Hats off as bitcoin formally enters the Central African Republic
25.05.2022
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Even as cryptocurrencies keep growing both in variety and use, there has always been uncertainty…
The rise of cryptocurrency
The first cryptocurrency Bitcoin was launched on the 31st. October 2008, on a nine-page academic paper. It was written by an unknown person named Satoshi Nakamoto. Bitcoin is a digital currency based on a system that is decentralized, where the idea was sent around by email for special interests. Then it spread to tech-savvy users, who thought of developing it for use online. Two years later, two Bitcoin developers bought pizzas online with Bitcoin equivalent to 300 kroner. Ever since, the exchange rate has skyrocketed and is now worth NOK 3.6 billion. In 2011, other cryptocurrencies were developed based on blockchain technology and the infrastructure of Bitcoin. Cryptocurrencies such as Litecoin are often referred to as Altfoins, which are alternative currencies to Bitcoin.
Ethereum will take up the fight in 2015
Ethereum is introduced in 2015, which is based on technology where they can be a platform that allows for decentralized programs and applications at the top of blockchains. The ability to build whatever you wanted then the programs stored the data and functions on the blockchain of Ethereum. The currency ether was thus created as the internal currency of this system, in order to be able to participate and control the network. This is where the concept of smart contracts came into being. The blockchain programs could enforce contracts. For example, by automating loans, insurance and trading contracts. Tether is launched as a stablecoin which is a stable currency attached to the values of US dollars. Other stack coins have been created in retrospect. For example, DAI, also known as decentralized cryptocurrency. There are several trendy cryptocurrencies such as Shiba Inu for their meme token or Dogecoin for their mention on social media that have clouded their value in the air.
5 major cryptocurrencies that are worth looking into:
- Lucky Block is the most unique and exciting cryptocurrency. It is considered the first decentralized lottery service in the world. Their goal is to prevent tampering and high fees that are most often associated with lottery services. Since they are operated on blockchain, all transactions, even lottery draws, are registered in an openly distributed ledger. You will then get the entire overview of your money, and that draws are performed in a fair way without manipulations. Lucky Block is a good investment because it is innovative and has a high profit potential. It is also predicted that they will take the crypto market by storm and in addition outcompete centralized lottery platforms.
- Bitcoin is considered the market’s first and largest cryptocurrency. It was the first to present the blockchain technology, which means that they have astronomical market value worth several hundred thousand kroner for each coin. The crypto has risen overall, which means that it is an eminent investment in the long term. It has the potential to rise even more in the future. Bitcoin is increasingly being adopted and used by several industries and not least companies. It offers fast and affordable transactions without the involvement of a third party. You have the voting power to take advantage of, and even achieve returns in a falling market. Which makes the rapid and steep price changes extra exciting for example traders or speculators.
- Ethereum is considered to be the market’s second largest cryptocurrency , with the potential to become even larger in the long run. This is because it is a platform for smart contracts, which enables the construction of cryptocurrencies. Ethereum is the reason why there are more cryptocurrencies. They have had the emergence of popular protocols such as DeFi and NFT. You should invest in them because of the protocols. They have also risen in price in recent years. It can therefore be profitable to invest in them. Even with high risk, there are opportunities for high gains in the short term. The more buyers, the higher the price of Ethereum rises.
- Dogecoin is also a cryptocurrency developed by engineers Jackson Palmer and Billy Markus. The crypto is built on Litecoin fork and has since developed rapidly into its own online community with great value. Dogecoin uses a scripting algorithm that makes it very fast. They have a blocking interval of one minute, where Litecoin will have a blocking interval of three minutes. There is pure unlimited supply of coins. This makes their offer somewhat larger and accessible to people. More owners are allowed, which in turn provides greater circulation of coins. The price movement is affected by positive media coverage, where they have recently risen. Investors who have bought Dogecoin experience large gains, which is another reason to invest.
- Shiba Inu is a popular dog coin, with astronomical growth and is a decentralized cryptocurrency. It is not owned by a central authority or bank. Their goal is to make digital funds transfers faster and easier for low cost. One reason for investing is that they have managed to establish themselves to be among the largest on the market in record time. The crypto is of course volatile, and it enables high gains in a short time. Shiba Inu is a meme token that is driven by trend and popularity on, for example, social platforms. Among other things, the crypto has risen to tens of thousands of percent, the last year that has been.
