4 Things That Make Cryptocurrencies Work

Cryptocurrencies have gone mainstream to the point its adoption is fast growing around the world.

It’s estimated that global crypto ownership rates at an average of 4.2%, with over 320 million crypto users in the world.

The impact of cryptocurrencies on the digital economy has opened an unusual acceptance of crypto adoption in many companies of the world: IBM, Microsoft, Intel, Oracle, Walmart etc

That being said, Central African Republic is the second country in the world to adopt Bitcoin. However, there’s a growing awareness of cryptocurrencies as a solution to real problems in the finance world.

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What are cryptocurrencies?

Cryptocurrencies are digital or virtual currencies that are secured by cryptography (codes that are difficult to understand).

There are thousands of cryptocurrencies out there, each having their own unique use case and purpose: bitcoin, ethereum, dogecoin, ripple etc

A Cryptocurrency has value, built on decentralization network and run on Blockchain technology.

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions (buying and selling of cryptocurrencies) and tracking assets in a business network.

4 things that make cryptocurrencies work?

INVESTING:

There’s a short and long term investment. When it’s short term; it’s an investment that can be converted into cash within a short period of time. On the other hand, long term investment means holding a coin even at periods when its value is volatile.

TRADING:

This is the buying and selling of cryptocurrencies using a well-trusted exchange like binance, Coinbase etc

STAKING AND LENDING:

Staking involves locking up your crypto for a certain period of time to generate passive income from it and lending is leasing your crypto to a borrower to earn interests.

CRYPTO SOCIAL MEDIA:

This is leveraging the power of media for positioning whilst building influence online. One can become a crypto influencer for a project and earn equity or income.

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