If you have not heard about Bitcoin, Ethereum, and other crypto currencies yet, then you might be living under a rock, or just be a bit out of touch. The buzz surrounding crypto coins in 2021 is staggering and many people either own Bitcoin already or some other type of cryptocurrency. In fact, mainstream business and finance have shown interest in creating blockchain technology for their own future business models. You can not deny that with a multi-trillion-dollar market cap, Bitcoin is here to stay. What is the perfect way to find the forex brokerage setup?
So then, why is cryptocurrency important and how should you go about owning and storing your own?
What is CryptoCurrency?
Swyftx cryptocurrency is the decentralization of finance through digital blockchain technology. If that doesn’t exactly make sense to you don’t worry you’re not alone. However, it is becoming more important to fully understand how Bitcoin and other crypto coins can work for you, inside your investment portfolio.
For example – Bitcoin, the largest crypto currency operates on blockchain tech and uses smart contracts to execute predefined functions, for whatever is needed. You can send Bitcoin to anyone around the world, through the blockchain, anonymously. Moreover, you don’t need a credit check, or authorizations from any centralized authority to use and own Bitcoin.
Anyone can start a blockchain and offer crypto coins for sale. However, not all crypto are the same! Thousands of crypto coins fail every year. You can think of it like stocks that represent shares of a company. In the same way, when you purchase crypto coins, you are buying shares of the block chain company.
Why is Crypto Important These Days?
Well, this depends on how you look at the world we live in today. The money we use in America, the dollar, is fiat money. For anyone who doesn’t already know, fiat means, by decree. So basically, the cash we use to pay for our lives is only worth what the government says its worth, and that changes constantly by the way.
Money isn’t backed by Gold or any other valuable thing. At least most of the modern world operates this way, until now. Bitcoin and crypto currencies can free us from the chains and corruption of centralization.
Today, governments simply print more money whenever they want to spend large sums. This causes inflation, which really means that your money is worth less then it used to be worth.
There will only ever be 21 million Bitcoins produced and in 2021 we already have around 90% of them successfully mined.
This means that Bitcoin is scares, and its valuable. Bitcoin is hacker proof and fraud proof because every single transaction gets recorded on Bitcoin’s public ledger, that gets simultaneously updated by thousands of networked computers.
Moreover, after 13+ years, Bitcoin has a perfect record! Not to bad for a brand-new technology that is changing the world by its simplistic design.
How Can you Purchase Crypto?
There are several ways to buy crypto currencies today. The online exchanges such as Coinbase.com or Crypto.com offer centralized access to crypto trading. You will need to provide proper ID and have a bank account connected to buy crypto using your fiat cash.
These exchanges are required to report in much the same way banks do today. Your crypto that you purchase and now sits in your online exchange account, really isn’t your crypto at all. It is yours in the same way that the cash you have in your savings account is yours.
Now if you really want to decentralize your crypto buying experience you can try the decentralized exchange uniswap.com. These types of exchanges do not require any forms of identification to buy sell, or trade crypto.
Looking at the percentage of people who have already invested in crypto currencies at some level is shocking. Somewhere around 70% of millennials own crypto now. Plus, the state of the economy and the constant pressures put upon fiat money is intense. Bitcoin and crypto, in general, offer an alternative to these modern-day centralized currency models seen around the world. Entire countries are looking at Bitcoin to become the most popular choice of storing value and investing in the future of technology all together.