Cryptocurrency, something we have mostly all heard of in the last few years. Cryptocurrency is a growing force of currency, as it is easier to use than checks and dollar bills. 

What is Cryptocurrency?

Cryptocurrency is simple. People can open a Crypto Wallet, where they can store their cryptocurrency. After people open a Crypto Wallet, they can then buy a cryptocurrency using their real money, transferring through their account. After they have purchased their cryptocurrency, they can use it as a digital token for online purchases.

Think of cryptocurrency as if you are going to an arcade. At the arcade, you trade your money for quarters, which then allow you to use your quarters to play games, or as in the cryptocurrency world, buy things. Cryptocurrency be used for more than just buying things, it can also be traded and sold for both other cryptocurrency and real money.

There are over 6,700 different cryptocurrencies, though some sites only accept a few currencies, while others accept all currencies. Some shopping sites create their own cryptocurrency that can be used only on their site.

Is cryptocurrency safe? Maybe it is, maybe it isn’t. People sometimes fear cryptocurrency, as it could be data mining, but people also think it is safe because it allows them to use their money, along with millions of other people.

Some types of cryptocurrency can be untrustworthy and can sometimes be made for just a meme or a scam, such as Tubby Coin or Dogecoin. Years ago, hackers breached many Crypto Wallets and stole over 500 million dollars in Cryptocurrency. Having people rob a bank is less likely than people stealing Crypto Wallets.

While cryptocurrency may seem like a good idea, how companies make the coins is very bad for the environment, because they need to get certain materials for it to work properly.

What are the Best Currencies? 

According to Nerdwallet, these are the most popular cryptocurrencies and their market capitalization:

1. Bitcoin ($1.2 Trillion)
2. Ethereum ($263.4 Billion)
3. Binance Coin ($87 Billion)
4. XRP ($81.8 Billion)
5. Tether ($45.4 Billion)
6. Cardano ($44.7 Billion)
7. Polkadot ($39.3 Billion)
8. Uniswap ($18.8 Billion)
9. Litecoin ($18.1 Billion)

Why the Crypt?

Cryptocurrencies are becoming more popular every day. People believe that cryptocurrencies, like houses, will soon go up in price as they become more popular. Current owners can then sell their stocked up currency for higher prices to gain real money for their wealth.

Many people also believe in cryptocurrencies because it is the future of economics. They think that cryptocurrencies are more effective than credit cards, checks, and individual dollar bills, because you can manage your own money supply, not the banks. People also think that with online shopping becoming more popular with the rise of Amazon. With cryptocurrencies, they are more able to do online shopping.

NFT’s? All About the Latest Cryptocurrency:

This new cryptocurrency is unique. An NFT stands for “Non Fungible Token”. NFTs are pieces of media, such as a photo, video, song, recording and more that are auctioned off. When a person buys an NFT, it is now their own.

After buying an NFT, the buyer now has all the rights to the NFT and is the only one who owns it. All other copies online are deleted forever. NFT’s can be sold for tons of money, and people have started companies to sell their NFT’s. Recently, a viral YouTube video called “Charlie Bit my Finger” was converted to an NFT. The video was auctioned and bought for a whopping $760,000. 

Cryptocurrency and Today:

Cryptocurrency is becoming a viral new trend, though there are both pros and cons to the digital tokens. Those include safety concerns, between data mining, hacking, stealing, and more. Countries such as China have already banned the use of cryptocurrencies. 

The most popular Crypto Wallets include eToro, Coinbase, and Robinhood. Coinbase allows you to access over 50 different cryptocurrencies to buy and sell. Old guidelines allowed users under 13 to buy crypto with a parent’s consent, but new guidelines have pushed the age limit on Coinbase and other platforms to 18 years of age.

In the future, investing in cryptocurrency is your personal choice. However it turns out in the future, it is still estimated to evolve. Based on recent stocks, here is my forecast on cryptocurrency stocks:

Ethereum: Up

Cardano: Up

Bitcoin: Down

Uniswap: Up

XRP: Down

Binance Coin: Up

Tether: Down

Polkadot: Up

Litecoin: Down

Written by Henry Bankowski