Cryptocurrency had taken industries by storm in recent years, with the first-ever currency (bitcoin) started way back in 2009, when we barely have enough internet speed and computer data to actively mine for currencies. Several reasons spurred cryptocurrency to become very popular, especially among entrepreneurs and the two recent generations. Here are some Cryptocurrency facts you should already know.
Fact #1: Online Business Can Thrive Through Cryptocurrency
Setting aside the fact everything had turned digital because of the pandemic a year ago. Technology was already growing even in recent years. One way or another, we would have moved to the internet to do our jobs and continue our business. As for the latter, cryptocurrency has a specific benefit. If you add cryptocurrency as one of your modes of payment and transaction, then you’re already a leg up in the competition. This virtual currency has reached even third-world countries, where opening a bank is sometimes harder than setting up a crypto wallet.
Fact #2: No One Knows Who The Inventor Of Cryptocurrency Is
It seems being anonymous is a popular trope in the cryptocurrency industry, as even the inventor of said currency is unknown until today. However, he goes by the name Satoshi Nakamoto and is responsible for creating bitcoin. Nobody knows if his native race is Japanese, nor his location or face.
After Bitcoin, a lot of currencies have come forth in many different names and creators. One of them is PKT, which is mined using the Packet Crypt algorithm. This bandwidth and encryption combination is used to connect miners and their investments and insert them smoothly into the internet infrastructure. It makes sure there are efficient mining and communication flourishes between the miners.
Fact #3: Cryptojacking Is A Risk
Although going inside and taking cryptocurrencies is next to impossible thanks to a lot of secure coding and matching keys, there are still standing risks for these virtual coins. One of them is cryptojacking, an act of invading someone’s electronic devices or servers and use them to mine coins. This is a cybercrime even though they technically did not take any money from you. However, being cryptojacked will result in many negative changes in your electronic devices.
One of these results is your phone, tablet, or any handheld device having less battery efficiency. You can also experience a slower PC than usual or overheating and overworking of your device. To make sure this doesn’t happen, you either have to educate your IT team or install an ad-blocker.
Fact #4: It’s Impossible To Steal Your Virtual Wallet
Unlike those that keep cash in their wallets and purses, the thought of losing your hard-earned money physically because someone robbed you or from sheer carelessness is improbable. Compared to a traditional wallet you can hold and touch, your crypto-wallet or digital wallet holds codes and keys that are used to safeguard your money. Only you will have access to these keys, and you will be the one responsible if you lose them.
You are provided with the said key if you somehow lose access to your account. However, if you lose your private key as well, your currency is lost to the crypto-void, which means recovering your lost currency is no longer feasible. The bottom line is this: you’re responsible for your crypto wallet, and you’re the only person responsible if you lose it. Hacking is unthinkable as well, as cryptocurrencies have advanced blockchain technologies.
Fact #5: Cryptocurrency And Its Value Is Unpredictable
In the market, cryptocurrency is volatile, that even the most experienced miners couldn’t predict its trend. It can rise dramatically or fall out of your favor, and according to a professor in Queensland’s school of law (link:https://www.sbs.com.au/news/the-feed/cryptocurrency-what-you-should-know-before-you-buy), investing in this asset is gambling at its core, and people should expect to lose money at one point. He advises people shouldn’t invest in what they don’t thoroughly understand first.
Top 5 Performing Altcoins In2021
Alttcoins are an umbrella term used to refer to cryptocurrencies that serve no identifiable purpose in the crypto community. The value of any shitcoin is based solely on speculation and most of them turn out to be complete failures. Many developers create shitcoins for different reasons and publicize them in the hope that investors will buy into the vision for the company and purchase tokens in grooves but this is rarely the case. Most coins go to zero after the first price rally and some developers might even rug pull the project. It is important to know which shitcoins to invest in before placing your funds in any project. There are a few shitcoins that performed well in 2021 and we want to take a look at some of them in this article.
What Are The Top Five Performing Alttcoins In 2021?
Shiba Inu (SHIB)
Shiba Inu is the 11-largest cryptocurrency by market value and they gained this position in the space of one year. This meme coin tagged after a Japanese hunting dog has gained recognition from US gold buyers and other reputable investors. It witnessed a 5 million percent increase in the last few months and investors have speculated the value to rise even further in the next few years. Shiba Inu is listed across many centralized cryptocurrency platforms and this means you can trust the coin
Safe moon launched in March 2021 and it has a market capitalization of 1.3 billion dollars as of (September. 2021). Safe moon rose over 20,000 percent within the first few weeks of its release. However, it also lost 80 percent of its value shortly after this period. Safe moon is designed to be a medium of exchange like Bitcoin and the developers regularly control the price to keep it valuable. Safe moon is speculated to experience another bull run in the coming months.
Dogecoin is a meme coin that gained recognition from Elon Musk in 2021. Since its popularity spiked in the market, investors poured more funds into the project and it has seen a steady increase ever since. The price of dogecoin has skyrocketed over 12,000% since January and speculators predict it could rise further in the coming months. It is currently priced at 27 cents (October 2021) and speculators say it could rise as high as 1 dollar by 2025.
Dogecoin is listed on Bitcoin loophole UK, Binance, Crypto.com, and other major cryptocurrency exchanges which makes it safe to trade and hold over the long term.
The REDFOX Labs created RFOX to service Southeast Asian markets with scalable blockchain technology. It describes itself as the first blockchain venture builder in southeast Asia and it has witnessed significant acceptance in 2021. The current price of RFOX stands at 0.11 USD and it records over 3.5 million trading volume every day. It is listed on centralized exchanges which makes it a bit safer than other altcoins.
Wakanda Inu is similar to the Shiba Inu project. It is an African meme token that has gained traction all over Africa and the world. The coin was launched in early November 2021 and its steady price increase and robust community make it a choice shitcoin to invest in. However, the price volatility has not played out and it is still early to tell if Wakanda Inu will be a success or not.
If you want to invest in altcoins, it is important to do your research and make sure the project has a higher chance of success than failure. Also, you need to invest only what you can afford to lose because shitcoins are volatile and their prices can easily drive down to zero.
Companies that are Embracing Cryptocurrency
What started out as an internet experiment, only somewhat known in underground internet communities, has now blown up to become a huge cultural force. Bitcoin, and cryptocurrency in general, has taken the world of finance and investment by storm, becoming, by far, one of the most popular investment choices, especially among younger generations.
In surveys, 70 percent of the American population now claims that they are either investing, looking to invest, or interested in bitcoin, or cryptocurrency. Not to mention, 25% of millennial millionaires have a large sum of their earnings invested into bitcoin, and an even larger percent of millennial investors have most of their investments in bitcoin.
Bitcoin is also becoming much more popular among artists, and musicians, some of which have recently started to accept crypto payments for their art, music, concerts, etc. Even Hollywood is becoming open to cryptocurrency, with films being released who accept cryptocurrency in exchange for tickets.
The popularity of Bitcoin, and cryptocurrency, is largely thanks to the numerous crypto trading sites which have emerged all over the cybersphere. Sites that make investing easier than ever before, thanks to their user-friendly interface, and the investment tutorials many of them offer to new investors looking to get a piece of the pie. On top of that, sites like bitcoin-billionaire.net use state-of-the-art, military grade encryption technology to keep their users’ personal data and information safe. Most of these websites have open reviews, which will show tens of thousands of satisfied customers, so if you are curious to get into the world of crypto trading, head on over to one of these sites, look over their reviews and start your journey into the world of crypto.
But, of course, with cryptocurrency’s massive increase in popularity, companies are beginning to get wise to the future, and have started accepting crypto-based payments. Many believe that in the future, more and more companies will open their eyes to the potential of cryptocurrency. For now, the number of companies who have accepted crypto is respectable, and we are going to list just a few of them in this article.
Last year, Starbucks tested their first ever digital wallet and, to the surprise of many, it was a huge hit, with over 500 000 users accepting the prototype. Thanks to the success of the test, customers of the coffee chain can now use the Bakkt app to pay for any drinks, sweets, and any other goods Starbucks has to offer.
Elon Musk, the CEO of Tesla, has been a long-time supporter of cryptocurrency, and Bitcoin especially. In February 2021, Tesla, as a company made a $1.5 billion investment in bitcoin, and announced that they will soon be accepting crypto-based payments for their vehicles. This decision has recently been thrown into question, however, as Elon Musk himself has stated that until miners find a way to use renewable energy in order to mine bitcoin, the company will put bitcoin transactions on hold. Since efforts have been made by bitcoin miners to go green with bitcoin mining, the promise by Elon Musk seems to be coming to fruition sooner, rather than later.
There is no bigger commendation for cryptocurrency than the fact that the biggest tech company in the world is accepting bitcoin payments. Not only can Microsoft users use bitcoin to purchase a number of services from the company, such as Xbox Live, Skype, etc., but the company has also launched ION. ION is a authentication platform launched in March 2021, on the Bitcoin network, which serves to create digital IDs in order to authenticate the identities of online bitcoin users.
What are the Main Benefits of Using Ethereum for Your Enterprise?
If you have a business, the world is wild, and you must innovate or perish. There are no two ways about this. One of the best ways of keeping the wheel of innovation running is adopting the latest blockchain technology, which has a very high potential to solve most of the challenges businesses face. A good example is instant payments, which imply that your clients do not have to wait for days, the way it happens with bank transfers. However, there is a challenge in selecting the preferred blockchain because they are so many.
In this post, we will look at one of the high-potential blockchains, Ethereum, and highlight the main benefits that you should anticipate for adopting it in your enterprise.
Important Facts about Ethereum
Ethereum was launched in 2015, about six years after the pioneer blockchain, Bitcoin, was started. At the time of launch, it looked like an extendable and more performance-based model of crypto compared to Bitcoin. It was designed to address the shortcomings of Bitcoin.
What makes Ethereum outstanding is its programmability, especially agreements that make it possible for transactions to self-execute. These digital agreements, commonly referred to as “smart contracts,” allow for limitless conditions, formats and can even call other contracts. This means that Ethereum, unlike Bitcoin, is not just a means of payment, but can be applied in a wide range of enterprise operations, including supply chains, trade finance, government registries, real estate, and energy grid.
When it was established, Ethereum was using proof of work (POW) protocol, but this model has come under sharp criticism, making Ethereum to look for an alternative. Now, the blockchain is in the process of moving to a proof of stake (POS) consensus system, which requires one to only have some stake on the network to qualify to confirm transactions and vote in the network.
What are the Benefits of Using Ethereum?
Ethereum was designed to be a low-cost and flexible platform for cooperation between different parties. When it comes to operations, Ethereum works as a public ledger, but it features additional layers that businesses can use to plug their operations for greater efficiency. Here are some of the main capabilities and benefits of using Ethereum.
● Private Transactions: Your enterprise can achieve high levels of privacy in Ethereum by embedding its operations on the blockchain layers. Even when your standard operations, perhaps in a financial transaction, require the use of know your customer (KYC) protocol; the information is not shared by network participants.
● Scalability: With time, you want to see your business grow, right? The new proof of stake (POS) targeted by Ethereum, custom block size, and gas limits make it easy to grow because it can handle hundreds to thousands of transactions per second. Newer technologies such as sharding and off-chain operations on the blockchain also give additional room for enterprise scaling to higher numbers of transactions.
● Tokenization is Easy: Your Enterprise can tokenize any asset, from works of art to real estate, and make the tokens a commodity for sale. This means that you can break down otherwise monolithic assets to grow your line of products. In March 2021, Mike Winkelmann, commonly known as Beeple, sold a print for US $69 million as a non-fungible token. Another case of successful tokenization is the first tweet on Twitter, which Dorsey sold for US $2.9 million. You, too, can use this avenue to raise millions of dollars for your business.
As you can see, Ethereum is a blockchain and crypto on a steady growth mode and you have so much to benefit from it. Remember that for your business to implement it; you will need to understand how the blockchain works, have the right wallet, and a clear strategy. You might also want to adopt ETH for use in all services/ products or just a few. No matter the way you prefer, it will be a great idea to consider working with experts when adopting Ethereum.
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