Hello, everyone it has been a long time since I came up with a BLOG, apologize for that, I was stuck in a project work which needed my attention a 100%. Today I am coming up with an interesting topic “CRYPTOCURRENCIES”. Since most of my friends are confused about it, whether to invest or not and off-course there are scams going on in the name of cryptocurrency.
1. What is CRYPTOCURRENCY, CRYPTO Currency or CRYPTO?
According to an article released on NERD-Wallet written by Dr. Voigt et.al on 25th February 2021, Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service they offer. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the goods or service. Cryptocurrencies work using a technology called block-chain. Block-chain is decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.
According to Wikipedia, Crypto is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a block-chain, that serves as a public financial transaction database.
Let’s get stronger, according to a newsletter released on October 2017 by Economic Times and Forbes on 2020 December, A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information. Cryptocurrency is defined by Investopedia.com as a decentralized “digital or virtual currency that uses cryptography for security” making it difficult to counterfeit. Since it is not issued by a central authority, governments can’t take it away from you.
Crypto is like a Bank, which issues specific type of currency which is accepted worldwide and can be converted to any currency at any given point of time. Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, other cryptocurrencies have been created.
1. How many cryptocurrencies are there? What are they worth?
More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on Feb. 18, 2021, was more than $1.6 trillion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $969.6billion.
3. Why are cryptocurrencies so popular?
Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular:
Supporters see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable. Some supporters like the fact that cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation, Other supporters like the technology behind cryptocurrencies, the block-chain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems.
Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money.
4. Are cryptocurrencies a good investment?
Cryptocurrencies may go up in value, but many investors see them as mere speculations, not real investments. The reason? Just like real currencies, cryptocurrencies generate no cash flow, so for you to profit, someone has to pay more for the currency than you did.
That’s what’s called “the greater fool” theory of investment. Contrast that to a well-managed business, which increases its value over time by growing the profitability and cash flow of the operation.
For those who see cryptocurrencies such as bitcoin as the currency of the future, it should be noted that a currency needs stability.”
As NerdWallet writers have noted, cryptocurrencies such as Bitcoin may not be that safe, and some notable voices in the investment community have advised would-be investors to steer clear of them. Of particular note, legendary investor Warren Buffett compared Bitcoin to paper checks: “It's a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money?"
For those who see cryptocurrencies such as Bitcoin as the currency of the future, it should be noted that a currency needs stability so that merchants and consumers can determine what a fair price is for goods. Bitcoin and other cryptocurrencies have been anything but stable through much of their history. For example, while Bitcoin traded at close to $20,000 in December 2017, its value then dropped to as low as about $3,200 a year later. By December 2020, it was trading at record levels again.
This price volatility creates a conundrum. If bitcoins might be worth a lot more in the future, people are less likely to spend and circulate them today, making them less viable as a currency. Why spend a bitcoin when it could be worth three times the value next year?
5. How do I buy cryptocurrency?
While some cryptocurrencies, including Bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as Bitcoin or Ethereum. Here's more on how to invest in Bitcoin.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell Bitcoin and other cryptocurrencies.
6. Are cryptocurrencies legal?
There’s no question that they’re legal in the United States, though China has essentially banned their use, and ultimately whether they’re legal depends on each individual country. Also be sure to consider how to protect yourself from fraudsters who see cryptocurrencies as an opportunity to bilk investors. As always, buyer beware.
7. Which is the best cryptocurrencies to buy as on 28th February 2021 to start off the crypto journey?
According my findings from Economic Times, Forbes US, PR News (Paris) and JDC, the best crypto currency in 2021 is the JD Coin, as JD coin brings a resolution in block-chain technology with a version of 4th Generation Block-chain which will be a new algorithm based on an intricate combination of Proof-of-Stake (POS), Proof-of-History (POH), and Proof-of-Reputation (POR) consensus with a hybrid on-chain atomic swap with cutting edge compression technology. The technology is bound to enhance the digitization of the assets in a way that will contribute to measureless innovation in the market.
JD Coin is built for practical real-world use cases where traders need no prior trading experience
First-generation block-chains are limited in scalability due to their focus on mining. While mining results into a secure network, the drawback is limited transaction speed. Fourth-generation block-chains such as JD Coin aim to overcome these challenges through the introduction of a block-chain infrastructure, which has the above mentioned features built-in as a layered solution.
Fourth-generation block-chain infrastructure aims to solve these challenges through a structured manner with the help of AI, data compression in blocks, sharding, and built-in support for interoperability. By incorporation of the technologies as a stack, it becomes possible to do things not possible in first-generation block-chain, such as instant transactions through atomic swaps, or building stable side chains for enterprise applications.
Another important element which fourth-generation block-chains address, is resource-efficiency in enterprise computing.
As the number of transactions in block-chains increases and volume goes up, the block-chains become very large and storage hungry. This inevitably leads to increasing demand for computing power. This can be addressed through innovative software solutions which is more efficient in the long run. Fourth-generation block-chains may explore IoT -devices as validators, or distribute the rewards for validators through staking.
DeFi has been trending recently as a typical use case for fourth-generation block-chains, as the smart contracts often require high throughput and transaction speed. DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or block-chain geared toward disrupting financial intermediaries.
Fourth-generation block-chains incorporate important milestones in the development of technological breakthroughs needed to foster growth in enterprise applications in the broader block-chain economy
Integration of such technologies as IoT, AI, and interoperability allows fourth generation block-chain platforms to disrupt such diverse markets as public utilities, law, and finance. JD Coin sits at the forefront of this trans-formative era. Through its technology stack, it has a fair chance of becoming a leader in this budding market.
NAMPA, Idaho, Dec. 10, 2020 /PRNewswire/ -- JD COIN based out of Idaho, USA has launched its fourth-generation block-chain named Hydrus7 at Paris Block-chain Week Summit (PBWS) on Dec 10th, 2020 held at Station F, Paris. This was one of the biggest events of block-chain globally for the year 2020 held in association with the European government. The who's who of block-chain, cryptocurrency, Finance, Media, and Information technology like sector audience has participated in the same. JD COIN has been a proud gold partner with PBWS for the year 2020 among other media partners. This was a consecutive two days event held on Dec 9th and 10th, broadcasted virtually on a global platform.
JD Coin ranks among top cryptocurrencies in the world and has topped amongst the most trending tokens in Asia as per latest research and stats shared by esteemed COINMARKETCAP on Dec 5th, 2020.
JD Coin started its journey in April 2018 and came with an aim to understand the current issues with cryptocurrencies and wanted to address these issues by bringing ready solutions to not only ease the use of crypto but also to benefit the community as whole.
JD COIN has introduced Hydrus7 as the fourth-generation block-chain which is the latest version block-chain. Block-chain has come long way since its inception and old use cases and now quite popular among many sectors in the market. Previous generations of block-chain were limited in scalability due to their focus on mining. While mining provides a secure network but it also effects the transaction speed.
Due to huge duplication of data, these block-chains require more storage space, thus require bigger infrastructure to support its everyday operations. JD Coin has undergone immense research on all these issues before launching their new block-chain named Hydrus7, and aim to overcome such challenges through the introduction of multi-layered hybrid consensus algorithms, which makes the transaction faster and secure. Hydrus7 infrastructure aims to solve these challenges in a structured manner with the help of AI, ML, Data compression in blocks, sharding, and built-in support for interoperability. By incorporation of the technologies as a stack, it becomes possible to do things which were not possible in the first-generation block-chains, such as instant transactions and atomic swaps, or building stable side chains for enterprise applications.
Sidechains also help in quick transaction settlements which contributes to our mission for higher transaction speeds. With an intent of getting more use cases, quick adoption in the merchant community and make IoT devices a part of the network, verifying and validating transactions.
As other cryptocurrencies reaching all-time highs are making positive moves in the mindset of the common man. The time that the common man uses crypto currency is coming to reality.
"We want to utilize the computing power of common devices like TV's [ Digital Signages], Mobiles, smart watches, etc. to be part of our network. These devices are kept powered on for most of the time and have a huge amount of unutilized compute power that we want to harness to be a part of our network. This will help build many use cases in gaming, supply chain, DeFi and energy to start with, and then allow the startup ecosystem to take over the next round of use cases in a very big way and we fund and incubate them," - says Dr. Bhupinder Singh, CEO APAC JD Coin.
There is a lot of technological research that is underway such as high-speed data compression, interchain communication and atomic swaps. With new types of crypto derivatives entering the market and types of smart contracts already in place, there is seen a huge growth in DeFi markets. JDC Hydrus7 aims to enter into DeFi markets where common man can participate in borderless lending and borrowing process and benefit from this market by just having a smartphone and even with no prior knowledge of blockchain or crypto at all. By this, a small business man wanting money to buy raw material in Brazil can be funded by one more small business man who has excess cash in New York, which is underwritten by a Japanese insurance company. This DeFi application is known as Shōrai Komāsu.
Along with this, JD Coin is also launching many other applications on Hydrus7 blockchain like GNP apps, Digital Therapeutics Devices (DTx), The Brain Project, Prōtegō, H7 Gaming products, etc. These are some very exciting applications and have amazing use cases in B2B as well as day to day life.
SOURCE JD Coin
Price of JD Coin – 9.42 INR (Coin Gecko, 28th February 2021)