The capitalization of the entire cryptocurrency market in the world reaches $1.2 trillion. It’s like the economy of all of Mexico or Indonesia. It is no longer possible to ignore this global trend, but it’s time to use it to earn money or simplify some processes. How to do this, we tell in the material of Channel 24.
Even 13 years ago, no one could have imagined how much cryptocurrencies would cost. At least, the American Laszlo Heinitz, who bought two pizzas for 10 thousand bitcoins, definitely did not expect many of them. Now it is 290 million dollars.
Now cryptocurrencies are everywhere. Many well-known brands around the world accept them as a means of payment along with dollars, hryvnias and other currencies. And a small country in Central America – El Salvador – even introduced bitcoin as an official currency.
Cryptocurrencies are also actively bought in Ukraine. In particular, more 3.78 million Ukrainians own crypto assets, among them are entrepreneurs, volunteers, politicians and representatives of the 100 richest Ukrainians rating according to Forbes. Together they own millions of dollars of bitcoin.
What is Cryptocurrency and Blockchain
The main idea of cryptocurrency is a means of payment, independent of regulators and their monetary policy, as well as any political events. It was this idea that the creators of the cryptocurrency caught fire. According to the generally accepted version, its creator was a person under the anonymous pseudonym Satoshi Nakamoto, but it is not known for certain whether it was one or a group of like-minded people.
Most believe that other cryptocurrencies as an alternative to bitcoin appeared when it became increasingly difficult for Nakamoto and his partners in the crypto community to find consensus. Thus began the history of Namecoin, Litecoin, PPCoin, Novacoin, and a fork of the blockchain has emerged in the crypto environment. Currently, there are more than two thousand different cryptocoins.
A feature of the cryptocurrency is that all information is stored in the blockchain – a registry for this type of transaction, which is resistant to hacking. There, information is stored in a sequence of interconnected blocks. New blocks are generated by the node computers in the course of reaching a consensus.
In general, cryptocurrencies can be divided into two categories: coins and tokens. The main difference between tokens and coins is the absence of their own blockchain. Therefore, they can only work on other cryptocurrency networks.
The price of bitcoin is constantly growing / Photo by Unsplash
Development of crypto technologies
Cryptocurrency appeared in our lives relatively recently – in 2009, but in such a short period of time it managed to penetrate not only into many areas, but also become an official means of payment in some countries. By the way, in Ukraine you can also pay with cryptocurrency in chains of stores such as Foxtrot, Stylus and many other retail chains.
Also in May 2022, Volodymyr Zelensky announced the creation of the United24 global initiative, under which states, businessmen and caring people can make donations in support of Ukraine during the war, both in fiat, that is, state currencies, and in cryptocurrency. During the first week raised over $25 million.
In general, cryptocurrency is an opportunity to quickly collect donations and funds from all over the world, which is actively used by charitable foundations and organizations. Benefits of donations in crypto equivalent – the easiest way for international transactions and reduce administrative costs. But the most important thing is transparency regarding the origin of the donation, because the blockchain registry is public.
For example, in April of this year, one of the largest crypto exchanges in Europe with Ukrainian roots WhiteBIT teamed up with the Charitable Organization “Ronald McDonald House Foundation in Ukraine”. So you can donate and help the families of seriously ill children and victims of the war through 140 cryptocurrencies. Also with the help of Whitepay – a solution for accepting cryptocurrency payments and ecosystem contributions WhiteBITcrypto donations from all over the world are collected by UNITED24, the Sergey Prytula Foundation, Tabletochki and other charitable foundations.
Need to start already
For 14 years, cryptocurrency and crypto technologies have become an inseparable part of our lives, especially for investors. During this time, the price of bitcoin has historically risen with its ups and downs.
The history of the first commercial transaction using bitcoin, which took place 11 years ago, is indicative. Back then, a guy on the blockchain enthusiast forum Bitcointalk promised 10,000 BTC (bitcoins) to anyone who would bring him two big pizzas. The equivalent of this amount in 2010 was $40. As of May 3, Bitcoin is worth over $29,000. That is, if the guy in 2010 had not spent his cryptocurrency on pizza, he could have become a rich man with a fortune of $ 290 million.
Therefore, we can confidently say that over time, the cryptocurrency only grows in price, and bitcoin, even if it fell, always then grew to an even higher rate than it was before the drawdown.
Each of us has a choice: to watch the financial success of others, or to become someone to be looked up to. But in this process, it is important to choose the right one to entrust your investments. pay attention to WhiteBIT – one of the largest crypto-exchanges in Europe, which has Ukrainian roots. User-friendly interface and 24/7 support team WhiteBIT will help not only those who will take their first steps in the crypto industry, but also experienced crypto investors.
This crypto exchange will be a great platform to get acquainted with the world of cryptocurrency and start multiplying your finances right now.
2023-05-05 12:33:00
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