What is all the Hype around Bitcoin? Or Cryptocurrency? Is the Hype Real? Yes!
Let me tell you everything you need to know about Cryptocurrency. You are going to have Fun & Education ride down here.
Crypto Currency is an Online/Digital currencies available in virtual tokens denomination that allow for secure payments.
Crypto Currency do not exist Physically. Money is all Online. Banks are no mediators here. There is no third party involved.
Crypto currencies like Bitcoin, Ether are stored in digital wallet. They can be sold/bought and can be mined too. Or you can keep it and when the value rises, you can sell. That's the Catch. And the catch comes with protection Issues.
Crypto Currency Vs FIAT Currency
Normal Currency is protected and printed by the Governments and Government has a say in the regulation of that currency. It is under Government's Radar.
Where as Crypto Currency do not come under the authorisation of any republic or democratic government. If by any chance, the company or the digital Wallet you stored is hacked, the government could not help you in recovering your money. Crypto currency, the word derived from cryptography ( Securing network using encryption techniques).
Making Money On Crypto Currency
You can make money by mining the Bitcoin or by selling your Bitcoin when it is on rise.
Best Cryptocurrency trading platform to best of my knowledge are,
- Trade Station - #1
- Coinbase - better for Crypto exchanges
- e Toro - fees are low
- Kraken - maker- taker fee schedule
- Robinhood - Best Mobile App.
Types of Crypto Currency
Bitcoin is the forefathers of Crypto Currency. It was the first block chain based started in 2009 by "Satoshi Nakamoto". The total market around Bitcoin as of 2021 is 934.66 billion(in US $)as I write this line.
And On its success, competitors emerged, they are referred as "Altcoins"
ALTCOINS include
- Litecoin
- Peercoin
- Namecoin
- Ethereum
- Cardano
- EOS.
Impact Of Cryptocurrency on World Market
Major financial institutions like JPMorgan Chase(JPM) says the Cryptocurrency has potential to reduce transaction costs and therefore streamline payment processing. Cryptocurrency clearly won the "Start of the Decade and End of the Decade " Challenge. And one more thing as they are virtual, they are not stored on Central database. As a result, the digital Cryptocurrency can be clean wiped by destruction or loss of Hard drive ( It happened to a friend of mine, he lost 30 Bitcoins and believe me pain in groin stands second now).
Positive Side of Crypto Currency
Let me tell you the best in the business.
- Crypto Currency makes it easier to transfer funds directly between two parties.
- Involvement of third party like Bank or Credit card company is superfluous.
- A block chain is maintained which is used to keep an online ledger of all the transactions that have been conducted from the dawn of the Cryptocurrency.
- Every new block generated should be verified node by node before getting confirmed making it almost ludicrous.
- These transfers are secured by the use of Public keys and Private keys.
- The Bank deposit and withdrawl fee and "maker and taker fees" can be eliminated. Minimum balance and all the shit can be flushed.
- You have Autonomy on your money which most fiat money do not.
Negative Side of Crypto currency
Well, you can't make lemonade without lemon and water.
- Crypto Currency value fluctuates: The value of Cryptocurrency changes by the hour. It could drop or rise by the next minute. An Investment can value millions today and hundreds tomorrow.
- No guarantee on your money: If anyone tells you your money invested in cryptocurrency is safe, Yippiee! Say Hello to the Scammer.
- Fake Company Claims: Many fake companies promote Bitcoins and claim themselves a legitimate site and in reality it is a cesspool.
- Weak Legal Protection: when you Use third party involvements, like Credit cards, debit cards, there is a safety that the company can bring your money back and make sure the transaction reversible. Cryptocurrency transactions are irreversible. Sorry Customer, No Refund!
- NOT ALL IS SECURED: All though Cryptocurrency transactions are secure and Anonymous. The Cryptocurrency works on a block chain that ledgers the transaction data and transaction amount may also added to it. All the scams and complaints come from here.
Cryptocurrency Scams:
When we open the door for Air, dust will come too. Scammers are storming the Cryptocurrency network by fake claims offering you financial freedom and guarantees that it is safe to invest and money doubles in no time.Cryptojacking:
Hacker or Scammers take control of your system and misuse the ability to mine from your name and put knife in your hands. Malicious code will be uploaded into your system.
Some other indications to know your device is cryptojacked,
- Is your device getting slow? Adios, Amigos. you are in for scapegoat massacre.
- If you are visiting unfamiliar websites congrats, you are probably in for a Cesspool.
- Use a browser extension or ad blockers that can protect you from Cryptojacking.
- REPORT SCAMS. REPORT FRAUD. REPORT SUSPICIOUS ACTIVITIES.
Criticism & Myths Of Cryptocurrency
1. CRYPTOCURRENCY IS A SCAM
There are several people who call it a hoax or scam. Bitcoin is not governed by a body. As I mentioned above, there are so many negative issues added to it. Bitcoin value rises and fall. It fluctuates. Now let's compare it with normal Currency. Lets take US $ .
Four decades back, few dollars are enough to live for a day. Now the same few dollars aren't worth a dime. Reason is Inflation. Well, the number is same, but the amount of value it possesses may vary. Now How does the Bitcoin differ? ( I can see happy Libertarians reading this post.). If we take logic out of the equation, all it results is negative emotions and uncertainty.
2. CRYPTOCURRENCY IS FAKE SCHEME
Fake Schemes tend to give more and more profits initially and then the later investors are going to get fraud. It is the same scenario in the Bitcoin too. There is an unparalleled spike in the value of Bitcoin. So people tend to believe Cryptocurrency is another one in the bag. But is it really a fake scheme? Is Cryptocurrency is really a Cesspool?
- Bitcoin has no governing body. It is decentralised.
- Early investors got more money than the later investors.
Average people became Bitcoin Millionaires now. The early investors in 2009 made huge sums of money than later investors. People wish they had invested in Apple before Steve Jobs came. If it isn't for people insecurity, fear and greedy there isn't any fake scheme involved.
3. BITCOIN IS NOT TRACEABLE
They say it like as if the Physical currency is traceable!?! Bitcoin is a decentralised block chain and often associated with public ledger. It has public key and private key. Public key is visible to everyone. Bitcoin, Etherium and all Altcoins have public keys.
The public key do not disclose any true identity of the other party. If I post my QR code here of Etherium, Bitcoin for you guys to support me, those are my public keys of respective Crypto currencies. But you do not know my real identity Kevin kooper's wallet. Does it? NO!
While it is better to verify your wallet and not every wallet is verified leaving it to unknown. I have verified my account here. I'd advise you to do it. But if it isn't verified, Is it untraceable? No!
The IP address of the transaction is traceable. It will be cross-referenced with your Facebook address etc.
I'd say the Physical currency is untraceable more than Cryptocurrency. Crypto transaction atleast leaves a trail behind for others to follow.
4. DIGITAL CURRENCY CAN BE HACKED
I'm not counting but I'm saying this again, Bitcoin is a decentralised block chain. All transactional data is stored in Blocks. From the dawn of first transaction, everything is recorded. If some hacker tried to accomplish uploading malicious code or alter government changing data, it isn't possible. ( Not in 12 years it happened.)
Let me tell you why? If a transaction is processing on 996th Block. And the hacker wants to alter something on Block 468, He needs to change every block after that upto the current block 996. As it is a block chain, the changes to made to previous block should be made in every other block that follows after. And that to before the transactions occuring in 996 block completed. Can this be done? No!
To do this, the Hacker needs High electricity and high system speed. To hack into the Bitcoin Block chain is nearly impossible. Up to today, no Bitcoin block chain is reported hacked. It is the people's system that is HACKED. What? Yes!
The hackers manipulate the user transaction by hacking the system you use. They can observe or do transactions by getting into your system.
Laptops, Phones, Routers can be hacked. But the Bitcoin protocol has Never been hacked. I'm sure when the time you read this post, it still remains same. Hardware wallets can be hacked too. How can this be stopped? Anti-Virus! Install any other Anti - malware software.
I recommend Avira or AVG!
When you make exchanges with companies do check their insurance policy when it gets hacked. If it is written they don't ensure, DON'T INVEST!
5. BITCOIN IS IN CRIMINAL HANDS
Yeah! Like all the Physical currency is in hands of Good people to do social services. By the way, what is good and bad! Ok, let's not get into that. Both the FIAT currency and Cryptocurrency like Bitcoin, Etherium can be used for illegal purposes. Does that make FIAT currency bad?!
I'm sure down the road, the spat will increase between the FIAT and CRYPTOCURRENCY.
The same FIAT currency is given to both children or law defying people or prostitution.
Likewise, the Bitcoin too can be used for bad purposes. If you are using it for good purposes like you use Government approved currency, you have got nothing to worry. You are a Law Abiding Citizen!
6. BITCOINS AREN'T WORTH A DIME
Bitcoin is a hoax. They aren't real like Unicorn🦄 or fire spitting Dragons or Cat Ninja. Uff! These are what insecure people say!
A single Bitcoin has value 52,715(in US $) as I write this line. The market cap is around 934 Billion. Why is it has so much value? Answer to this question is... another question. Why does Gold or Diamond has so much value? After all, they are shiny metals. Reason is the value people add to it.
Bitcoin cannot be wear like Jewelry. Yet it adds more value than Gold. The value of Bitcoin is more than Gold in the market.
The only reason the value of Bitcoin is moving sky high is - Belief! People believe Bitcoin. Although many governments banned it. People still using Bitcoin because they chose it. Bitcoin is revolutionary.
7. IS CRYPTOCURRENCY ILLEGAL TO USE?
Well, Europe Union countries and countries like United States, Canada, Newzealand, Australia gave Legal status to Crypto Currency. Every country has their own set of regulations in using Cryptocurrency and differ from one another. And there are Countries who banned Cryptocurrency from Mining, possessing, Trading etc.
Counties where Cryptocurrency is Illegal or Banned completely
- Pakistan
- Afghanistan
- Bangladesh
- Bolivia
- Algeria
- Qatar
- Vietnam
- Saudi Arabia
- Macedonia
- Vanuatu
CRYPTOCURRENCY BAN IN INDIA?
On March 2021, Central has made regulation to companies that they should disclose their transactions in a sheet. This is the first big move towards Cryptocurrency in India. I think this change is forced by Elon Musk's new Tesla Car available for 1 Bitcoin. Indian Government decided it's companies not to fall back after the announcement of Tesla, PayPal. After Elon Musk tweet, Bitcoin prices were shot up.
Banks oppose fully in some countries. You know why if you have read this far. I'm sure countries who banned Cryptocurrency will lift it in future because it is the Future.
Love it or Hate it. You can't Ignore it.
You cannot ban what people want. Liquor is Prohibited and it was brought back. And many illegal like torrent sites and other are still there because people want it. Cryptocurrency is like a Pandora's box. Once it is opened, you cannot control it. Cryptocurrency has cult status now.
In Summary for Lazy
Yes, All the Hype is Real. Bitcoin is not a Hoax. Cryptocurrency is not a Scam. It is not a fake scheme. Start your Crypto account now. Bitcoin isn't going anywhere. It is going to stay here for a long time.
Bill Gates said in an interview that he has a "Neutral" view about Bitcoin implying the illegal purchase of Bio weapons.
Warren Buffet said Cryptocurrency is going to implode, as it has no Autonomous body. He is not a fan!
All this article is trying to educate you to the best of my knowledge and make sure you have a scam free trading.
Happy and Safe Trading!
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