Money is a unique means of payment for receiving or giving goods or services. Everyone wants to have money. Not so long in the past it was difficult to imagine the banknote would have its own virtual alternative; it does today. This is logical because people have used paper money as a means of payment for ages. It is now a reality in this second-by-second, minute-by-minute developing world. Those alternatives come in the form of cryptocurrencies. People who don't even have a clue about them have heard of bitcoin at least once. It is considered the giant and the leader in this digital currency system, although it is not the first crypto. Few know that David Chaum's company DigiCash created the first cryptocurrency eCash in 1990.
Today, it is a fact that these virtual coins have their values. In January 2017, the value of 1 Bitcoin was still $1,000, but in its history it even crossed the limit of $65,000, reaching $68,000. Although 2022 brought it to a relatively lower value, millions of people still have high hopes for it and other cryptocurrencies, and many are convinced that this is, most likely, the future as a means of payment.
From where to start in the world of crypto?
There are exchanges that only deal with the purchase and sale of cryptocurrencies; choose one, register there, transfer money via bank transfer or bank card, and buy bitcoin at the current exchange rate. Here is the fact that Boomchange is one of the few exchanges that can help you with this without registration and with the lowest fees. Then comes the problem of retention. It is possible to keep it on the exchange itself, but it is recommended to keep it in dedicated wallets. Perhaps the best advice for beginners is that if you have money saved and want to invest in this, after buying it, it is advisable to keep it in your virtual wallet and forget about it for a long time.
What is crypto mining and how to earn money with this?
Mining, can be said, is the production, that is exuded digital currency by special equipment. It is worth mining bitcoins on your own. The only issue with this process is the price and quality of electricity in the world. In countries where these are not a problem, it is very convenient. Another difficulty is storing and maintaining the mining equipment. They can spoil from any small thing because they are made in China. But it is much more difficult to buy them, because they are in such high demand now, factories simply cannot produce them.
Why bitcoin drop in 2022 (ups and downs) ?
One of the most important reasons for the sharp fall in BTC, analysts say, is that the influx of fresh money has stopped. The sharp increase in the value of Bitcoin is due to the interest and demand for it. And its potential is endless, because the number of bitcoins is limited to 21 million. And that number, according to many, will be reached no earlier than 2041. If demand increases, supply will not change. The experience of recent months shows that every 3 months there is a sharp drop of up to 30%; this time even more up to 50%. But then the value of bitcoin recovers very quickly and sets new records. According to many, a sharp drop in the exchange rate is simply an opportunity to acquire bitcoin at a cheaper price. There is a risk of losing money in all financial transactions, but you don't have to panic at every drop. So in this matter, you should buy and not nervously follow the price fluctuations every minute.
The main alternatives to bitcoin
A successful alternative to Bitcoin, first of all, is Ethereum, which is the second most valuable. There is Bitcoin Cash separate from Bitcoin. Ripple, Dash, Litecoin, Solana, and Cardano are also very interesting. These are also close to Bitcoin in terms of percentage growth. So it makes sense to pay attention to those as well.
Before entering the world of this virtual money, it is good to remember our slogan. That is, with us you can easily exchange any cryptocurrency, but whether you do it or not is up to you. In other words, before taking any action, we urge you to study additional sources and do your research several times.
Interesting facts about cryptocurrency
- The creator of Bitcoin, the world's first cryptocurrency, remains a mystery.
According to popular opinion the founder of the cryptocurrency is Satoshi Nakamoto. This is how an anonymous developer called himself, who wrote the protocols for a fundamentally new currency in 2008, which he himself called Bitcoin. 2009 was the starting point for the extraction of the first digital coins. The idea of cryptocurrency arose thanks to the development of a cashless transfer system. The key task of the creator of Bitcoin was to develop a technology that enables transparent and, at the same time, anonymous payments via the Internet. The difficulty was to keep the information about the payer and the recipient confidential, but to allow the payment data to be presented to third parties. Basic anti-fraud algorithms were developed long before the appearance of the first Bitcoin. It is worth saying Scratch Szabo, who worked on the Bit Gold decentralized money related framework venture. Sometimes it is he who is assigned authorship when discussing who created bitcoin. But the programmer himself denies this. He was as it were the primary to undertake a comparative innovation, and in his surprise unsuccessfully.
- 20% of existing bitcoins are stored in wallets whose owners do not have access to them
According to Chainalysis, an analytical company that studies blockchain technology, there are now more than 19 million bitcoins in the world. However, 20% of them are in lost or blocked wallets. It's about $145 billion in the first half of 2022. According to The New York Times, many people became owners of cryptocurrency ten years ago, when bitcoin first appeared and was worth nothing.
What are differences?
Between electronic cryptocurrency and ordinary money are many distinctions a few listed below:
- In order for ordinary money to appear on the account in electronic form, it must first be physically deposited into the account, for example, through a bank or payment terminal.
- Cryptocurrency is issued directly on the Web and is in no way associated with any conventional currency, or with any state monetary system.
- Cryptocurrencies offer something that usual money cannot offer at this very moment: anyone, anywhere can use and receive cryptocurrencies regardless of time, more often without the need for banks or governments, because there are many alternatives that don't charge enormous fees like banks do. For example, Boomchange is the platform where you can do valuable transactions related to digital money without paying big commissions and with the best rates.
- Above, we have already mentioned that many cryptos are produced through a process called mining, but this time we want to mention a major player that this production is not controlled by a centralized authority. Most of these transactions cannot be reversed, refunded, charged back, or cancelled. That is why many large trading companies and online stores do not accept it as a payment method.
Posted By Ed Jakob