Many facets of our lives are now digitized––money is no exception.
Have you noticed that paper money is on its way to being obsolete because so many people receive direct deposit and love the simplicity of their debit card?
Not to mention, cash carries germs, as we’ve heard lots about during the pandemic. Many businesses have turned to card only options in light of this.
But what about cryptocurrency?
You probably heard everyone raving about it a few years ago, but the excitement’s calmed down quite a bit. That doesn’t mean that it’s not a viable option you should keep in mind.
Let’s start with the basic definition of cryptocurrency so we’re all on the same page. Cryptocurrency utilizes cryptographic methods and complex coding systems to encrypt sensitive information during data transfers. This protects your funds and personal information on a whole different level.
These transactions are virtually impenetrable due to the combination of mathematical and technological protocols created and put in place. This aspect of cryptocurrency is what makes it safer. Also, the details of transactions are kept private. No one can see who sent what, etc., because those rigorous mathematical and technological protocols protect it.
Different From Traditional Banking Transactions
One thing people hate about traditional banks is the fact that they can lock you out of your account anytime they want. They can hold onto your money and send you on a mission jumping through multiple hoops to get the money that’s ultimately yours.
Cryptocurrency is different because it is decentralized.
The government is not involved in your banking affairs or transactions in any way. Still, some people think that this creates a higher risk for our government and economy. The government won’t be able to touch your cryptocurrency, even if they wanted to.
No Transaction Fees
Often, when we have transactions with our central bank, there are numerous fees involved. This is another difference between this type of currency and an ordinary account. You’re essentially cutting out the middle man, so you’re saving on those extra fees.
You’ll be able to make payments just about anywhere without a banking institution peering into your affairs and asking questions. You can also make international payments without high fees because an international transaction is merely the same as domestic transactions, in the eyes of cryptocurrency.
There are so many ways that identities are compromised these days. Who wouldn’t look happily on an option that offered more protection? Your transactions and identity are guarded sternly in comparison to your ordinary transactions. However, you’re still susceptible to hackers and cybercriminals.
Something to note about cryptocurrency is that the transactions are irreversible. Once the translation is initiated, the funds sit in limbo while entering the blockchain by the miners.
Black Market Involvement
Bitcoin and other forms of cryptocurrency are primary payment sources for dark web transactions. This type of currency is hard to track, but that also means that it’s easier for criminals and hackers to utilize dark web transactions.
Even though the government can’t see your transaction, they want to slap taxes on the transactions. There is something of a loophole, but you’ll have to stay on top of tax-related issues and make sure you’re not audited about your cryptocurrency holdings and transactions.
If The Data Goes, So Will Your Funds
If you think about it, a big computer is storing your funds, and you have no way to liquidate them. If the data is breached and disappears, so will your funds, and there is no one to hold accountable.
You Need To Be Tech-Savvy To Invest In Cryptocurrency
Let’s be real; if you don’t have some working knowledge of cybersecurity and cyber happenings, cryptocurrency will end up being a dead-end for you. This type of investment requires you to have some working knowledge of the cyber world, or you might be throwing money down the drain! Also by using Bitcoin 360 AI, you can fully automate your crypto trading activities.
All investments have possible pros and cons, so cryptocurrency is no different in that respect. If you’re thinking about investing some funds in Bitcoin, or any other type of cryptocurrency, make sure you make yourself familiar with the pros and cons.
You need to make sure you are fully aware of everything involved in the process and if you’re not clear on something, it’s helpful to have someone to turn to for assistance.
It doesn’t need to be a stressful research experience. Why not make the most out of the experience and combine it with your favorite CBD product? Maybe you haven’t tried some, but some CBD tinctures are pretty sweet!
Please sit back and relax, dig into some cryptocurrency knowledge and information, and see where it takes you. It might just be the best thing that ever happened to you!
Bitcoin Price Dumps Below $41,000 Amid Uncertainty
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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