Bitcoin just rose to $40,000 due to rumors of Inc.’s possible involvement in the crypto industry. What a jump!

A lot of people liquidated real quick. Is Bitcoin, and cryptocurrency, here to stay? What is Bitcoin anyway? Is it for you? Let’s take a closer look shall we…

Before anything, we must understand what money is first. Way back then people bartered, gifted and lent items. When people came to have societies, they realized they did not need to carry everything in order to get what is needed. They just needed something to represent the value of what was being traded. Thus, money started. Remember, in order for money to be used–

A lot of people in the group must have it It’s accepted by merchants in the group as payment The group, or society, must accept its value now and in the future.

Now, cryptocurrency is digital money. Remember Jeff Bridges in TRON or Keanu in the Matrix? How about LeBron in Space Jam 2? Quite similar to our current regular money (or flat money as it is now called), cryptos– –

❇️A lot of people have it.
❇️Merchants accept it as payment.
❇️The group, in the digital sense, the network of computers, accepts its value.

It differs in the fact that it is decentralized (no country holds power over it), and uses a technology called blockchain. This technology just means that every computer in the network confirms the transaction that used the cryptocurrency.

Why go into crypto currency then?

1. It’s quite transparent. The transaction that uses a cryptocurrency is available for anyone at any time. Imagine a banking system that cannot and does not hide the truth as you see everything that has happened to your currency.
2. Although the transaction is transparent, the user is anonymous. Being able to use currency and safeguarding your personal information has always been a dream for everyone who’s ever gone online.
3. It has the potential for high returns. As what just happened to Bitcoin.
4. It eliminates the middleman. This means that your crypto goes to you, to your merchant, or to the recipient with no charges, and no banks processing it.
5. Cryptocurrency can reach people who do not use banks. People have more mobile phones than banks, than houses, cars, or even pets! Through mobile phones, cryptocurrency can reach over 3 billion people around the world who have no access, or just don’t use banks.

As with everything else, there is always the flipside.
1. The idea and the process of cryptocurrency can be difficult to understand and digest. Not everyone is tech savvy, and understanding blockchains does require a bit of it. This is cryptocurrency’s major hurdle.
2. When you lose it, it’s gone. Like flat money, cryptocurrency is very susceptible to scams and cheats. Watch out for get rich-quick schemes and treat it like real money. Since it is not flat money, and no government holds sway on it, it cannot be insured as of now.
3. It’s a technology in its infancy. A lot of cryptocurrencies are emerging and the sheer number of currencies may hinder people from finally settling on one.

As cryptocurrencies currently grow in value and use, in numbers and acceptance. It is in a great position today and we need to understand and accept it as early as we can. There will be a time when this technology becomes as common as your YouTube app or Facebook app on your phone and will probably be as easy to use as well. Whatever you decide, cryptocurrency is here to stay. The rest is up to you, decide soon and make your move!

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