Cryptocurrency is a digital asset used as a common denominator for secure transactions online. It is not affiliated to any one nation or bank, it is completely untraceable, untaxable, and offers total anonymity for the holder. It is the closest humanity has ever been to earth currency, and it is expanding with truly shocking speed. Cryptocurrencies recently created new millionaires faster than the combined lotteries of the world… but has the money train left the station?
Back in 2009, a Cryptocurrency called Bitcoin went online and became the first decentralized currency. People didn’t understand the significance of it back then and assumed it wouldn’t amount to anything. Cryptocurrencies increase in value when they are bought, in other words, the more sold, the higher the value, the higher the price. When early investors saw the value and discrete usability of Bitcoin they started buying, which boosted the prices and started a global viral chain reaction. 1000 Bitcoins ($3 back in 2010) are now worth a staggering $2.6 million.
Can It Happen again?
Bitcoin success prompted dozens of new Cryptocurrencies, but it’s highly likely that most of them will fail to achieve such success. Take a look at the list below. One or two might well create new millionaires by the middle of the next decade, you might even be one of them… all you have to do is figure out which one to buy into.
Auroracoin, BlackCoin, Burstcoin, Coinye, Dash, Dogecoin, DigitalNote, Emercoin, Ethereum, Gridcoin, Litecoin, MazaCoin, Monero, Namecoin, Nxt, Omni, Peercoin, PotCoin, Primecoin, Ripple, SixEleven, Synereo AMP, Titcoin, Ubiq, Vertcoin, Zcash
The list is long and more are popping up every month. Nobody knows which will stand victorious on the bones of the others, but whomever picks well will be laughing last.
Where and how to buy?
There are many ways to buy and sell Cryptocurrency but the best and safest way is to go through a broker. There are several advantages to using a broker. Firstly, both sign up and log-in are secure, and the minimum deposit is usually very low at around $200, so you won’t need to break the bank and buy whole “lots” that run into the thousands. You can buy, sell, or increase at any time, but you will pay a small and unavoidable fee for the transaction.
When to Buy, when to sell?
The old adage, “buy low – sell high” comes to mind. This means buy early then be patient. Think about it like kick starting a motorcycle. Lots of noise and effort, and very little forward movement. Then suddenly the engine rumbles to life and the bike races away. It took Bitcoin over six years to get the engine started, so patience is clearly the order of the day. Now all you have to do is figure out which Cryptocurrency is going emerge the strongest.