Hey everyone this is Jace Armstrong. I am an Informatics major with an emphasis in digital media production. I am in my last semester and looking forward to graduating in December.
Cryptocurrency is something I have yet to wrap my head around and give my full trust to. I have friends and family who have shared their experiences and stories with me, but I still cannot seem to understand the ins and outs of it.
I am interested in learning more about the origin of cryptocurrency, the ebbs and flows of prices, its’ sustainability, benefits, pitfalls, and overall use. Hopefully, the research will answer the three main questions I have. Is cryptocurrency sustainable? How is cryptocurrency exchanged? Is it worth your investment?
As mentioned I am a novice concerning this topic so any information to help me deepen my understanding would be greatly appreciated! Or if there is a more specific route to create a more focused topic.
Hello:
Good choice for researching. Investing in Cryptocurrency is smart. An alternative that’s a bit safer but less rewarding is buying the stocks of firms exposed to cryptocurrencies. Cryptocurrencies like Ethereum and Bitcoin are intended to reach long-term goals. While it’s impossible to be certain of the success of any cryptocurrency project if a cryptocurrency project accomplishes its aims, investors might reap considerable rewards in the long run (Levy, 2021). For any cryptocurrency to have long-term viability, mass acceptance is a need.
The longevity of Cryptocurrency overall is limited to the number of units or quantities available. For instance, the number of bitcoins mined may be 21 million (Hayes, 2021). When this amount of bitcoins has been discovered, the supply will be depleted. The Bitcoin protocol may be altered to allow for a more excellent collection, though. What will occur when the whole amount of bitcoin in the world is eventually attained? The exact nature of cryptocurrencies is debated heavily among crypto enthusiasts. Right now, around 18.5 million bitcoins have been mined (Hayes, 2021). Only approximately three million of the total twelve million is still waiting to be brought into use.
References:
Hayes, A. 2021. What Happens to Bitcoin After All 21 Million Are Mined? https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/
Levy, A. 2021 Is Cryptocurrency a Good Investment? https://www.fool.com/investing/stock-market/market-sectors/financials/blockchain-stocks/is-cryptocurrency-good-investment/
Hey Jace. I am also performing research on Cryptocurrency however, my goal is to look closer into the ethics and driving forces of them. Rather than their viability as investments. I look forward to reading your research as you learn more about Crypto.
Hello, Jace
I too am very interested in cryptocurrencies, and I am actually a more serious investor with the majority of my assets into it. I am by no means wealthy from doing this, but the results have been surprising.
There is reason to maintain some level of skepticism regarding cryptocurrencies, as they are highly volatile, and there is risk involved with investing in it. It should be pointed out, however, that all investments carry some degree of risks. From my own experience as a long time investor and HODL-er (Hold On For Dear Life), I have never regretted my decision in buying any cryptocurrency, as I have profited off of a majority of my crypto investments; I only regret not buying more sooner. This is personal bias, and should not be the basis of any significant financial decision. I firmly believe in the future of crypto-driven monetary transactions, however, and do think we will see widespread adoption in the coming years. There have been a number of institutions and very wealthy individuals who have been investing in Bitcoin and other cryptocurrencies recently. El Salvador has adopted as an official national currency as well.
I do believe, however, that not all cryptocurrencies will survive into the future, and it is even possible that Bitcoin could even be replaced by a better, faster, and more efficient alternative. I am eying Ethereum and Cardano as potential dominating cryptocurrencies.
The origins of the first cryptocurrency Bitcoin and the blockchain technology that drives it is shrouded in a lot of mystery, with the identity of its anonymous creator, or creators, Satoshi Nakamoto, remaining undiscovered. It was designed as a decentralized means of exchange, however, and I do believe that this is a very important achievement within our lifetime.
While investing in cryptocurrency is a complex and risky endeavor, I would suggest that most people who are interested in it put money into it that they would be potentially willing to lose. With financial institutions, corporations, and even nations investing in cryptocurrencies, I do not see it going away in the near future.