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Despite the fact that Ethereum and Bitcoin have nearly dominated the headlines with regards to cryptocurrency investment, still there are roughly 1500 crypto-assets that are in circulation. And believe it or not, this figure keeps piling up as the day passes by.

With the immense popularity that it has today, using these digital currencies to buy and sell goods and services have become possible.

So don’t be surprised if you can use it for paying mortgage on lainaa netistä or when shopping products over the web.

Every cryptocurrency has a minute difference in its function and make-up. This is exactly what we are going to know in this article.

Bitcoin

This has become a household name for cryptocurrency. At the moment, there are more than 16.8 million tokens that are in circulation against the current capped limit of 21 million. Its market capitalization significantly varies on a day to day basis but it hits a record high of over 200 billion dollars.

Bitcoin cash

This was first launched in the summer of 2017 which was an offshoot of original Bitcoin. Yet, it was able to climb the sky and become among the hottest and most traded cryptocurrency in the market.

Litecoin

This is otherwise known as little brother of Bitcoin. Litecoin has a strong resemblance with its older sibling. However, this has faster transactional speed and at the same time, with a higher token limit of 84 million. The mining process on the other hand is memory intensive and the market cap is about 1/20^th the size of Bitcoin.

Dogecoin

You can easily recognize the image of this cryptocurrency from the dog Shiba Inu which was derived from the “Doge” meme on the internet. It was introduced initially as a parody but it was so hot that it had its own community. At the beginning of 2018, Dogecoin has a market capitalization of 2 billion dollars.

Ethereum

This cryptocurrency has been labeled as a decentralized app provider. It was developed originally as “world computer” super network with the goal of eliminating third-party companies in app creation.

Applications that are made on Ethereum are on distributed public platform wherein miners can get “ether” that fuels the network.

Cryptocurrency is getting its fair share of popularity and market interests. Today, there are increasing number of businesses and companies that are accepting cryptocurrencies as another method of payment. With trial and error as well as deeper knowledge in such, it gives investors confidence like WOT Asia and several other private institutions to use and navigate through cryptocurrency market.

A Start of New Era

Both blockchain empowered solutions and blockchain technology itself are now revolutionizing value exchange mechanism. In traditional methods of performing financial operations and government issued currencies that are backed by financial institutions similar to banks, this is literally a big hurdle they have to overtake. It isn’t longer possible to minimize or disregard the existence of cryptocurrency. This is true now that it is quite popular in people around the world.

But the question is…

What are the possible impacts of cryptocurrencies on global economy?

Let me give you a couple of points to ponder

Challenging the Dollar

US Dollar is the leading and dominant currency for quite some time. Also, it is the reserve currency of world’s economy. This is integral in centralization of global market. With this in mind, the world is sure to experience its wrath when a negative development transpires in US financial market.

Crypcurrencies like Bitcoin, Ethereum, Ripple and the likes are decentralizing financial transactions. It’s not reliant on US Dollar or any other currency for that matter. With the continuous growth in adopting cryptocurrencies, global market might no longer have to depend heavily on US dollar. This is going to change the landscape of foreign relations, most specifically, how we do financial trade. Furthermore, if other governments jumped into cryptocurrency market, it may potentially weaken the influence of US in the world.

Risk to National Currencies

Monetary policy of a given state is given thorough consideration. It’s not really a surprise for this has big impact on currency exchanges, rates of interests as well as money supplies. This additionally has an effect on several other things similar to the unemployment and inflation rate.

Values for cryptocurrencies aren’t tied to national currencies. At the same time, there’s no body of government that is overseeing it. Therefore, it’s safe to say that cryptocurrency is free from monopoly or control. If people begin to rely on cryptocurrencies than on national currencies, then this will cripple various countries as well as their economy. Arguably, this may put the economic independence of countries in question.

A Possible Solution

With these potential threats, government-backed cryptocurrencies may become possible in near distant future. Countries might opt to create cryptocurrency of its own in developing autonomy from world’s financial system.

You might have not known much about blockchain technology or cryptocurrencies but you sure do heard about Bitcoins. Bitcoin is a cryptocurrency that was founded back in 2009 and served as the basis for all cryptocurrencies globally. This is the first and at the same time, biggest cryptocurrency with a value reaching over 3,000 dollars.

With so much buzz and hype revolving around Bitcoin, there are a lot of people who do whatever it takes to get their hands on it.

This is true even if it mean them to take a bad credit loan.

Given the fact that it’s the very first digital currency ever introduced, it brought drastic change in the interest of various organizations, investors and companies. It’s open to everyone and a decentralized digital currency to which can be utilized for various purposes be it trading, selling or buying goods and services. If you too are like everyone else who want to tap the power of Bitcoin and make a fortune out of it, then I suggest that you keep on reading.

Bitcoin Investment 101

First and foremost before being too excited to have Bitcoins, you must secure a digital wallet. This stores your Bitcoin or any cryptocurrency you want to have. It uses a secret number and private key to have access to your Bitcoin. It’s more like an encryption tool.

There are two kinds of digital wallets:

• Software Wallets – these are applications that can be linked to your bank account.
• Hardware Wallets – these wallets store private keys on a hardware device, hence the name. It can be anything like a hard drive or a USB device.

Now You are Ready

After buying Bitcoin, you also need to exchange a fiat currency. Thus, after setting up a digital wallet and the payment method as well, that’s the only time when you’ll be ready to buy and exchange Bitcoins.

Now to the real question, is Bitcoin a viable investment? Definitely! Everyone is aware of it and being a decentralized currency, it only means that there’s no central authority is controlling it. No banks or governments can stop your payment or close your account. It’s an assurance that Bitcoin will live long and this is going to change the landscape of how we are doing business.