Cryptocurrency – The Modern Day Money, Or Just A Passing Phase?
Cryptocurrency is a relatively new phenomenon, with Bitcoin being created in 2008 by Satoshi Nakamoto.
Although the concept of cryptocurrency had been around before then, all previous versions of digital currency were centralised. Cryptocurrency as we now know it, is not.
Bitcoin, and all other cryptocurrencies since, were never actually intended to be as they are today. Bitcoin, the first decentralised version of digital cash with no governing body, was originally invented to be a peer to peer cash system.
The Changing Price of Bitcoin
In 2008, Bitcoin was worth no more than a single cent, but its value quickly blew up at an alarming rate.
Over the following years, the price has been like a rollercoaster; slowly but surely ascending from that meagre cent, through to an astonishing high price of $66,974.77, in October of this year. So how do you obtain Bitcoin?
Obtaining Bitcoin
There are several ways in which you can obtain Bitcoin, none of which are necessarily better than another.
You could choose to simply purchase Bitcoin, and hope that the price will continue to rise. Based on historical data, the chances are that the price will rise. Although this is not guaranteed, and could crash just as easily. Plus, to purchase a single Bitcoin, you would currently require in the region of $66,000… Which means a huge outlay before you even start.
You could download apps which pay their rewards in Bitcoin – albeit, piece by piece. You can play games, fill out surveys, do odd tasks, read, or write about cryptocurrency. Your fee would be paid in small Bitcoin rewards; and although you may never earn enough to quit-your-job rich, you could still be earning more than you would typically for these types of tasks.
Another way to gain Bitcoin is by something known as mining. Mining is not for the faint hearted. You will require thousands of pounds worth of equipment, as well as a warehouse, to make it worth-while. However, its worth bearing in mind that the cost of energy vs the value of the coin; it may not always be as lucrative as you’d think.
Other Cryptocurrencies
Since the popularity of Bitcoin started, it wasn’t long before other cryptocurrencies began popping up out of the woodwork; trying to cash in and steal the limelight. Although there have been several over the years that have had their day, none have managed to stand the test of time quite like Bitcoin.
However, unlike Bitcoin, there are numerous cryptocurrencies out there that are completely affordable. If you know what you’re doing (or know how to use bots), there is a good possibility that you could still make yourself a nice little cash pot.
Coins that are hot right now include Dodge and Shiba Inu. Shiba Inu has already gone from 0.000004 in May of this year, to 0.00004609. This is still a significant jump in such a short space of time. With the likes of Elon Musk raving about it, it can only help the popularity, and there have even been predictions of the coin hitting the $1, meaning people could be sitting on a small fortune!
