Cryptocurrency

Cryptocurrency

Digital currencies have over the years gained more popularity and acceptance both as a medium of exchange and as a store of value. The cryptocurrency market is one of the biggest talks in the financial market and the traded volume in the stock exchange has grown considerably. Cryptocurrency is broken into two categories which are (1) Bitcoin (2) Altcoins.

Cryptocurrency market


The cryptocurrency market is a financial market where digital currencies are traded. It is not surprising to see the huge volume of trade taking place in this market on a daily basis. The cryptocurrency market is a volatile one, the price of cryptocurrencies rise today and fall tomorrow like any other currency. That is what makes the financial market interesting. Bitcoin remains the most popular and most traded crypto. Like many will rightly call it, the father of cryptocurrencies. Let us take a look at the most traded cryptocurrencies

Bitcoin


Bitcoin paved the way for the acceptance of digital currencies. It is the most widely accepted cryptocurrency. In fact, when the word crypto drops, what comes to mind is Bitcoin.

How to create a bitcoin account


Another question I get to answer on a daily basis is “how do I create a bitcoin account.” So, I decided to answer this question once and for all. Bitcoins are stored in a wallet. Technically speaking, there is no place to store Bitcoins, Bitcoins are not stored in a particular place like banknotes. A Bitcoin wallet is a place where the public and private keys are saved. Anyone and everyone who has access to this public and private keys is technically the rightful owner of the available balance. In a nutshell, Bitcoins do not have storage, they have addresses which can be accessed through public and private keys. To make transactions( buy, sell or give bitcoins), all you need is the public and private keys. That is why it is very important to ensure that your bitcoin wallet is secured.

How to create a bitcoin wallet


Choose a Bitcoin platform to open a wallet: There are many to choose from but ensure you choose a credible platform like paxful, bitcoin.org e.t.c.
Select the option of “create wallet”: Once you click this option, the software will lead you through the process by asking you basic questions like email address, create password e.t.c. in few minutes, you should be done.

Bitcoin price

Like I said earlier, I will use this article to answer some of the frequently asked questions about cryptocurrencies. “What is the price of bitcoin?” Is another question I come across every time. Let me use this medium to tell you that that is no simple answer to this question. The price of bitcoin rose from $0.008 in 2010 to over $3,300 in February 2019 this does not mean the price of bitcoin will still remain at that in December 2019 nor in the year 2020. It might rise to $50,000 tomorrow or drop to $1500. The point is Bitcoin price fluctuates and is determined by the interaction of the demand and supply of Bitcoin. Which is also highly influenced by other factors such as the release of an altcoin and other things. To know the price of bitcoin on a daily basis, visit bitcoin selling websites like Coindesk.com, Coinbase.com, Luno e.t.c or simply visit google.com and type in “the price of bitcoin today.”

Altcoins


All cryptocurrencies launched after the enormous success of bitcoin are called altcoins. That is alternative coins. Bitcoin paved the way for the acceptance of cryptocurrencies. Therefore, all other coins are called alternative. Here is a list of popular altcoins

List of altcoins

  • Ethereum
  • Ripple(XRP)
  • Litecoin


Ethereum: Is beyond just a digital currency. Although it is popularly associated with blockchain, bitcoin and all, Ethereum is much more than that, it is an open-source blockchain with zero chances of Fraud and foul play. It is a modernized blockchain, unlike bitcoin. Ethereum application gives developers the opportunity to easily decentralize digital currency. Ethereum was conceived by Vitalik Buterin a 19 years old programmer. Ethereum is the second most traded crypto. Ethereum rose from $10 in 2016 to $118 in 2019. The rise in price of this crypto shows the level of confidence of traders.
Ripple: The struggle for dominance in the altcoin market is a strong one. Ripple is crypto created by American company Ripple lab inc

Litecoin: Litecoin is one of the most valuable Cryptos. It was created by Charlie Lee an MIT graduate. The Cryptocurrency was launched by MIT in 2011. As at February 2019, Litecoin price stands at 33.5 US dollars.

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