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Cryptocurrency: Where Is It Going?

Blockchain is on the rise ...

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Posted by Pritesh Ganatra on 06/08/2021 @ 8:00AM

Today's blog post is a very simple overview in to the complex world of cryptocurrency and what may be become the norm in the future ...

Cryptocurrency may be become the norm in the future!

Cryptocurrency may be become the norm in the future!

copyright: dimarik16 / 123rf


You may have seen or heard the words Blockchain, Cryptocurrency, Bitcoin, Ethereum and Ripple, but do you know what it is all about? Do you know how, potentially, this may become an alternative to money as we know it?

"In short, Blockchain is a platform that was originally developed and marketed as a secure platform for financial transactions!"

No one person can change or modify records in a Blockchain transaction without every single computer in the chain showing the same modification. In tandem with this, a non-physical currency known as Bitcoin was developed as a payment method with a physical value for each digital coin.

You will also hear the term crypto mining or Bitcoin mining. This was where software programmers use very powerful computers to solve and complete complex Blockchain sequences, fill in the gaps in the platform and earn cryptocurrency (mainly Bitcoin), which is stored in a digital vault. That vault could be a secure online account or could even be on your computer hard drive at home.

Bitcoin is synonymous with a rare diamond. The value of this cryptocurrency in the last 12 and a half years of its creation has been as little as $109 per Bitcoin to a peak of $64,000 per Bitcoin in April 2021.

"In the US, there are some places you can pay with Bitcoin!"

With the likes of Elon Musk (Founder of Tesla Motors and Space X) and Jeff Bezos (Founder of Amazon and now into the Space race as well) putting efforts into accepting Bitcoin and other cryptocurrencies on their platforms, there is much more general awareness of the terminology, if not the understanding of what it all means.

The most recent horror story of Bitcoin, when values shot through the roof include one person having lost his password to his digital wallet and there is no password reset for security. It was estimated that he has $220 million worth of Bitcoin with absolutely no way of getting to it.

Other stories include, in 2013, one person discarding his computer in a landfill, only to discover he threw away the wrong hard drive, containing his digital passkey, with 7,500 Bitcoins, now worth an estimated $280 million! He begged his local council to let him search the landfill, even promising them half the money if they helped.

"There are now lots of other cryptocurrencies besides Bitcoin!"

There are also lots of trading platforms where you can invest in fractions of crypto with small investments. The one lesson to be learnt is that, in the case of cryptocurrency, passwords and digital keys can make a difference in fortunes.

With the world evolving with more and more online fraud, it is safe to say that Blockchain transactions and using cryptocurrency to pay for goods and services will no doubt be part of mainstream life in the next few years.

It is always advisable to seek professional advice from a reputable financial institution before investing any of your hard-earned money.

Keep safe! It's a digital jungle out there.

Until next time ...




PRITESH GANATRA

 
 



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If anything I've written in this blog post resonates with you and you'd like to discover more of my thoughts about cryptocurrency, click here to get in touch or call me on 01604 926100 and let's see how I can help.

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About Pritesh Ganatra ...

 

The word 'Technology' has too many connotations in today's world!

Where do we start? Simple terms like 'IT' and 'Telecoms'? or terms that appear NOT to have an actual meaning at all!, e.g. 'Internet of Things (IoT).

Technology also encompasses specialist products and services like 'Rugged' and 'Tough' android devices, Lone Worker Software, panic alarm devices, smart energy devices, low energy lighting, credit card terminal (PCI DSS) security, indoor/ outdoor Wi-Fi systems, Ultrafast Gigabit internet connectivity, access control systems, industrial IoT circuit controllers.

BTS UK can consult from simple solutions to the most complex, provide some of the products through a wholesale channel, bring together a multi-disciplined 'Task Force' to deliver and implement complete Technology 'projects'.

I am your technology problem solver and I look forward to helping you.

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