Cryptocurrencies were currencies created in this 21st century. The future of these currencies is very great due to their volatility rising and falling in value almost every single minute. However, the rising side of these currencies always overrides the falling side. Understanding the basics of cryptocurrencies matters most to everyone in this 21st century.
In fact, there were so many myths behind these currencies in their initial release into the market. Companies in the then times refused payments of these currencies. But guess what? So many of those companies are now accepting cryptocurrency payments because of their values in the market place today and how worthy they may be in the future. Everyone needs to embrace the future of these currencies now.
What are cryptocurrencies?
Cryptocurrencies are digital currencies used in a form of online payments for buying and selling goods and services through an online ledger with strong cryptography to secure online transactions. All cryptocurrencies work using Blockchain technology. Cryptography is a term/word that is usually used in the cryptocurrency’s world to refer to the mathematical and computational practice of encoding and decoding data.
Blockchain is a decentralized technology ( meaning, it can never be hacked and had not been hacked as well since its existence) that escalates across several computers that manage/controls and records transactions. There’s a high level of technology on the blockchain.
To have a better understanding of Blockchain technology, how it operates and the various blocks occupied by the cryptocurrencies, you need to take it holistically as the entire world and its various continents. In that regards, Blockchain technology is the entire world and the various cryptocurrencies of individual blocks are the continents, and its operations ( transactions medium/media ) are the various transportation routes we have in the world.
Good. Now that you’ve had a little/basic knowledge about cryptocurrencies, let’s go ahead to look at the three highest in value cryptocurrencies in the market place today as at the time of writing this article.
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The top three/leading cryptocurrencies in the world
With the Blockchain technology advancement, there have been lots of cryptocurrencies in the market place today but we’re going to look at only the top three and the leading ones in value such as the Bitcoin ( BTC ), the Ethereum ( ETHER ) and the Bitcoin Cash ( BCH ).
Bitcoin ( BTC )
Bitcoin was the first cryptocurrency that was released into the market place in the 21st century in 2009 by Satoshi Nakamoto as the inventor. Bitcoin has been the number one and a leading cryptocurrency in the entire world since its launch. The value of 1BTC as at the time of writing this article is worth over $55, 000 United States dollars as shown in the screenshot above.
The number one cryptocurrency, Bitcoin is widely used to exchange products and services from peer to peer without any trusted third party to process the trades or the transactions. Using a one hundred per cent ( 100% ) decentralized system, with the security of Bitcoin that is managed through the Blockchain.
Ethereum ( ETHER )
Ethereum is now the second-highest cryptocurrency in value all over the world after the almighty Bitcoin. As of the time of writing this article, Ethereum is worth over $3,000 United States dollars as shown in the screenshot above.
The Ethereum was launched into the market place after Bitcoin in 2015 and is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether. It enables smart contracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, management/control, or interference from any known third party.
Bitcoin Cash ( BCH )
Bitcoin cash is also now the third in value cryptocurrency created in 2017, from a fork of Bitcoin. Bitcoin Cash increased the size of Blockchain blocks allowing more transactions to be processed and improving scalability.
The cryptocurrency, Bitcoin Cash ( BCH ) undergone an additional fork in 2018 and split into Bitcoin Cash ABC and Bitcoin Cash SV (Satoshi Vision). The cryptocurrency is referred to as Bitcoin Cash because it uses the original Bitcoin Cash client. The value of 1Bitcoin Cash as at the time of writing this article is worth over $1,000 United States dollars as shown in the screenshot above.
Is there any security on the Blockchain?
Yes. The level of security on the Blockchain is imaginable, meaning your currencies are safe through transactions and also when kept in your crypto wallet on any trusted Blockchain technology. However, to ensure the safety of your coins, you must back up your funds with the 12 security and safety words which you’re to keep safe offline. Keeping these backup safety words online is at your own risk. You can’t retrieve your funds without these security words and there’s nobody on the Blockchain to help you find them as they’re nowhere to be found.
Moreover, some of the cryptocurrency exchange platforms do not make use of those words. Once your identity is verified, you can buy, sell and hold these currencies in your wallet safely without any fear.
Furthermore, anyone who has access to these 12 words required by some cryptocurrency platforms, can hack your account and transfer all your hard-earned coins to their own blockchain wallet and once again there’s nobody so far on the Blockchain to help you retrieve your funds back. This is why it’s very advisable to keep it safe offline without anybody being your family member have access or know of it.
To well understand the safety of the Blockchain, you need to know that such safety is you and nobody else. Once you lose a coin in your wallet, then that’s it. You can’t complain to anyone hence the importance of keeping your back up funds 12 words confidential and safe.
Is Cryptocurrency worth Investing in?
Absolutely yes. Numerous individuals like you and I are now multi-millionaires as a result of Bitcoin/ cryptocurrencies investments due to the volatility of the currencies. On some Blockchain platforms, there is software designed to automatically inter-swap the coins from one cryptocurrency on the same platform to another cryptocurrency due to deflation in the value to the cryptocurrency inflating in value to maximize profits. You can refer to our other posts to know more about how this technology works and how worthy it’s to start investing in by clicking here.
Everyone needs to take hold of these currencies now to secure the dreams of their future. Read our recommended legit cryptocurrency investment companies to start securing your future through these currencies now.
How do I buy/ sell Cryptocurrencies?
There are numerous individuals and companies out there now selling and buying cryptocurrencies almost every seconds or minute. You’re allowed to buy crypto from anyone or from any company all over the world. However, you must be very careful with whoever you undertake these transactions with being an individual or a company because of the rate of scams.
Peer to peer transactions are mostly patronized by crypto users all over the world and almost every Blockchain platform offers that. You can create an account on Blockchain by clicking here. However, I strongly recommend leveraging one of the trusted Blockchain platform called Binance. Binance is one of the most trusted buying and selling of cryptocurrencies. You can register using Binance by clicking here or refer to our recommended legit cryptocurrency platforms to leverage to maximize profit.
For the safety of the Blockchain, you will be required to verify yourself/identity using a national issued ID or any document which reflects your true identity. You may be asked to not only upload a photo of your ID but also take selfies in the verification process.
All Blockchain platforms require prior verification before allowing any further transactions excerpt using the initial Blockchain site which you’re only allowed to $1,000 worth of cryptocurrencies transactions per year. But this amount increases after identity verification. Again, I strongly recommend Binance if this is your first time creating a crypto wallet and can as well leverage Binance for its numerous opportunities and benefits as already a cryptocurrency user.
Do as well to read about our recommended legit cryptocurrency investment companies and platforms. And as well do share this article with everyone to have the basic understanding of cryptocurrencies as you’re.
This is true; cryptocurrency can be used to make payments, store value, and even to play games online. For newcomers, understanding the basics of cryptocurrency may seem complicated at first. But with a few simple steps and tips, you can quickly learn the basics and start using them to your advantage.
I don’t think the title of your enticle matches the content lol. Just kidding, mainly because I had some doubts after reading the enticle. https://www.binance.com/en/register?ref=P9L9FQKY
Reading your article has greatly helped me, and I agree with you. But I still have some questions. Can you help me? I will pay attention to your answer. thank you.