What is Cryptocurrency?
At its most basic definition, Cryptocurrencies are just mediums of exchange. Cryptocurrency is an electronic currency for carrying out transactions digitally. They are virtual currencies completely independent of government control or any central authority which means you don’t have to go to a bank in order to process a transaction.
Cryptocurrency Explained: Best Crypto Investments
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods and services. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. You’ve probably heard of bitcoin by now. Bitcoin was the first released cryptocurrency and is still the most used cryptocurrency around the world.
You might be thinking to yourself, If there’s no central authority to run the system how are transactions maintained and verified, how are these cryptocurrencies even valuable, where does the supply of it even come from? Well, let me break it down for you.
Understanding Blockchain Technology
The blockchain is a public ledger of all transactions that have ever occurred on the bitcoin peer to peer network. Its just one long record book dating all the way back to when the first bitcoins were created in January 2009. As long as transactions continue to be made with bitcoin, the ledger will continue to grow and build on itself. That’s why it’s referred to as a chain.
Since this ledger is made public to everyone, it will continue to have its information distributed and digitally synchronized all around the around. It will always share the same information on it. So me sending 1 bitcoin to my friend is a transaction that is publicly recorded on this blockchain ledger.
And when that transaction takes place, anyone who has a copy of the ledger will be notified of an incoming transaction taking place on the bitcoin network. They will then work to verify that any transactions taking place are valid and real.
The people who keep track of the ledger are referred to as the miners. (Bitcoin miners).
Bitcoin isn’t the only cryptocurrency out there. After the release of bitcoin and the tremendous growth of the currency, Other cryptocurrencies were invented. Some of the top cryptocurrencies include :
- Ethereum (ETH)
- Libra (LIBRA)
- Monero (XMR)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Tether (USDT)
Why Do People Use Cryptocurrency?
People want control of their money, Cryptocurrencies provide exactly that. People use cryptocurrencies to conduct transactions smoothly and quicker without the need for a bank. Others use cryptocurrency for investment purposes only.
Investors are attracted to cryptocurrencies because they are volatile and offer a high degree of security. Cryptocurrencies are not subject to government or financial institution control, which makes them attractive to investors who seek safety and freedom of investment.
Popular Cryptocurrency Terms and Key Phrases
Here are some popular crypto terms and phrases you’ll often come across:
DYOR
DYOR stands for “Do your own research,” At the end of the day, you are the only one who can select which cryptocurrencies to invest in when to go long or short, and whether to leverage your position. Any seasoned trader will tell you that, regardless of how difficult it may be, FOMO is not a healthy mindset to adopt and that it is best practice to stick to what your trading analysis and charts are telling you rather than what some random guy on Twitter is saying. If you do not, you risk receiving REKT!
REKT
REKT It originated as a slang term for “wrecked” among gamers and has since been adopted by cryptocurrency dealers. This keyword refers to a catastrophic financial loss caused by poor judgment or unlucky market actions. A trader may refer to their position as “rekt” if they are long and the market price crashes. Similarly, one could say the same thing about a coin, or even the market itself.
DeFi
Decentralized Finance (DeFi) is a financial technology that applies the decentralized concept of blockchain to the world of finance. Construct… (as well as Dapp)These are new entries in the crypto lexicon. The abbreviation “DeFi” stands for “decentralized finance,” while “Dapp” stands for “decentralized applications.” DeFi’s goal is to facilitate a more complete integration of blockchains and financial services.
Bitcoin was created with the goal of eliminating the intermediary — the bank — from digital financial transactions. However, with DeFi, other banking services such as insurance, loans, and savings accounts can now be made available without the need for an intermediary via the use of blockchains with smart contracts, such as Ethereum.
Although it is still in its infancy, it is a rapidly growing movement, with an increasing number of Dapps and DeFi solutions like yield farming to enable you to obtain a piece of this. Finance is far from the only role of Dapps, which covers social media, technology, and the arts, among others.
HODL
This is very well-known cryptocurrency jargon, but for those unfamiliar with the game, it simply means holding on to your cryptocurrency rather than selling it. It dates all the way back to the early days of cryptocurrency in 2013, when an evidently inebriated individual posted “I AM HODLING” (yes, that is a spelling error!) on a Bitcoin-specific forum. This inebriated mishap has now become part of crypto folklore, with the phrase HODL becoming a backronym (hang on for dear life), most commonly used during periods of market turbulence to refer to individuals who are holding on to their bitcoin when others are not.
FUD
Fear of Missing Out (FUD) These are acronyms that are often used in general life. FOMO, which stands for ‘fear of missing out,’ is a word used in cryptocurrency to characterize traders’ fear of missing out on lucrative gains made by their peers.
This is accentuated in the crypto industry by the frequently well-documented huge price swings that can occur.
This is where FUD, or fear, uncertainty, and doubt, comes into play. Cryptocurrency’s wild price swings, as seen recently, may induce FOMO and FUD in some. FOMO and FUD can result in actions such as purchasing a new coin or refraining from hodling and doing the reverse. It should be highlighted, however, that these anxieties are frequently unjustified, stemming from false rumours on social media.
Satoshi
You may have noticed that this is the first name of the presumed creator of Bitcoin and author of the Bitcoin white paper, Satoshi Nakamoto, who is also known as Satoshi Nakamoto, the assumed identity of Satoshi Nakamoto.
However, as a word, it refers to the tiniest amount of Bitcoin that you can own. 0.00000001 BTC is a mind-bogglingly small quantity in and of itself. Although it may appear to be insignificant, the Satoshi unit has advantages. On the Bitcoin blockchain, Satoshis are utilized as the denomination before being converted to display. They can also be used to refer to little sums of Bitcoin (but not 0.00000001 BTC!).
You might want to send 0.0001 BTC to a friend. For example, you might alternatively say 10,000 Satoshis (or Sats) instead of 0.0001 BTC.
Best Cryptocurrencies to Invest in Right Now
Another distinctive feature of cryptocurrencies is that they provide a brand-new method for carrying out transactions. They are not linked to national currencies and are not governed by the financial system. They, therefore, appeal to those who seek to transact outside the perimeter of regular banks. There are numerous risks involved with investing in cryptocurrencies because they are still in their early phases. We’ll list some of the top cryptocurrencies you should consider investing in right now.
Bitcoin
Bitcoin is a digital currency that can be moved from one person to another on the peer-to-peer bitcoin network. Using cryptography, network nodes verify Bitcoin transactions, which are then added to a public distributed ledger called a blockchain.
Litecoin
Litecoin is an open-source software project and peer-to-peer cryptocurrency that was released under the MIT/X11 license.
Litecoin, which started in October 2011 and was one of the first altcoins, was inspired by Bitcoin.
Solana
Solana is a decentralized blockchain made to make it possible for everyone to use scalable apps that are simple to use. Because the Solana network is made up of thousands of independent nodes, your transactions are always safe.
XRP
Ripple is a real-time gross settlement system, currency exchange, and money transfer network made by Ripple Labs Inc., a technology company based in the United States.
Ethereum
Ethereum is a decentralized, open-source blockchain that can be used to make effective transactions. It is a type of technology that holds digital money, global payments, and applications.
Cardano
Cardano is a blockchain platform that is accessible to everyone. It is open source and decentralized. Its own currency, ADA, can be used to make peer-to-peer transactions easier. Charles Hoskinson, who also helped start Ethereum, created Cardano in 2015.
Polkadot
Polkadot is a cryptocurrency and blockchain platform. It is made so that blockchains can communicate with each other and do business without the help of a trusted third party.
Terra (LUNA)
Terra is a protocol for the blockchain and a payment platform for stablecoins that are based on algorithms. Terraform Labs, a company that Do Kwon and Daniel Shin helped start, launched the project in 2018.
Binance Coin
Binance Coin is the digital currency made by the Binance Exchange. It is traded with the symbol BNB. As of Q2 2022, Binance Exchange was the largest cryptocurrency exchange in the world, with a volume of $7.6 billion
Tether (USDT)
Tether is a stablecoin cryptocurrency that is supported by an asset. It was introduced in 2014 by the company Tether Limited, Inc. Tether Tokens are assets that can be moved across the blockchain just like other digital currencies, but they are tied to real-world currencies on a 1-to-1 basis.
Is Cryptocurrency Safe?
I’ll say yes and no. With almost everything online, there are downsides. Even though cryptocurrencies are highly encrypted, using them to purchase goods online might not be exactly a good idea as scammers can use this to their advantage.
Unlike PayPal, when you purchase or send money to someone you do not know online using bitcoins, you are at a higher risk of getting scammed. There will be no trace to who you sent the money to. In case the vendor refuses to send you your items, you can open a dispute or contact support for a refund.
In case you send funds to the wrong receiver address, There’s a 99% possibility you won’t get your money back. It’s advisable to be extra vigilant on the type of transactions you make.
The use of cryptocurrencies keeps rising each day. More companies are accepting cryptocurrencies now as a means of payment. People are joining the crypto world every single day.
Cryptocurrency in Ghana
Cryptocurrency is gaining more popularity in Ghana. Even though the use of Crypto isn’t still recognized as a means of transaction yet in the country unlike other parts of the world like Asia and America, Cryptocurrency is seen more like an investment opportunity here. Most individuals and youngsters in Ghana are keen on the crypto “gold rush” concept.
When we talk of the use of cryptocurrencies, obviously, places like Asia and America accounts for more Crypto users, companies, miners, traders, than any part of Africa.
Is Cryptocurrency the future?
People want to know if they should start switching to cryptocurrency before it takes over the traditional banking system. But the truth is no one can tell if cryptocurrency will take over traditional banking and credit cards. However, Cryptocurrencies are here to stay for sure.
Celebrities Who Invest in Cryptocurrency
There are a number of celebrities who are making a splash in crypto, and in this article, we are going to be listing some of them. You might be surprised to learn that more celebrities are getting involved in the cryptocurrency space.
Kim Kardashian
On June 13, 2021, Kim Kardashian promoted a certain cryptocurrency on her very popular Instagram account. The post highlighted an investor-friendly action taken by the EthereumMax token and provided a link to a promotional video that detailed the process by which interested parties could acquire some of the token. Whether Kim actually invests in this particular cryptocurrency is still unclear.
Paul Pierce
Indeed, Paul Pierce has joined the cryptocurrency craze. The Boston Celtics legend tweeted to his followers, encouraging them to invest in Dogecoin. He’s not the first athlete interested in this space of digital currency and collectibles and certainly won’t be the last.
Paris Hilton
Hilton has been a crypto advocate for some time, having made bitcoin and ether investments in 2016. She’s also a big fan of NFTs and the Metaverse as well.
Mark Cuban
Ether is one of many cryptocurrencies Cuban owns, including Bitcoin and the meme-inspired Dogecoin. He has also invested in a number of blockchain companies, many of which are focused on enhancing Ethereum, and holds a small number of NFTs.
50 Cent
In 2014, the sale of 50 Cent’s album Animal Ambition brought in 700 bitcoins for the famous American rapper. When his album was released, he was the first musician in history to accept bitcoin as payment.
Michael Tyson
In recent years, Michael Tyson has diversified his interests and invested in cryptocurrency. While his fame came from boxing, Tyson has also been involved in the cannabis industry and is an advocate for psychedelics. Now, the former boxer has made the leap to blockchain technology, singing its praises.
Tyson is among several celebrities and high-profile people investing in crypto. He has tweeted about his investment in Solana (SOL) and has partnered with TheDreamChain to promote it. He said he is “all in” on the cryptocurrency and asked his 5.7 million Twitter followers to predict its price. He also recently announced that he was purchasing NFT (NeoFace Tokens), which is the seventh largest cryptocurrency by market cap.
Tyson has publicly expressed interest in several cryptocurrencies, including Ethereum, Solana, and EOS. In September, he tweeted about a non-fungible token called Solana. He also promoted the Dream (DREAM) ERC-20 token, claiming that the cryptocurrency would revolutionize the space industry and help the community deal with mental health issues. In September, Tyson asked his Twitter followers to choose between Solana and Ethereum. He had earlier tweeted about buying Solana, and in July, he mentioned a Catalina Whale.
While Tyson is well-known for his boxing career, his personal life has been filled with drama and controversy. He once made a disturbing statement about eating his opponent’s children. He has also fought against journalists who criticized his actions. His fame has since turned him into a successful entrepreneur, media personality, and boxing expert.
The former boxing champion has partnered with the Binance NFT marketplace in an effort to promote NFT. Binance is the leading cryptocurrency exchange and blockchain ecosystem. Tyson and his team will work with Binance NFT to let people all over the world know about his collection of 15,000 non-fungible NFTs.
Ashton Kutcher
Ashton Kutcher is one of the first Hollywood stars to invest in crypto. He believed in the benefits of digital currency before it became popular, and is now an active investor. The actor, producer, philanthropist, and entrepreneur is based in Silicon Valley, and his investment portfolio is predominantly comprised of startup projects. He has invested in Bitcoin, Ethereum, and other cryptocurrencies, sometimes at the early stages when the market is lagging behind.
Ashton Kutcher’s investment in Bitcoin was first reported on the late-night show with Stephen Colbert. In 2010, the actor invested in eSports startup UnikoinGold and co-founded the investment company A-Grade Investments to buy shares in IT companies. It was during this time that Kutcher got interested in cryptocurrencies, especially Bitcoin.
Ashton Kutcher has made a fortune investing in several startups. He owns a $50 million venture capital fund and makes about $30 million in dividends each year from his business investments. The actor has also made over $70 million through Bitcoin investments. Besides his investments, Kutcher earns over $800,000 for each episode of his shows.
Recently, Ashton Kutcher has been on Ellen Degeneres’ show to discuss technology. In one episode, he discussed Ripple and the Dian Fossey Gorilla Fund International. During the show, he discussed crypto and how he was able to invest in Ripple. He also announced that he would donate $4 million USD to the charity.
Other celebrity investors include Gwyneth Paltrow, Matthew McConaughey, and Questlove. MoonPay, for example, has attracted the investment of over 80 celebrities. It is now valued at over $100 million.
Cameron and Tyler Winklevoss
The Winklevoss twins are best known for their legal battle with Facebook founder Mark Zuckerberg, but they’ve gone on to build an empire using crypto. Cameron, a former rowing star, purchased $10 million in bitcoin back in 2012, when the price was about $8. After that, they put money into several crypto companies and now run one of the largest exchanges for digital assets.
Cameron and Tyler Winklevoss are the co-founders of Gemini, a crypto-exchange that lets customers purchase, store, and earn cryptocurrency. They’re also principals of Winklevoss Capital, a venture capital firm that supports early-stage technology companies. The brothers are also former rowers for the US Men’s National Rowing Team. They attended Harvard University and earned their MBAs at Oxford University’s Said Business School. While they were there, they competed in the Cambridge-Oxford Boat Race and became members of the Christ Church Oxford Blues rowing club.
While bitcoin is the poster child of the blockchain industry, the twins have not sold their bitcoins yet. They’re reportedly holding as much as 1% of all BTC tokens, for a total value of $1.5 billion. It’s important to note that the Winklevoss twins have never sold any of their bitcoin, but they’re still in it and are investing heavily in the technology.
The Winklevoss twins were born in New York and have lived in Connecticut and Massachusetts. The Winklevoss brothers are well-known for their philanthropic investments. Tyler and Cameron are philanthropists, and the money they’ve made from their ventures is expected to be used to support various charities.
Mariah Carey
The singer has been encouraging people to invest in crypto through her Black Girls Code initiative. The organization promotes technological education for girls of color and hopes to train one million of them by 2040. Carey believes that girls should have the same opportunity to achieve their dreams as she did. To help young girls, she will donate a portion of the proceeds from her cryptocurrency trade to the nonprofit Black Girls Code.
Carey has teamed up with the cryptocurrency exchange Gemini to promote cryptocurrency adoption among girls of color. She has also posted a video on Instagram promoting cryptocurrency. Those interested in investing in crypto can start with as little as $5. The cryptocurrency industry has grown rapidly, and the number of people investing in it is expected to double by 2021.
Carey is a multi-platinum artist, a Grammy-winning singer, and the best-selling female artist of all time. She has joined the cryptocurrency space by investing in bitcoin through the cryptocurrency exchange Gemini. Founded by Cameron and Tyler Winklevoss, Gemini makes it easy to buy, sell, and earn cryptocurrencies. The site also offers secure storage of more than 50 cryptocurrencies.
Cryptocurrency investment is not only popular with celebrities but also among everyday investors. Carey announced her decision on Instagram, where she provided her fans with tips on how to purchase the digital currency. She said that she learned about cryptocurrency through the resources Gemini provides. She also praised Gemini’s Cryptopedia platform.
Snoop Dogg
Snoop Dogg, the legendary rapper, has been investing in cryptocurrency and other technology projects. This year, he is involved in several NFT projects. Additionally, he has become one of the first celebrities to switch from Ethereum to Cardano, a new digital currency. This shows that Snoop is very interested in the industry and is ready to invest in crypto to help his business.
As a prolific entrepreneur, Snoop has invested in several startups and companies, including a telemedicine company recently valued at $1.6 billion. He has also been involved in art projects. His upcoming HIMS line of branded artwork is set to launch a limited edition line of eight pieces. Each piece will be an original work of art paired with a track by the rapper.
Snoop Dogg has made his name in the crypto space by investing in a handful of companies, including Robinhood, Reddit, and Klarna, a Swedish payments company. Moreover, he’s invested in Moon Pay, a cryptocurrency payment service that enables users to buy crypto with their credit or debit cards. Finally, he’s also invested in a startup called Yuga Labs.
Snoop Dogg’s involvement in NFTs was revealed this year. In April, he revealed that he had invested in the NFT network under his pseudonym, Cozomo de’ Medici, and that one of his NFTs, called “Journey of the Dogg,” had a value of over $17 million. Even though there is no proof that he is involved in NFTs, his recent publicity has caught the attention of crypto fans and investors.
In addition to his cryptocurrency investments, Snoop Dogg has also made investments in cannabis companies. He has invested over $50 million in cannabis-related companies. Moreover, he has also co-founded a venture capital fund, Casa Verde Capital, which invests in cannabis and fintech companies. His first fund has already closed at $45 million and is scheduled to close at $100 million by the end of 2021.
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