Crypto currency overview. Onyeonoro Emmanuel
- Cryptocurrency is a digital or virtual currency that uses cryptography for security, and is designed to work as a medium of exchange. It operates independently of a central bank and is decentralized, meaning it is not backed by a government or any other central authority. Bitcoin, which was created in 2009, is the first and most well-known cryptocurrency.
Bitcoin’s History:
Bitcoin was created by an unknown person or group of people using the pseudonym Satoshi Nakamoto. The technology behind it is called blockchain, which is a digital ledger that records every transaction made with the cryptocurrency. Bitcoin was designed to be a peer-to-peer electronic cash system, allowing people to send and receive payments without the need for intermediaries such as banks.
In the early days of Bitcoin, it was primarily used by enthusiasts and early adopters. However, as its popularity grew, more people started to take notice. In 2013, the price of Bitcoin started to rise rapidly, reaching a high of around $1,000 by the end of the year. This attracted even more attention, and the price continued to rise throughout 2017, reaching an all-time high of nearly $20,000 in December of that year.
Crypto Trading:
As the popularity of cryptocurrencies grew, so did the number of people trading them. Crypto trading involves buying and selling cryptocurrencies on exchanges, similar to how stocks are traded on stock exchanges. Crypto traders aim to make a profit by buying low and selling high, or by using other trading strategies such as short selling.
Crypto trading can be highly volatile and risky, as the prices of cryptocurrencies can fluctuate wildly in a short period of time. However, many traders see it as an opportunity to make significant profits in a relatively short amount of time. Cryptocurrency can be really hard sometimes but knowing the basics of trading helps you in becoming a crypto pro, and by so doing connect with me for more videos, https://tinyurl.com/42wazmyc.
