“Once digital currencies become widely accepted, early investors will gain huge profits!”
What is Bitcoin?
Bitcoin is a digital cryptocurrency.
What are Cryptocurrencies?
Cryptocurrencies are digital currencies that can be exchanged through a blockchain, rather than a bank, to verify a transfer of funds. A blockchain is a list of records, or “blocks” that are linked to secure a transaction. Transfers can be verified through 6 to 12 different Block locations anywhere around the world.
Why use cryptocurrencies?
Cryptocurrencies are secure, private, and have lower transfer fees. They are also decentralized, or run by a network of computers around the world. Unlike Fiat currencies, (dollars, euros, yen, etc.) which are solely owned by banks or governments.
Did you know cryptocurrencies have a limited supply?
Only a set amount is created, therefore the value can increase! Cryptocurrency can be broken down into tiny units.
(Satoshi = smallest unit)
This allows for affordable investments.
Cryptocurrency vs. Fiat Currency
Cryptocurrency is digital, decentralized, private, and has lower transfer fees. It is also and has a set amount; which means each coin can grow in value.
On the other hand, Fiat Currencies are comprised of paper and coins. They are owned by banks and governments, and have higher transfer fees. Furthermore, the production of fiat money is solely controlled by governments.
“Cryptocurrencies have a great potential for growth.”
Cryptocurrencies have a great potential for growth. For example, the total amount of fiat currency worldwide is close to 86.6 trillion! Currently, there are only 450 billion dollars in the cryptocurrency market. This leaves a lot of room for growth! Once digital currencies become widely accepted, early investors will gain huge profits!
If you want to start investing in Bitcoin and other cryptocurrencies, be smart and do your research.
Check out my blog for links to help you get started.
Never invest more than you can afford to lose.
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