We have seen that Cryptocurrencies has taken the whole internet like a flood and every day more and more people are adopting it to make transactions or even make incredible profits
The question that has to pop into your mind is; what is cryptocurrency?
To answer this and all the questions popping into your mind, I am going to talk about cryptocurrency and how it works.
I will be talking about everything you need to know About cryptocurrencies.
Do you know how banks store your ordinary government-issued money,
and that you’ll need a bank account or an ATM to receive or send money to others.
Well, with cryptocurrencies, you may be able to eliminate banks and other centralized intermediaries.
This is because cryptocurrencies rely on a decentralized technology known as blockchain (which means that no single entity is in charge of it).
Rather, each computer in the network confirms the transactions.
What are Cryptocurrencies?
Cryptocurrencies are known as digital currencies or decentralized forms of currency that can be used for either payments or investments.
What digital currency means is that it’s not in the form of physical money that you can see or touch; rather, it’s a type of encoded digital form whose record is stored in millions of computers worldwide.
What is Decentralization?
Coming to decentralization means that cryptocurrency is not controlled or backed up by any authority, bank, or government; there is not a single authority that can control the price hikes and trends of cryptocurrency.
So, in simple words, users all around the world set the price and trends for cryptocurrency.
But why was cryptocurrency created and who created it?
Let’s talk about the story behind its creation.
The first-ever cryptocurrency known as Bitcoin was created and launched in 2009 by a developer named “Satoshi Nakamoto,” who tried to improvise a way that could allow a user to send and receive money in seconds without depending on any intermediary like a bank or a credit card network.
The motive behind its creation was to allow all the users to just be independent to transact money to anyone they want, all they need to do is pick up their phone, select the person’s address, and send the assets in seconds without relying on any bank or government.
You can consider cryptocurrency as a special code that is safe on your PC or smartphone device that has some value, and if you want to pay someone, you can simply send it using your PC or your smartphone device, and it will be easily sent.
What Is The Purpose Of Cryptocurrencies?
Cryptocurrencies have the potential to make it easier to transfer funds between two parties without the involvement of a trusted third party like a bank or credit card company.
A user’s “wallet,” or account address, contains a public key, whereas the private key is only known by the owner and is used to sign transactions in modern cryptocurrency systems.
Users can avoid the high fees paid by banks and financial organizations by completing funds transfers with minimal processing expenses.
The purpose of cryptocurrencies is to;
- Make local and global (cross-border) banking and business transactions easier and faster, with almost no transaction fees.
- Remove the need for middlemen/intermediaries in industries such as real estate, supply chain, law, banks, and other third-party service providers who charge high fees.
- Allow people to act as their banks by allowing them to use their money freely. (This would be especially beneficial to developing countries that do not have access to banking services).
- Combat the inflation caused by politically-based fiat money.
- Put an end to the use of animal fat in paper currency, and eliminate the possibility of counterfeit paper currency being produced.
{If you think the points above are too long, you can use these instead}
- Increase transaction speed
- Giving people charge of their own money
- Cutting out the middlemen
- Serving the unbanked countries
- Eliminating extreme money printing
Now, the question that arises in your mind is
How can we use cryptocurrency?
There are countless ways in which you can use your cryptocurrencies. You can use it to perform transactions at a very high speed with the smallest transaction fees.
It allows you to send payments without any hefty process as the banks do. You don’t have to be dependent on banks to make transactions.
Other than this, you can hold cryptocurrencies for some time so that their prices may increase and you will sell them at that time to make profits. There are numerous benefits you can get if you choose cryptocurrency instead of fiat currency.
Fiat currency is any form of currency other than digital currency. It is otherwise known as government-issued cash. We all know that these fiat currencies are controlled by the government, which means you have to rely on the government to set their value, but as for cryptocurrency, you get decentralized options that allow all users to set the value of the digital currency.
You can also pay to buy anything using your cryptocurrency just like you would using normal cash. More and more brands around the world are changing their payment methods so that you can pay them in cryptocurrency to get anything. It allows you to send and receive money at bullet speed. You can never send fiat currency at that speed as cryptocurrency is sent, and the transaction charges that you must pay while sending money through the bank are also decreased to a minimum in the case of cryptocurrency.
In short, cryptocurrency allows you to be your own boss and send money to anyone.
Now the question that arises is
How can we buy cryptocurrencies?
There are many cryptocurrency exchanges in the form of apps and software that allow you to buy, sell, and hold cryptocurrency.
All you need to do is to create an account on the exchange, transfer some funds from your bank account to your exchange account, and then start buying cryptocurrency.
A few exchanges I recommend are
- Binance
- Coinbase
- Etoro
You can find links to these exchanges in the video description.
You should also have your cryptocurrency wallet to make the transaction very easily without losing any assets.
I use Binance as my wallet
Although there are some hardware wallets like “Ledger” to keep your assets extra safe. You can buy or sell anytime you want and even you can send these cryptocurrencies to anyone you want in just a few seconds
The cryptocurrencies are added to the market by a process called cryptocurrency mining, in which new bitcoins or other crypto coins are added to the market.
Cryptocurrency mining is a very difficult, tricky, and painful stacking process in which the miners have to use sophisticated computers to solve mathematical problems and algorithms, and when the miner solves these mathematical problems, they get rewards in form of crypto coins like Bitcoin or Ethereum.
These rewards can also be understood by the miners’ assistance in adding blocks to the blockchain to enable transactions. Adding one block to the chain can give you as much as 6.25 bitcoins.
Blockchain technology acts as a distributed ledger enforced by a disparate network of computers, which helps ensure the legitimacy of each transaction.
Cryptocurrencies are measured in virtual tokens or coins, which are represented in the system by ledger entries.
Lets look at the ANKR coin and further explain what it is
So, what is Ankr?
Ankr (ANKR) is a blockchain-based platform with the goal of creating a decentralized internet. Ankr was created with the goal of eliminating the need for financial intermediaries and central authorities. The platform’s goal is to give network participants and users ownership and control over their data and applications.
Ankr combines the Web3 movement and decentralized finance to accomplish this purpose (DeFi). In contrast to the DeFi movement, which gives Web3 a financial framework, the Web3 movement is focused on protocols and decentralized applications (DApps).
Ankr’s goal also includes using the internet to make Web3 and the cryptocurrency economy accessible to everyone on earth. It seeks to liberate people from complexity by giving them straightforward tools that make participation simple. Ankr also aims to do the same for organizations, removing obstacles to their involvement in the crypto economy. Ankr intends to pursue this vision in three ways:
- Users and Community First by Design: Ankr places the community’s and users’ demands at the forefront of technological advancement. The platform aims to construct ecosystem solutions that are simple to interact with and produce goods and services that users desire.
- Removing Complexity: By offering Web3 infrastructure, Ankr makes the complex world of blockchain and DeFi more understandable. Additionally, it provides a one-click method for consumers to earn incentives on their investments.
- Developing an Web3 Blockchain Infrastructure: With simple tools and interfaces to a multichain ecosystem, Ankr aims to empower developers.
The native cryptocurrency of Ankr is called ANKR, and it can be used to make purchases across the entire ecosystem.
ANKR is the utility token for the Ankr platform. ANKR is an ERC-20 and BEP-20 token that works in the BNB Smart Chain and Ethereum ecosystems. With a maximum supply of 10,000,000,000, the ANKR token is essential to the decentralized infrastructure market operated by the Ankr Protocol. It is currently worth $0.0294.
What is the ANKR price prediction for the future.
Lets look at some expert opinions
When considering predictions, it’s important to keep in mind that while they might be useful as a guide for the possible direction of price movement, they should be seen as possibilities rather than absolutes.
This is especially true when considering long-term predictions, which may turn out to be wholly inaccurate. That is caused by both the cryptocurrency market’s inherent volatility and outside factors that have an impact on future values.
Gov Capital predicts that ANKR will trade at $0.06 in December 2022, taking a positive view. The site’s maximum price forecast is $0.97, which is anticipated to occur in August 2027.
In a less positive price projection for the ANKR coin, WalletInvestor predicts that the currency will drop to $0.02 in a year, calling it a “poor long-term (one-year) investment.”
According to DigitalCoinPrice, the value of ANKR in December of this year could reach $0.0675. According to the website, the average price will be $0.0694 in 2023 and $0.0706 in 2024. The website predicts that ANKR will cost $0.0936 in 2025, $0.0863 in 2026, and $0.0936 in 2027. The coin is expected to cost $0.22 on average by the year 2030. The site’s most distant ANKR cryptocurrency price estimate is for December 2031, when it estimates the coin will be worth $0.26.
So is ANKR a good investment
It could be. It has demonstrated that it is original and has the potential to be thrilling. The future of DeFi platforms like Ankr seems bright if Web3 catches off. It has a ton of features, and it seems to be always adding new ones.
Despite this, it’s important to keep in mind that the cryptocurrency market is incredibly volatile and that the value of all tokens and coins might go both up and down.
What Does the Future of Cryptocurrencies Look Like?
The cryptocurrency market is volatile and fast-paced. New cryptocurrencies are launched daily, old ones are phased out, early adopters get wealthy, and investors lose money.
Every cryptocurrency comes with a promise, usually a huge story about how it will change the world.
Few survive the first few months, and the vast majority are pumped and dumped by speculators, remaining as “zombie”coins until the last bag bearer loses hope of ever making a profit.
The crypto market is rough. However, this does not change the fact that cryptocurrencies are here to stay and that they will revolutionize the world.
This is already taking place. People buy Bitcoin throughout the world to hedge against the depreciation of their national currency. A vibrant industry for Bitcoin remittances has arisen, primarily in Asia, and Bitcoin-using darknets for cybercrime are prospering.
Smart Contracts or tokens on Ethereum, the first real-world implementation of blockchain technologies, are becoming increasingly popular.
The revolution is taking place right now. Institutional investors are now purchasing cryptocurrencies.
Both banks and governments are aware that this invention has the potential to deprive them of control. Cryptocurrencies are transforming the world. Step by step.
You can either stand by and watch, or you can become part of history in the making.
As always, the decision is yours to make.
