Monday, August 12, 2019

Cryptocurrency

John B. Marine | 8/12/2019 08:58:00 PM | |
Cryptocurrency is interesting. You may remember in my post about the Brave Browser of its BAT cryptocurrency. I also mentioned I may devote an entire blog post to cryptocurrency. Well, here is that post! What is cryptocurrency? Should you invest in it or care about it? What could be long-term effects of cryptocurrency? I will attempt to answer a lot of these questions and offer my own thoughts.

NOTE: I am NO expert on cryptocurrency. Do not take any of what I am about to mention as any professional commentary or thoughts. The material here is only posted mostly as a digest.






Cryptocurrency


Let's talk cryptocurrency, shall we?

Here is cryptocurrency the way I understand it. When the economic downturn of 2008 affected global markets, there was a lot of uncertainty in having a stable currency the world can use. One such monetary option is that of cryptocurrency. Cryptocurrency is a form of electronic currency that can be used to purchase a number of things electronically. The most famous cryptocurrency today is BitCoin, which has been around since 2008. However, there are other cryptocurrencies such as DogeCoin, Litecoin, Ethereum, Enjin Coin, BAT (Basic Attention Token), Facebook Libra, and various other cryptocurrencies. Rather than spend your basic currencies, cryptocurrency has its own value when shopping around. Some even try to make cryptocurrency mainstream. Can you imagine trying to buy a gift card at a brick-and-mortar store to your favorite service or restaurant by buying in cryptocurrency?

Just like regular currency, there is an actual sort of stock market in wondering the prices of such cryptocurrencies. Some websites even track the changing values of cryptocurrencies. One website I saw even had its own little game for scavenger hunting to make cryptocurrency. There are so many different methods for which to keep up with and use cryptocurrency.

You do need to have some sort of regular funds available in addition to having cryptocurrency. You still need to pay taxes with cryptocurrency. Some even believe cryptocurrency, when done a certain way, can be a means of farming money to potentially get rich quick. I don't believe that cryptocurrency is like trying to make counterfeit money. There is a lot of gray areas regarding cryptocurrency; but for the most part, there is SOME legality and SOME interest in really trying to invest in and use any cryptocurrency.

How do you store cryptocurrency? Well, prior to researching this topic, one such method involved having some kind of device or item that stores and protects your cryptocurrency in this metallic card. It can also be as simple as having something like a USB flash drive to store your cryptocurrency on and then use it at your discretion online or offline.


Should You Care About Cryptocurrency?

Many people believe that cryptocurrency is an investment nightmare, and you will not be able to get any solid returns in it. Absolutely do your research before considering taking part investing in cryptocurrency.


Will Cryptocurrency be Fully Accepted?

I think cryptocurrency is going to be accepted, but a WHOLE lot of regulation is going to have to be implemented before cryptocurrency becomes universally accepted. I doubt I will be paying for a McDonald's meal using BitCoin or some other cryptocurrency any time soon. I'm more likely using my PayPal money than using any cryptocurrency.


One Final Note...

I want to remind you that I am no expert in cryptocurrency or anything involving economics. You are free to think any way you please regarding cryptocurrency.




Cryptocurrency Examples


Would you like to learn more about cryptocurrency? Here are a few resources for you:

BitCoin
Dogecoin
Litecoin
Enjin Coin
Ethereum (which has Ethereum Coin)
Basic Attention Token (BAT)

And more resources:
Coinbase
Blockchain


I may include more resources; but for now, this is to help you get started.





That concludes another blog post of mine. I hope you were able to find this post interesting. I surely want your ideas to help educate myself regarding cryptocurrency. Thank you for reading! Take care and be well.

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