Cryptocurrencies are an exciting new asset class that presents many lucrative trading opportunities. Before you start trading cryptocurrencies, here are the basics.
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What are Cryptocurrencies?
Cryptocurrencies have really changed the financial landscape as we know it since the time they were first introduced in 2009. Cryptocurrencies are virtual or digital forms of money and as such, they differ from fiat currency, such as the US dollar or the Japanese yen. They can, however, also be used to carry out transactions and to pay for products and services. Initially, cryptos were developed to serve as an alternative to government-issued fiat currency, but today, they serve many other advanced purposes.
The big advantage of cryptos is that they are decentralized. This means that they are not controlled by central banks but instead, by a community of investors who will make decisions that govern the specific coin. Cryptos also differ from fiat currency in that they use a public ledger that is stored virtually, known as the blockchain.
To understand the growth of cryptocurrencies, we can look at their journey. When Bitcoin was first introduced in 2009, most people did not pay much attention. There were, however, some investors that saw the potential and invested in this digital currency. While starting at a value of only a few cents in 2009, by 2017, Bitcoin reached an all-time high of $20,000 a coin making early investors exceptionally wealthy. To top it off, the price of Bitcoin has pushed even higher and in 2021, it traded at over $50,000. The good news is that the crypto market offers many potentially lucrative trading opportunities, and you can trade these virtual currencies with ease on the BvisionFx platform.
The historical backdrop of digital currencies goes back to the mid-1980s, where cryptographer David Chaum made a mysterious, cryptographic, and electronic type of cash. This was called ecash and it was later actualized through the Digicash system, which permitted computerized money to be untraceable by the responsible bank, the government, or any other outsider.
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