though the technology is very safe and secure). When purchasing in an ICO, always remember to read the terms and conditions carefully and pay attention to the fine print. This can, unfortunately, be very time-consuming but it is definitely worth it in the long run. As a rule of thumb, the more detailed and relevant the fine print is, the more likely it is that the is the real deal and will perform well. However, this is not a sure fire way of knowing if it is 100% legitimate and sometimes it also takes a lot of savvy around the market.
You should ask yourself several questions regarding the ownership of the company and if the owner can be identified and has a good reputation. Try and find out if there are other well-regarded investors who are buying or investing in the company as this could be a good sign. Most importantly, decide if you would like only currency or or if you are interested in owning shares in the company. If you want to have shares, you will get a slice of the profits. Lastly, make sure you know whether or not the is solidly developed or if they simply need more investors to grow it. If the currency has a good reputation and has been around for some time, chances are that your risks are reduced.
Although, as mentioned, technology is regarded as very secure, there is still a risk of cybercrime. Hackers have been known to break into even the safest networks holding assets and, in 2014, a company had to declare bankruptcy after a massive theft of most of their currency. This is more the exception than the rule and it is always a good idea to consult with a well-reputed broker if you are uncertain.
To give you an idea of the amazing growth of over the past few years, take a look at the below data chart which shows its growth:
Published at Tue, 14 May 2019 19:39:14 +0000
