After the launch of Bitcoin in 2009, many people thought that this was another technology that would fade fast and probably, ignored it. But look, one Bitcoin was costing about $1 or less in the early years. Now, about 13 years down the line, the value has grown by 62,000%. Which other investment can give this type of return?
The effectiveness of cryptocurrencies in helping people to make payments easy has won their trust. Now, more entities are joining. Businesses, governments, institutions, and regulatory authorities are all looking for ways to take advantage of cryptos.
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Yes, it is an excellent technology whose time has come, but reports of people losing millions of dollars in hacks are worrisome. For example, hackers stole about $600 million from Poly Network in August 2021.
The truth about cryptos and blockchain is that it is an idea whose time has come. So, you better prepare to join, ride on the wave, and reap maximum benefits. To help you make the big decision, we are going to answer the common questions that you might have about cryptos.
What is a Cryptocurrency?
A cryptocurrency is a form of a digital asset (call it digital money), which implies that it is not printed in the form of coins and notes. Cryptocurrencies only exist in their native platforms, such as Bitcoin blockchain or Ethereum blockchain, and what you get is a string of codes that demonstrate ownership of the coins you have. They are designed as a method of payment for transferring value in the respective blockchains. If you take the case of Ethereum, users transfer their value using ETH coins.
To transfer money through a crypto network, you need first to buy the coins that are equivalent to the value to send. Then, send them to the public address of the recipient. The recipient receives the coins almost immediately, in seconds or at most, a few minutes, and can buy what he/she wants with them. He can also change the coins to fiat money.
What Should I Do to Keep My Cryptos Secure?
When you decide to buy and use cryptocurrencies, it is prudent to understand the numerous risks that always loom. For example, the danger of someone getting access to your wallet and siphoning your coins always looms. Remember that transactions done on blockchain networks are irreversible.
To keep your crypto coins as secure as possible, it is important to ensure that your private key is kept as securely as possible. Remember that the risk is not just from theft; losing the keys also means that you lose access to your coins on the network.
Another method of keeping your coins secure is trying to diversify your portfolio. Instead of only buying ETH, why not combine them with some Bitcoins? This means that in the inevitable case of a hack or loss of some coins in one network, you will not be completely out.
Is There a Way I Can Benefit More from Crypto Coins?
Yes, there is. Today, there is a long list of things that you can do with crypto coins. For example, you can use the coins to make direct purchases from stores that accept them. You can also use the coins to buy non fungible tokens. If you identify a good decentralized finance DeFi network.
Furthermore, DeFi platforms make it possible to engage in crypto staking, where your coins are pooled together with others to help secure the blockchain network. In return, you will be rewarded with part of transaction charges paid by network users.
The current rapid development in the blockchain and crypto world is expected to continue, and you should not be left behind as others join. Well, there is a long list of awesome things that you can do with cryptos. So, identify a good DeFi platform and use it to get a lot more from the crypto world.
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