Cryptocurrency review stability and investment aspects
They can be used for buying goods and services
They can be used by merchants to facilitate transactions
They can be traded to a broader community
They can help raise capital
They can be used to store a value that would otherwise be
lost due to inflation
They can help mitigate uncertainty
I will discuss in brief some characteristics of
stablecoins, mainly on two topics; whether it is appropriate to invest in
cryptocurrencies and how we should always decide if we are able to buy them.
Stablecoins can be divided into several categories:
MEME — these are based upon Ethereum, Litecoin, BUSD
1x-1 ETHS
2x-2 ETHS
1x-1 BTC
2x-2 BTC
2x-1 GYTHU
2x-1 LTC
2x-1 DOGECOIN
2x-1 EOS
2x-1 AUM
2x-1 TRX
2x-2 XRP
2x-1 USDT
2x-1 DOGE
2x-1 BLU
2x-1 NEO
2x-1 KCS
2x-1 LINK
2x-1 BNB/USD
2x-1 XRP
Most of these coins are similar in nature — some of them
are also hybrid currencies. For example, 1x-1 ETH is the same asset and can be
used for transacting multiple times in different cryptocurrencies. On the other
hand, 2x-2 ETH is different from 1x-1 ETH. It is used in Ethereum alone, but can
be used in other cryptocurrencies, so it can be done in 0x1 ETH or any altcoin.
(These names refer to specific assets, and may change over time). An ERC-20
token corresponds to a transferable account on the protocol layer in Ethereum,
one way for transferring funds between accounts is through the native wallet
function. Bitcoin has been an essential part of every major smart contract on
the internet at the beginning, including blockchain applications. There, the
original bitcoin was used as a payment mechanism, so it was used as one of the
main tokens in the network when it started. Before bitcoin, it was used as digital gold in the Proof of Work consensus. After Bitcoin, it became the most
popular use of the platform. Bitcoin is now used mostly as a form of payment
for online transactions. Other cryptocurrencies became also a means of exchange
for users. In general, the popularity of cryptocurrencies has increased greatly
in recent years. More than ever, they are also being used in various areas,
including:
1. Cash — cryptocurrency payments are becoming very
common.
2. Platforms — with platforms such as Gemini, there is a
growing interest in decentralized finance. By connecting different parties,
they are making new financial products.
3. Payment methods — PayPal and Stripe are examples of
companies that have begun providing cryptocurrency transactions on mobile
phones. Companies like Apple and Google want to start accepting
cryptocurrencies and allow users to pay using Bitcoins instead of cash.
4. Insurance — more and more insurance companies recognize
a huge opportunity, and want to adopt cryptocurrencies. With such things as
cover, car, and health insurance, it makes sense to think about adding an option
to your savings account. So far, only small companies that specialize in
insurance and cryptocurrencies have established themselves and they are
creating new ones. Moreover, more and more banks are looking at investing in
cryptocurrencies. Many banks and fintech companies like Bank of America or
Square would not hesitate in doing so. They have made it possible to set up new
accounts and send money as a matter of principle. But some small investors are
still afraid of investing in real cryptocurrencies. We can see the trend, the
number of investments, the prices, and everything else. In 2018, nearly 40% of
all people were involved in the crypto economy.
Nowadays, almost everyone knows who Ripple and Litecoin
are, some know about Dash and others can even have heard about Bitcoin. Even if
you do not know what is Bitcoin, let us just say here that nobody wants to
get in it without knowing much about it. Yes, Bitcoin is extremely volatile,
yes, many people can lose in it, but everybody wants to manage his own
portfolio. How can we manage our portfolio? Well, by storing it in the largest
secure wallet service available. So that the number of cryptocurrencies we hold
can never be overestimated at the moment and no one can keep track of the total
number of Bitcoins we have. Most importantly, we can make sure that each
individual account belongs to us and cannot be hacked by outsiders. You can
easily add cryptocurrencies to your bank account. If you need to sell them, you
can do that within minutes. When it comes to purchasing any kind of crypto or
other assets, the company is always ready to handle this in advance. To sum up,
by having our own wallet we are able to have control over our investments, even
if we do not want to share our personal data with any third party. I think that
is the best thing, having a trusted advisor who is always looking at your
accounts to understand what you are doing. Then he provides suggestions and
recommendations for us on what we should do next, and how we should manage our
portfolios better. Finally, if you ask me, I prefer to have my own fund, and
stay away from unnecessary advice. In my own accounts, I like to control every
step of the process, to have absolute control over my coins. That is the reason I
am in favor of safe wallets. No matter if they can be difficult to open and
even to verify their ownership, it does not matter as long as you have full
control over them. Do you remember the name of the man in Harry Potter, who had
unlimited knowledge of all wizardry and was supposed to protect us against
evil? He managed to accomplish this without using magic, but with the ability
to control access and access over our precious coins. Let’s compare this with
how powerful a single person or a company can be. Imagine you can send bitcoins
to anyone you want, you choose which banks to send money to, you can buy
anything, you can create whatever you want, and you can do business with whoever
you want. I believe in the power of technology to simplify and improve lives
and not take over the world. These days, we have enough ways to perform complex
operations without human intervention. Technology will continue to develop to
support us. Now, thanks to our Internet, computers, smartphones, and tablets,
we are able to be closer to anyone and anywhere.
That is exactly why I prefer safe wallets. At the end of
2019, I created my “safe wallet”, and I have already managed to save $1,500.00. The
amount I saved was very small compared to what I had saved in my bank account.
This time I want to be able to store thousands of dollars without fear of
losing money. Now let me tell you about myself. I am 25 years old and I came to
New York to work as an information specialist at Sky. One day I got a chance to
meet a guy named Chris in her apartment, she told me about the possibility of
getting bitcoins from a friend of mine. She said our friend was an acquaintance
of hers and wanted to trade up for something. She also told me that people like
to trade and spend bitcoins in public places like coffee shops. This was very
cool at the time since I thought it could be fun. Later on, I read that people
with a certain Bitcoin address can withdraw the coins or send the coins to another address. I thought it was awesome for trading. People didn’t know
then, but we have already become the holders of thousands of Bitcoins. Today,
we can pay out 10 thousand dollars in less than ten seconds and we are aware of
our deposits made at the point of sales in big stores. There are a lot of
people now who use their devices to purchase items at the register and spend bitcoins
for themselves during the night. Thanks to internet users, they are able to
earn passive income while they sleep. People have also invested billions to
build their own private marketplaces, where they have to deal with other people
rather than dealing with banks. Our future is going to become completely
connected with the internet and the Bitcoin economy. Our life is going to
become totally independent and free from human interference. I can assure you
that a single person or a large corporation has the right to decide if we can
have our coins. Until the next generation of technological advances come
around, I think we cannot deny the fact that we belong to it.
It was clear that Bitcoin is really the king of the
Blockchain Market. I don’t even think that in the near future there will be another great crypto like Litecoin or Ethash. Nobody knows what is going to
happen next. What one person thinks about another is impossible until we enter
a whole new stage of evolution. The biggest question remains the same – who
will control the money we keep in our pockets and who will control it? Will
someone like Elon Musk manage Tesla on its own or another person
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