The cryptocurrency market is as volatile as ever. Traders are witnessing one of the biggest digital currency booms of all time. Everywhere you look, someone is talking about buying, selling, and trading cryptocurrencies. As a newbie to the industry, it is vital to feed your brain with as much factual information as possible. It never takes long to realize the cryptocurrency market has risks. Being aware, knowledgeable, and prepared will lower your odds of becoming the next victim of a crypto scam. Regardless of what others say, every cryptocurrency trader is at risk, some more than others. Taking an online course is a great place to start. Learn more by reading the content provided in the article below.
Learn The Origin
Before you make your first cryptocurrency investment, you should know its origin. In other words, you should know more about how it came about. Believe it or not, the most advanced traders still don’t know whose brain is behind cryptocurrency.
Cryptocurrency is believed to have gotten its start in Japan. To conceal its identity for whatever reason, the founder opted to utilize the pen name or fictional name, Satoshi Nakamoto. Extensive research has never revealed the true founder of cryptocurrency. Today, no one knows if the anonymous founder is a government, group, network, company, or individual.
This is just one example of what you can learn when taking a สอนเทรดคริปโต (Teach crypto trading).
Decentralized Money System
What many traders do not know is cryptocurrency was not originally intended to be a digital currency. In fact, the anonymous founder had intended to develop a money system that would not be controlled by a single authority. Instead, the money system would be “decentralized,” controlled by various authorities and offices.
It is believed that Satoshi Nakamoto is the holder of one billion Bitcoins “BTCs.” The cryptocurrency ecosystem is a public platform that is open for mining. Crypto mining is a fairly simple process. The most difficult part is finding a new digital coin that will enter circulation.
9,900 Cryptocurrencies
The number of digital currencies continues to grow. In October 2018, there were more than 1,565 in circulation. Today, that number has grown to over 9,900, with the top five being Binance coin, Ethereum, Bitcoin, USD Coin, and Tether. Unfortunately, many of the cryptocurrencies in circulation will not survive. During the 2017 and 2018 boom, many of the initial offerings were dropped into the digital coin graveyard. More cryptocurrencies are being taken out by online scams. The BitConnect “BCC” is just one example. Operators of a Ponzi scheme were illegally promoting BCC. The platform was later forced to shutter its doors.
When digital coins fall off the radar, they are also forced into collapse and eventually the graveyard.
Different Types Of Digital Currencies
Each cryptocurrency is backed by a unique story. Digital coins are divided into categories or classes. A few examples include central bank digital currency, stablecoin, payment-focused digital asset, utility token, government toke, non-fungible token, and privacy coin.
Ethereum, Bitcoin, and Litecoin fall into the payment-focused digital asset category. CryptoPunks, Axie Infinity, Art Blocks, Wolf Game, The Sandbox, Desperate ApeWives, and Mutant Ape Yacht Club fit into the non-fungible token category.
It is vital for each and every investment to know the ins and outs of the cryptocurrency categories. This is especially important if your goal is to delve into various digital assets.
Learn The Importance Of Cryptocurrency
Are cryptocurrencies important in the modern world? Some people tend to believe it is for many reasons. Digital coins are an alternative to government-issued currencies, such as the US dollar, European euro, Kuwait dinar, Oman Rial, Canadian dollar, Russian ruble, and Chinese yuan.
Some cryptocurrency enthusiasts believe it is the more private money option. As the popularity of digital currencies continues to soar, they are drawing more government attention. It is unfortunate, that the American government is now requiring traders to pay taxes on their cryptocurrency investments. So, digital currencies no longer fly under the radar like they used to.
Summary
You can learn everything needed to protect your every cryptocurrency investment through a quality online course. There are various online platforms that offer courses about digital currencies. Conduct thorough research to ensure you make the right decision because not all are created equal.
