Basics 1: Cryptocurrency Explained

You’ve definitely heard the term “cryptocurrency” before. You may even be able to roughly imagine what it is. Our friends, news, and social media tell us more and more that Bitcoin prices increased multiple times, but most people still don’t have a clue what it is.

Digital money? Yes. But cryptocurrency isn’t equal to Paypal or Venmo money, and it isn’t the same as funds on banking cards.

Currency? Yes. But cryptocurrency is not regulated by the Central (Federal) Banks of countries, and its rate is not tied to the economy of any country directly.

It’s always important to understand what’s currently happening. The future is unpredictable and tomorrow you might find yourself out of the game simply because you ignored the huge and the most undervalued trend.

In 2009, the price of Bitcoin was $0.06 each. At the end of 2017, the price of 1 Bitcoin was almost $20,000. The price increased 333,000 times. All-time high levels are breaking faster and faster, and soon we might see 1 Bitcoin for $50,000, $200,000, or even $1,000,000.

Cryptocurrencies are a special type of financial and payment asset, designed to revolutionize the financial sector. While someone might be sure that cryptocurrency is nothing more than another “bubble”, everything is not as straightforward as it seems. Bitcoin can set the world free from the unfair financial and banking systems, as well as destroy it the way that world wars couldn’t.

In this Basics mini-course, we will get to know cryptocurrency more closely, and try to determine its status, form, and value. Let’s begin!