For those of you who are new to the cryptocurrency world, hard forks and altcoins may be alien words. However, the logic behind this is actually quite simple. All of this has started with the launch of Bitcoin a decade ago. To understand what Hard forks are, you need to know how Bitcoin works first.
The crypto market saw a major breakthrough for cryptocurrencies, observing the highest sales of all time in 2017; only to see it lose its crown and spiral all the way downhill in the blink of an eye.
In recent years, the news of Cryptocurrency surfaced with ICOs (Initial Coin Offerings) being the talk of the entire industry, giving a whole new meaning to digital transactions. The Internet was the driving force that rode cryptocurrencies to skyrocket to unbelievable heights.
What looked like the new age digital manifestation that gripped investors to well, "invest" big bucks or cryptocurrencies by large numbers, soon saw the crypto market crash and burn. The notion that had been established in the industry that crypto was going to change the world, vanished in a jiffy. So what led to the downfall of cryptocurrencies?
Ever since Bitcoin was launched in 2009, there have been many more cryptocurrencies that have launched to take advantage of the growing popularity of digital currency. To give you a rough idea, there are almost 2000 cryptocurrencies present in the market today. Some of them have given great returns to their investors while others have faded into oblivion. Nevertheless, the cryptocurrency market is booming, with newer miners and investors searching new ways to invest in new virtual currencies which has the potential to one day eclipse fiat currencies in the way we see world commerce. There are four distinct ways in which you can gain success on the cryptocurrency bandwagon.
Traditionally, legal tender means that currency that we use in our daily lives. Also known as fiat money or fiat currency, this money is (or was) backed by gold and had an intrinsic value for quite some time. We have relied on these fiat currencies for years, and have gotten used to it. However, there are some inherent flaws to this system where cryptocurrencies can help to solve. Currently the value of all cryptocurrencies in the market is under $100 billion as against the face value of US Dollars which are worth almost $1.4 trillion. As against the value of US Dollars, cryptocurrencies look miniscule, but do they have the power to completely take over fiat currency? Here are some points that show us how this can be true.
Cryptocurrencies have risen in value for quite some time now. Ever since the peak in value they achieved in late 2017, cryptocurrencies have seen a surge in interest from people of all walks of life. Many corporate MNCs too, are jumping on the bandwagon, setting up working groups to see how they can take advantage of this massive investment opportunity. Its not just Bitcoin that can give you fantastic returns, there are many other alternative ‘alt coins’ that have enormous potential to be investment assets. This current market scenario is perfect to make an investment into cryptocurrencies as the prices of Bitcoins and other cryptos has been falling ever since the start of 2018. Let us see some other reasons why investing in cryptocurrencies today makes a lot of sense.