The Worth of Cryptocurrencies


Photo Courtesy of CoinDesk

Bitcoins are a popular type of cryptocurrency used for long term investments or purchasing products online. Investing in cryptocurrencies gives you the chance to be a part of forever evolving technology.

Cryptocurrency is no longer an idea but is now becoming a very real form of currency. While cryptocurrency is risky, those who are well educated on it can benefit drastically over time. The idea of Bitcoin first originated in 2008 and was launched a year later for a virtual currency. Bitcoin and Ethereum are online currencies that are used as forms of online payment in place of global government currencies.

Cryptocurrency allows people to work from home and make money from online coins without having to work a 9-5 hour job. In fact, even if you already have a job, having cryptocurrency is beneficial as long as you are confident in your choice of long term investments.

Anyone interested in involving themselves with cryptocurrency should be aware of possible bankruptcy. It is a well known fact that making the wrong investment could leave you bankrupt. During the start of Covid, many airline stocks went down due to cancellations of flights. This resulted in investors of airlines like Delta, Spirit, and even American Airlines losing money due to the long pause on flights. A situation like this can certainly happen in the cryptocurrency space as well.

In cryptocurrency there are many kinds of blockchains, one of the most popular being the OpenSea blockchain. Blockchains are virtual marketplaces where people can purchase products with cryptocurrency/coins. Much like the stock market the values within Bitcoin can rise and fall based on value and hype. However, they lose value for many different reasons. NFTs are non-fungible tokens that one can buy on blockchains in order to gain ownership of a certain product virtually. NFTs can be images, gifts, jpegs and more. The collections of NFTs (artwork) are all completely unique with their own designs.

Anytime money is involved, people will always be around to make an easy buck. Pump and dump is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price. Scammers often use this method to take advantage of people who aren’t well educated in the cryptocurrency space.

Some might argue that cryptocurrency is practically gambling with large amounts of money, and the possibility of losing everything would not be ideal for investors. Since no one has the ability to know what will happen in the future, by investing, they are taking a chance on their chosen stock or stocks. There is a chance of success or failure for investors, considering how much one chooses to invest.

Cryptocurrencies are not going anywhere, and with nobody knowing what the future holds, the opportunities are practically endless. Investing in any of the big cryptocurrency coin companies is definitely worth the risk. The global technology around us is only evolving, growing more and more everyday.