Carl (not his real name) visited Nigeria a few months ago and he did everything he could to meet me. After much discussion, we finally agreed on a date to meet. His mission is to deepen the cryptocurrency market with me in this part of the world. He also tried to teach me the idea of ​​being a bitcoin merchant, which means not only owning some bitcoins, but also actively trading. Well, like it was meant to be, I didn't follow through, and a few months later, Bitcoin caused a huge buzz around the world. The truth is, if I keep at it, I'll probably get richer. At one point, he sent me a screenshot of his cryptocurrency portfolio, which was worth a few million dollars at the time, based on market rates at the time. Since then, he has sent me letters of appointment time and time again, constantly reminding me how much I missed the opportunity in those first days, and I have no reason to miss it again. I must admit that this experience heightened my fear of missing out on the next big thing, which still haunts me from time to time. So what exactly is cryptocurrency? According to the website Invstopedia.com, a cryptocurrency is a digital or virtual currency that is secured using encryption technology. Many cryptocurrencies are decentralized systems based on blockchain technology — distributed ledgers enforced by disparate computer networks. A characteristic feature of cryptocurrency, and its greatest appeal, is its natural properties. It is not issued by any central authority, so it is theoretically immune to government interference or manipulation. The interesting thing about the cryptocurrency world is that a deep conspiracy theory has created unrepentant supporters, many of whom believe that crypto is the only way to redistribute the world’s wealth by changing the current financial system. Another important aspect of the crypto ecosystem these days is altcoins, usually seen as any cryptocurrency developed after Bitcoin was released. For example, former Google employee Charlie Lee created Litecoin in 2011, which is based on the same core technology used by Bitcoin, but takes less time to process transactions. LTC was designed to improve Bitcoin, but it carved a path for itself while gaining credibility. It transmits financial transactions in a quarter of the time of Bitcoin. Another early altcoin was Ethereum, when 19-year-old Vitalik Buterin was a Russian and Canadian (Russian and Canadian) programmer. Ethereum was designed as a platform for smart contracts between applications and attempts to execute related transactions. It delivers server performance with zero chance of downtime, fraud or censorship. Allows several independent organizations to build products on a decentralized platform, allowing each user to maintain their own privacy when executing transactions. The Ethereum platform allows every developer to sell using encrypted (read signed) listings, so that, in theory, artists can sell their artwork in digital form and control how it is used online. For example, if you're a graphic designer and someone doesn't pay for a commissioned work, you can prevent him or her from using it on the internet. The difference between Ethereum and other altcoins is how entities are rewarded. On Ethereum, traders use the platform's official cryptocurrency for transactions. In the last year, several developers have come up with innovative ways to build Ethereum. Take one of the virtual games, for example, where people can buy and raise a digital cat, Crypto Kitty. The game became so popular that it disrupted the entire Ethereum blockchain ecosystem for a while, but the potential fact that people could use the financial blockchain system to transact and have fun with it made the block frenzy Chain propagandists are excited. Crypto Kitty is an example of a collectible - it's the most popular in the virtual world. Why is there a rush to buy Crypto Kitty? What prompted people to start trading collectibles? Let's examine these issues. In many cases, once a new blockchain product is released, speculators swarm into the market early, leading to a surge in demand for the product. In any market, as demand increases, so does the cost of such a product. This was evident when a Crypto Kitty collectible called Genesis Kitty sold for $100,000. Cats are in high demand, prices are going up, people can't afford the high prices, so they stop buying. This repeating cycle is often caused by fear - the fear of missing out on the next big event. Developers and enthusiasts have yet to fully understand what blockchain technology might become, nor have they fully determined what innovations will succeed. So they try to take a big chunk of any product that hasn't gone mainstream, hoping it will bring in enough profit to sell it later. This is the basic principle of microeconomics: buy cheap, sell high. The only problem is knowing what to buy and which of them might be profitable in the near future. This lack of insight leads people to try to get ahead of the curve, by investing in innovation early on, and hoping to sell or reduce whatever they have once a solution becomes a hit. Those who can't get early access will wait, hoping to get early access in the next big hit. The problem with this strategy is that most people are just playing the same cards and not producing products for the benefit of the community, which is an example of people starting to make fun of themselves. As the second wave of users will not invest in risky products as they wait for the next big thing, the initial seed of the platform will start to get restless, lose trust in the product in a panic, and the cycle continues. The big question is, will all these factors, plus others, lead to a cryptocurrency bubble? Only time will tell, but I urge you to think twice. Accessories For Power Line Stringing
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