Cryptocurrency stands poised to take over the world, yet so few truly understand what it is and how it functions. With some experts claiming that crypto possesses the power to become bigger than the internet, it's time for everyone to pay serious attention. The future is here—and it's crypto.
No longer are the days that people are asking, "Is Facebook coming out with a cryptocurrency?" On June 17, 2019, Facebook announced its newest product, exactly that (a cryptocurrency), which they are planning to launch in 2020. The company seems to be constantly expanding. They were even called out recently by prior co-owner Chris Hughes, who stated that he thinks Facebook should break up its monopoly. He believes that the social media giant should be government regulated. However, Facebook seems to disagree, as it continues to expand in every possible way.
Almost 12 years after Satoshi Nakamoto announced having developed, "A Peer-to-Peer Electronic Cash System," his unintended creation, the Bitcoin, reached a record high of $19,783.
Even though Facebook is a social media platform with a massive amount of users, to the point that their sign-in functionality feels like it's available on just about every website you want to register on, its popularity is definitely dwindling. While it's still a fine platform for sharing photos and chatting with old friends, people are looking at Facebook a lot more skeptically now.
You love Bitcoin. I love Bitcoin. We all should, in theory, love Bitcoin and blockchain technology—but we don't. Only 6 percent of the population invests in cryptocurrency at all, and even fewer are deeply active in blockchain.
Once in a blue moon, you'll hear about things that were invented on a whim that became incredibly important later on. It's rare, but it happens—and when it does, it makes the world wonder how things came to be.
If you've invested in digital currency, congrats. You are one of the six percent of people who have jumped on the Bitcoin bus and started to see good returns for doing so. Most of us who have looked into blockchain technology love our blockchain portfolios—and that's great.
If there's one thing that cryptocurrency users love, it's the opportunity to mine cryptocurrency with ease. I mean, think about it. When you mine cryptocurrency, you're pretty much getting cryptocurrency for very little work.
Bitcoin mining is so 2018, isn't it? After Bitcoin's value burst, the ability to turn a profit from Bitcoin mining started to shrink. In fact, if you listen to many experts, Bitcoin mining is no longer profitable for independent miners.
The final month of 2017 saw the value of Ripple rise from $0.25 to $3.75— that’s a 1,400 percent price increase in one month.
In the age where digital technology has come to operate much of the infrastructure of global communications and commerce, many people are looking to find ways of furthering the role and importance of this progress by digitizing more aspects of life. With many people and institutions becoming skeptical and fearful of the American dollar and other forms of hard currency, the impulse to create new digital forms of currency has been strong. In this new field of exchange, known as cryptocurrency, the money of a system exists and is traded digitally without a physical representation. The most influential forces in the cryptocurrency market include Bitcoin, Ethereum, and Ripple. If you have only heard of Bitcoin, chances are you haven't thought much about this rising industry, as there are ample cryptocurrencies to consider buying over Bitcoin if you already missed out. Though held with skepticism by many, certain countries and financial institutions have begun to recognize certain digital currency, an important step in the development of these systems. While the average person is inclined to think of investing in Bitcoin when thinking of cryptocurrencies, it is important to note that not all fiat currencies and cryptocurrencies are the same, for a variety of reasons. For instance, one of the fastest expanding currency networks is Ripple, which is operated quite differently than Bitcoin, Ethereum, and others in the field. Below are some reasons that Ripple is different from other cryptocurrencies.
Cryptocurrencies like Bitcoin and Ethereum hold great potential for the future of the economy. Unfortunately, just like every other new technology, the blockchain technology used to support these decentralized currencies is also used by some for nefarious purposes, so you should be aware of the some of the cryptocurrency scandals that have left people in the red. In particular, there are several surprising stories of Bitcoin wallets and other cryptocurrencies that were proven to be scams, allowing for the idea that there are signs you shouldn't invest in crypto. Here are some of the scams we know about.