Cryptocurrencies: Dawn of a new economy
Cryptocurrencies have gotten that much success that its inventor, Satoshi Nakamoto, didn‘t dare to dream of it. It is due to its revolutionary properties. As pioneer of digital cryptocurrency, Bitcoin had something that provoked enthusiasm and fascination, while every other attempt to create a digital cash system didn‘t attract a critical mass of users. Sometimes it feels more like typical religion matters than modern technology.
Cryptocurrencies are actually digital gold that are available online and can be mine through computers. It is a money that is secure from political influence. It is money that promises to preserve and increase its actual value over time. Cryptocurrencies are fastest way to send and receive your payments worldwide. The payments are private and anonymous enough to serve as a means of payment for black markets and any other outlawed economic activity. Due to its fastest transaction and less fee, several merchants now use cryptocurrencies to get payment. This thing made it dawn of economies.
Bitcoin among Cryptocurrencies
But while cryptocurrencies are more used for payment, its use as a means of speculation and a store of value dwarfs the payment aspects. Cryptocurrencies gave new ways to an incredibly dynamic, fast-growing market that attracts investors and speculators. Coin exchanges like Okcoin, poloniex or binance enables traders to trade hundreds of alt coins. Their daily trade volume is exceeding day by day if do comparison with major European stock exchanges.
At the same time, the praxis of Initial Coin Distribution (ICO), mostly facilitated by Ethereum‘s smart contracts, gave live to incredibly successful crowdfunding projects, in which often an idea is enough to collect millions of dollars. In the case of “The DAO” it has been more than 150 million dollars.
It is a rich ecosystem of coins and token, that has a lot of volatility. In crypto market it is common that a coin gains 10 percent a day – while sometimes it exceeds to 100 percent a day. Depends upon the market buying and selling pressure and correction of market. Just to lose the same at the next day. If you are lucky and good analyst of market, your coin‘s value can grow up to 1000 percent within one or two weeks.
Bitcoin is a coin that remains by far the most famous cryptocurrency. It is most famous from other cryptocurrencies have zero non-speculative impact, investors and users should keep an eye on several other (alt coins) cryptocurrencies.
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