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Everyone has heard how Bitcoin and other crypto currencies have made millionaires of those that bought as recently as per year ago. Gains of 1,000% or even more aren't just possible, they have been common place with many of these crypto currencies. An individual who bought Bitcoin in May 2016 at less than $500, would have had a gain of 1,400% in about 17 months. Then in the last few days, we saw Bitcoin lose almost $1,000, so to say these crypto currencies are volatile would have been a massive understatement. crypto prices
Considering that the inception of Bitcoin in 2008, we at Trend News have now been skeptical of crypto currencies' power to survive, given they present a very clear threat to governments who wish to see and tax all transactions. But while we might still be cautious on the actual crypto currencies, we're very aware of the potential of the underlying technology that powers these electronic currencies. In reality, we believe this technology is a significant disruptor in how data is managed, and that it will impact every sector of the global economy, similar to how the net impacted media.
Here are a few questions & answers to get us started...
Q: What are Crypto Currencies?
Probably the most well-known crypto currency (CC) is BITCOIN. It had been the initial CC, started in 2008. Today there are many than 800 CC's, including Ethereum, Litecoin, Dash, Zcash, Ripple, Monero, and they're all "virtual" ;.There are no "physical" coins or currency.
Q: How can CC's work?
CC's are virtual currencies that exist in huge distributed databases. These databases use BLOCKCHAIN technology. Because each Blockchain database is widely distributed, it is thought to be immune to hacking, as there is no central point of attack and every transaction can be viewed to everyone on the network. Each CC has a small grouping of administrators, often called "miners", who validate transactions. One CC called Ethereum uses "smart contracts" to validate transactions. Crypto TREND will give you additional information in upcoming news publications.
Q: What's BLOCKCHAIN?
Blockchain is the technology that underpins all CC's. Each transaction for the purchase, sale, or exchange of CC's is entered into a BLOCK that is included with the chain. This technology is complex and will not be explained here, but it gets the potential to revolutionize the financial services industry, as transactions could be executed quickly and easily, reducing or eliminating fees. The technology can be being examined for applications in many other industries.
Q: Are CC Exchanges regulated by government?
For the absolute most part, the clear answer is NO, which, for a few users, is just a big attractions with this market. It is the "wild west" right now, but governments generally in most developed countries are examining this market to decide what regulation might be needed. A big decision is whether to take care of CC's as a currency or perhaps a commodity / security. Canada and USA have to date declared that CC's are legal, however the specific situation remains fluid for reporting and tax implications. Crypto TREND is going to be following and reporting on these developments.
Q: How can I invest in this market?
You can purchase, sell, and exchange CC's utilizing the services of specialized "Exchanges" that act as a brokerage. You start by selecting an Exchange, establishing an account, and transferring fiat currency into your account. You can then place your BUY and SELL CC orders. There are lots of exchanges across the world. Opening an account is fairly simple and these exchanges all have their very own rules about initial funding and withdrawals.
Crypto TREND is going to be recommending CC Exchanges in future.
Q: Where do I keep my CC?
To really have the freedom to maneuver your crypto currencies around, and to pay bills, you will have to have a digital wallet. These wallets come in several formats, such as for example desktop, cloud based, hardware (USB), mobile phone, and paper. Most of them are FREE, however, security is just a big factor as no one ever wants to lose their wallet or have it stolen. Crypto TREND is going to be recommending digital wallets in future.
Q: What can I really do with my CC?
In addition to purchasing CC products, you may also use crypto currency for a few financial transactions, such as for example money transfers and paying bills. The set of companies accepting crypto currency keeps growing fast, and includes big hitters like Microsoft, GAP, JC Penny, Expedia, Shopify, Bloomberg.com, Dish Network, Zynga, Subway, and WordPress.
Q: What's next?
Even as we start off, we can keep each of the Crypto TREND articles short and keep consitently the scope of every one as narrow as possible. Even as we noted earlier, we believe that the crypto currency technology is a game changer and potential investment opportunities such as this come by a few times in a lifetime. Make no mistake, early purchasing this sector is going to be just for your most speculative capital, money as you are able to afford to lose. crypto prices
Even although you aren't planning to invest at the moment, gaining an early on understanding of this new disruptive technology will put you in an advantageous position to make money from our recommendations even as we move forward.
Expect you'll see more news and specific recommendations from Crypto TREND even as we start this journey into what might appear to become a foreign jungle at first. This can be a volatile market and may not appeal to any or all investors, however, Crypto TREND is going to be your guide if and when you are ready. crypto prices
