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Summary On Crypto

So we’ve covered a range of topics over the span of four blogs, I think its safe to say if you’ve stuck around long enough that you are at least better off on the knowledge side of things on crypto. The main takeaway from my vlogs so far is: Cryptocurrency is ever-growing. It's never too late to jump on and try it out for yourself. As the first blog shows that the market has the opportunity to expand into legal tender and thus grow in value for those that own coins. Crypto is not a perfect system. Like all systems made by people, crypto has faults but it's up to you to decide on whether they go against your moral judgment or whether you think it best to change the system as an insider. The negatives may include things such as high carbon emissions, high volatility, and potential black market activity. How it's made. It's pretty complicated but the gist of it is that a bunch of smart people end up solving problems in order to unlock crypto tokens while also process...
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Bitcoin and El Salvador; two sides of the same coin (An Introduction to Crypto Currency)

When discussing cryptocurrency people tend to fall into a rabbit hole, where everyone knows about it but not a lot of people know what it is and why it is. This is because crypto has become all the rage especially with gen z and millennials all in a bid to get rich quick or make a lucky investment. It's not surprising why bitcoin has generated such huge attention though as it has a market cap similar to large companies like that of Disney and Apple.

Cryptocurrency as the name suggests uses encryption known as cryptography that is used on digital assets to make them virtually free from counterfeiting and makes the network they are hosted on secure. This network is then dispersed across a vast quantity of Pcs, making it decentralised and thus effectively free from government and bank manipulation. 

Why everyone of all ages should familiarise themselves with the crypto market is probably to do with a coin called bitcoin. Bitcoin is not only the front runner of the crypto market but has also made the news recently for becoming the first and only virtual coin to become a sovereign UN member nations legal tender. Bitcoin like many other coins has been gathering hate from naysayers for its high volatility when it comes to value, which is somewhat true as it dropped as low as £8,600 and now is back to £41,000. But despite all of this it has still become the currency for El-Salvador, a country that also has a volatile economy. 

This adoption is due to their economy depending heavily on remittances from abroad. This move theoretically allows El Salvador to alleviate some of the problems caused by this as there are high transaction fees for remittance. The move might also spur more countries in similar predicaments to adopt bitcoin in the far future, thus adding even more value to bitcoin and the cryptocurrency market. 

 

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