Biggest News - Cryptocurrencies
Cryptocurrency
The biggest market news item today concerns the huge loss of over $13 Billion cryptocurrenices. Is this for real? ... well, it's all in today's business headlines ...
A couple of weeks ago, I discussed the topic of the value of money and some of you were also interested in the topic of cryptocurrencies.
This is quite a confusing area of 'money' at this point and the purpose of this blog post is simply to launch a cursory look at the notion of cryptocurrency. This article is for educational information purposes only.
Today's blog is simply to sensitize your awareness that there is such a thing called cryptocurrencies and has been generating a lot of buzz in business & money circles around the world.
As of early this year, there are well over 1600+ different kinds of cryptocurrency while only a handful can be considered 'serious' contenders.
Note that this is a highly volatile form of exchange.
What is cryptocurrency?
In a few words, it is a digital or virtual medium exchange for the value of money and purchases can be made where it is recognized and used as such.
This novel way of creating a digital wallet to represent the value of money.
How is it used?
It is traded in the marketplace and has been experiencing a 'boom-bust' cycle so far -- it has been more successful in the private markets ... there hasn't been any real institutional investment per se .... and yet, there have been discussions that the 'infrastructure' is being developed and built ...
Why was it created and for how long has it been in existence?
It was first introduced in 2009 by Satoshi Nakamoto meant originally as a peer-to-peer means of exchange.
Apparently, it still remains a bit of a mystery as to the initial creation and who is the actual creator.
Is this a live person or a fiction? ... try taking an educated guess on this one...
Where can it be found?
... investors or users can purchase cryptocurencies at over 1800 ATMS in 85 countries.
Remember that this is dealing in the 'wild west' at this time and remains 'fuzzy' as to the regulatory regime .... until cryptocurrency has been declared a 'security' it is very difficult to wrap the legal apparatus around it to safeguard people's investments.
One of the many reasons why cryptocurrency has risen so high is 'hope'.... it is really based upon the hopes, aims, dreams, aspirations of people around the world for something different.
What is your understanding of cryptocurrency?
This is the $649 dollar question of the day.
There are many, many issues related to the idea of a digital virtual medium of exchange and further discussions will likely ensue.
If you are interested in this topic, recommend that you might like to keep a watching brief on what 'institutional investors' are doing in this area such as: banks, governments, pension fund holders.
Sure thing -- you're thoughts, reactions, comments are welcomed in the discussion area on this blog.
Thanks kindly for your attention & reading.... and of course, if you found this post of interest, please simply click 'like' -- with appreciation, cheerio....
Recent Comments
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Good post, Thx. Two things, there is nothing of value backing any of the cryptocurrencies but a wing and prayer and maybe some tax write-offs for money investments lost. Also, the government has control of the 'reserve currency,' the dollar and they and the manipulated stock market will not allow the cryptos to erode the dollar in any fashion. Just my thoughts and opinions and I do not like merry go round stocks that go up and down so fast. Volatility is good for options traders and for day traders, not for conservative traders. 2 cents, please.
⭐️ Excellent commentary! ... insightful -- it is what some may call 'virtual currency' ... then, isn't life mostly an illusion here? ... lol ...
Keep well & thanks kindly for your thoughts du jour -- appreciate very much that you've taken the time to ponder / consider this in reading & commenting today ...
All the best, cheerio... 😊
Hi Beatrice -- thanks kindly for your reply -- there's lots of material available on the internet, financial news, or local library to read more about it -- 'discernment' is key as you sift through it ... all the best, cheerio... 😊
Very much appreciate everyone's thoughts, insights, understanding, comments on a rather complex, well, seemingly complex subject area ...
... it's a wonderful step towards building more knowledge about what success really looks like ... and some of the considerations that go along with it on this amazing journey of ours ...
thanks kindly, all the best, cheerio... 😊
Just remember the true mystery of Cryptocurrency is its not going anywhere. Remember with any investment through risk is great you can lose all your initial investment, in some cases even more.
Unlike stock when a company goes belly up the stock go with it.
But with Cryptocurrency the only way to end it is to stop mining it and stop verifying transactions. The Crypto banks like Coinbase and Holders must learn to safe guard their investment more efficiently. New technology is being invented, as I type, to deter theft in all exchange outlets, online or offline.
Cryptos are fascinating and I don't believe they are going anywhere.
The next step is scalability and spend ability. We must embrace the need of doing business a new way (digital currency), to be a truly an innovative society.
Just my thoughts,
-Lakesha
...you've made some very astute comments -- very much appreciate you taking the time to reply ...
...all the best, cheerio... 😊
Must admit I am confused by the current state of cryptocurrencies!
We bought a small amount of Bitcoin on the recommendation of a mentor who we trust but yet now it seems to be going down the toilet!!
Then you hear from so called financial experts that the bubble has burst but at the same time many financial institutions are apparently buying up crypto like its going out of fashion!
This leads me to think that we are being led to believe that the bubble has burst to bring the price down so that the big boys can buy cheap ready to sell high when the time is right.
So we are very confused!
That's their way of doing business.
And with out proof I don't believe I can trust the fact, that much digital currency was intercepted and they don't know who has it.
The one myth I've seen about Cryptos is that its anonymous In its transactions. As soon as your account is linked to a Cryptobank your anonymity to the Feds is open. Coinbase is regulated and is following the guidelines when it comes to collecting personal data from each account holder.
Cryptocurrency needs to be FDIC insured butt hat means bring the Feds in permanently to regulate the Cryptobanks.
Now do we really want all that?
Anywoo, If you can believe IN stock you can believe in Cryptos I believe.
-Lakesha
it's all ok -- the rest of the world is too! ... confused that is! ... lol ... the ol' buy low, sell high -- still in effect ... you're a smart one on this ... cheerio... 😊
isn't that what blockchain is supposed to do? ... provide that confidential security, etc...? ...
Keisha you have written a good post here on CCs.I enjoyed it
To answer your question, CC is no more than a type of share in a financial market, which is unregulated, but controlled by the peer to peer type of trading
It is not a FAD currency, but a digital one, which does not require a bank to do business, so thats a good thing. It is here to stay and as of this year has been around for about 10 years, give or take in the form of BTC
It will rise it will fall
When it falls, those that invested in it, panic and move onto the next CC and in doing so, put out ICO ( Initial Coin Offerings) which some get confused with IPO ( Initial Public Offering ) which they are not
People buy the ICO and the price of BTC drops
I have some BTC, and realise what its worth, its a long term investment which may make people a lot of money, Indeed my brother in law informed me very sheepishly the other day, he brought some BTC when it came out iniitally back in 2008 or so and it was on his hard drive of his PC
At its height he would have been a miilionaire twice over... BUT he stupidly binned the PC a couple of years ago, forgetting it was on it
I like CCs if you are buying them for the long term and you choose the right model, BUT they should not be a substitute for LIST building and putting all your egss in to CC, thats a bad move
Sorry fro the expanded answer, but I wanted to answer fairly fully ; )
Nowadays it does require a Cryptobank. Like Coinbase to turn that digital currency into other foreign currency.
Yes sorry I forgot that bit, when writing, I do have coinbase, thanks for pointing it out : )
Hi Dave -- wow -- what an essay of a reply! ...
....ouch--the share about your brother-in-law's PC -- ! ....
... frankly, with cc's still so virtual -- what happens when the grid goes down? ... i would guess there must be some contingency in place -- don't know ...
.... and of course, we have yet to discuss blockchain ... is this something that you understand? ... a friend of mine is right into and tried to explain it and he has yet to fully understand it ...
thanks kindly for your tremendous thoughts on the subject ...
..all the best, cheerio.... 😊
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I have been following cryptocurrencies on the stock market, their stock values go and down, but people are cashing in with them.
⭐️ appreciate your reply -- thanks kindly... 😊