Trends come and go online all of the time. However, there are only so many that actually stick around and get people invested for a long period of time. For example, social media and clothing are examples of industries that have trends come and go all of the time. However, when it comes to general internet trends, it is much easier for these to stick. Every time one comes along, there are always going to be at least a handful of people who get invested in it. So what is an example of this?
Perhaps the best example of this is going to be cryptocurrency and the world of digital finance. Although this is something that has been around since 2009 officially, it only started to gain traction in the past five or so years. When Bitcoin was first created, it didn’t hold too much value, and not that many people knew about it. However, fast forward to the modern day, and there are very few people who haven’t heard of cryptocurrency or specifically bitcoin.
There are a lot of people who have heard the terminology but aren’t exactly aware of what it actually is. If you are someone who falls into this category, don’t worry. There are plenty of people in the exact same boat as you. If you want to familiarise yourself with cryptocurrency a little better, continue reading below.
What is Crypto?
So, you have heard of the term cryptocurrency as well as all the currencies and coins that lie within that, but what actually is it? The definition of cryptocurrency is relatively simple. It is a form of digital currency that does not exist in any physical form. It only exists online and can be easily traded.
These currencies do not belong to any major authority. This includes the likes of a bank or a governing body. Instead, it uses encryption algorithms. This also helps to make crypto a very safe and reliable option for people.
Buying and Selling
One of the main reasons why people are investing in cryptocurrency is to make a profit. This can be done through trading. Buying and selling different currencies at the right time is going to offer you the potential to make some money for yourself. The reason why this can be seen as such a profitable venture is that there is so much fluctuation in the crypto market. This is because there is less stability than traditional currency.
When there is some media hype around a certain currency, this can cause a lot more people to invest, and thus the value of the coin will rise dramatically. However, hype on the internet usually doesn’t last very long. Once all of the talks around one form of crypto have gone down, the value of that coin will also begin to fade away.
In addition, supply and demand can also be a major factor in how much a coin can be worth. If there is a huge amount of investors looking at a coin but not enough supply to accommodate them, this will also cause a spike in value. In order to buy and sell cryptocurrency, you are going to be required to have a crypto wallet. However, this is something you can get very easily.
Other Uses
Although the main reason why people get invested in cryptocurrency is to buy and sell, there are also some other uses for the likes of Bitcoin. For example, many online companies are now willing to accept cryptocurrency as payment for their goods and services. This, again, has helped the value of cryptocurrency stay at a steady level.
Another way in which you can use cryptocurrency is through online gambling. If you enjoy playing the likes of online casino games, you can make your deposits using Bitcoin.
For instance, let’s say you regularly like playing the popular casino classic blackjack, but at the same time you are also a cryptocurrency fan. In that case, you can combine your two interests by using your Bitcoin to play via a crypto blackjack site. If you beat the dealer to that coveted 21, your blackjack winnings will be paid out in cryptocurrency instead of conventional cash, like the US Dollar, Euro, Pound Sterling, etc.
Ultimately, if you are considering getting invested in the evolving world of cryptocurrency, combining this interest with a gaming or gambling hobby like this could give you even more incentive to get involved.
Smartphone Apps
One of the reasons why crypto has gotten so popular in recent years is due to the accessibility and safety of trading. This is largely thanks to there being so many great smartphone apps made for crypto.
From news to buying and selling, there are plenty of ways you can keep in touch with crypto through your smartphone, which is essential for anyone looking to profit.
