You might have come across cryptocurrencies in the past but cared little about them and their potential. Only a select few people were interested in the potential of digital currencies in the past. However, times have changed and there is now a huge growing interest in cryptocurrencies from people all over the world. There are numerous publications exclusively covering cryptocurrencies and providing valuable information to crypto enthusiasts and investors. FortuneZ is one of the top media publications covering everything about cryptocurrencies and their potential as the future of money.
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More and more people are beginning to appreciate cryptocurrency as they consider it as the evolution of money. Cryptocurrencies, unlike physical cash, cannot be held physically. They are digital currencies that can be used to buy, sell, and trade goods and services online. People become more interested because of the possibility of being an early participant in the evolution of money and earning profits by being an early adopter.
“Cryptocurrency is necessary for this new age because of the limitations of the traditional money system. With near-instantaneous settlements across the globe, they are a big improvement from the current monetary system in place.” said Maria Khramtsova, chief executive officer of FortuneZ. Ms. Khramtsova is also the lead researcher at the world’s first repository for blockchain and crypto research papers – Crypto Chain University (CCU), equipped with a Master degree in Law, from Moscow University of Industry and Finance (MUIF), class of 2013.
The lure of cryptocurrencies is also due to the fact that there are unfairly large gains if your assessment of a cryptocurrency is correct. While stocks at the most can generate up to 20 percent returns per year, cryptocurrencies have been known to generate 400 percent returns annually. This is another reason for the craze and popularity of cryptocurrencies. While they are volatile, the profits are huge when the assessment of the cryptocurrency is correct. This is very rewarding for retail and institutional investors.
Another reason why it’s important is that many cryptocurrencies are decentralized. There is no single authority like a bank over your cryptocurrency. Since the authority is distributed globally among holders of the cryptocurrency, one individual’s actions do not hurt the entire network. A consensus of 51% and higher is required to break the network. This is highly unlikely due to the fact that users need to protect their own interests.
The blockchain technology used in cryptocurrencies makes the currencies transparent and auditable. While not all currencies are auditable perfectly, they give owners a degree of control over their coins. Manipulation of the cryptocurrency network is possible but is highly unlikely due to the fact that lots and lots of individuals (over 50%) need to work together around the world at the same time to take control of the network to make fraudulent transactions. The risk-reward ratio is extremely skewed against the attackers which makes cryptocurrencies highly immune to external attacks.
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