How to Invest in Cryptocurrency

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 How to Invest in Cryptocurrency 



What is cryptocurrency ? 

                         A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Understanding Cryptocurrencies


                       Cryptocurrencies are systems that allow for secure payments online which are denominated in terms of virtual "tokens," which are represented by ledger entries internal to the system. "Crypto" refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.

Types of Cryptocurrency

                   
                The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions and specifications. Some of these are clones or forks of Bitcoin, while others are new currencies that were built from scratch.      

           Bitcoin was launched in 2009 by an individual or group known by the pseudonym "Satoshi Nakamoto." As of Aug. 2021, there were over 18.8 million bitcoins in circulation with a total market cap of around $858.9 billion, with the figure updating frequently. Only 21 million bitcoins exist, preventing both inflation and manipulation.2


             Some of the competing cryptocurrencies spawned by Bitcoin’s success, known as "altcoins," include Litecoin, Peercoin, and Namecoin, as well as Ethereum, Cardano, and EOS. By Aug. 2021, the aggregate value of all the cryptocurrencies in existence is over $1.8 trillion—Bitcoin currently represents approximately 46.5% of the total value

What Is Cryptocurrency in Simple Words?


                Cryptocurrencies are systems that allow for secure payments online which are denominated in terms of virtual "tokens."

How Does Cryptocurrency Make Money? 


             Cryptocurrencies allow for secure payments online which are denominated in terms of virtual "tokens," which are represented by ledger entries internal to the system. Investors can make money with cryptocurrency by mining Bitcoin, or simply selling their Bitcoin at a profit.   

How Do You Get Cryptocurrency?

            Any investor can purchase cryptocurrency through crypto exchanges like Coinbase, Cash app, and more.

Best cryptocurrencies by market capitalization

These are the 10 largest trading cryptocurrencies by market capitalization as tracked by CoinMarketCap, a cryptocurrency data and analytics provider.

Cryptocurrency

Market Capitalization

Bitcoin

$1.2 trillion

Ethereum

$453.4 billion

Binance Coin

$78.5 billion

Cardano

$73.3 billion

Tether

$68.6 billion

XRP

$53.2 billion

Solana

$48.2 billion

Polkadot

$39.9 billion

USD Coin

$32.9 billion

Dogecoin

$30.6 billion

Data current as of Oct. 15, 2021. 


How to Invest in Cryptocurrency 

             To buy cryptocurrencies, you'll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as Bitcoin or Ethereum. Here's more on how to invest in Bitcoin.


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