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Cryptocurrencies • Review

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Cryptocurrencies are omnipresent in the media. Spectacular success stories. Moreover, profits have been reported in the millions, if not billions. However, is it advisable to invest in virtual money, and are digital currencies a new financial instrument?

Cryptocurrency is the umbrella term for virtual currencies that can function as a digital means of payment. Furthermore, no banks are needed for payment transactions. Consequently, financial institutions are replaced by a decentralised network whose participants manage transactions. Hence, generate new currency units. After all. Besides, this development is made possible by blockchain technology that underlies every cryptocurrency.

Nevertheless, anyone can become a participant in this decentralised network and provide computing power to continue the chain of data. Moreover, this work is rewarded by receiving currency units of the corresponding cryptocurrency. The process is called “mining”. Hence, once a transaction is recorded in the blockchain, it can no longer be changed by any participant. This step secures it. Individual currency units cannot be used more than once. For this reason, there is no longer any need for established institutions, which have always been interposed in monetary transactions.

What cryptocurrencies are there?

The first and probably best-known cryptocurrency was created in 2009. Bitcoin (BTC). Ethereum (ETH), tether (USDT), USD Coin (USDC) and Binance Coin (BNB) follow as the largest cryptocurrencies.

 

However, there are over 20,000 different cryptocurrencies worldwide, and the number of virtual currencies is growing daily.

What are the dangers of the crypto market?

Anyone investing in cryptocurrencies should be aware of the immense dangers that the young, unregulated market brings. So far, no one can predict how virtual currencies will develop. The fact that cryptocurrencies are inherently beyond any state regulation also means that there is no investor protection. Hence, be aware that no one will tell you about your trading risks, and inform yourself thoroughly.

It seems that crypto technology has a lot of potentials. However, no one now knows what role cryptocurrencies will play and whether any of the existing more than twenty thousand will excel.

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