Hello, everyone. I would like to introduce our weekly article from HNFC team.
Today it will be about cryptocurrency. Cryptocurrency, which is essentially a digitalised unorthodox commodity, is poised to launch a financial revolution, one that could reinvent but most certainly challenges traditional financial and social constructs, whilst bringing the world's billions of unbanked individuals into a new global economy, with no regulator and direct authority to govern and control the supply of the currencies.
With new alt-currencies appearing almost weekly and some generating masses amount of traditional capital in minutes, this is a new dec-centralised economy which was born from the ashes of the
global financial crisis in 2008.
Cryptocurrencyholds the promise of a financial system without a middleman, one owned by the people who use it and one safeguarded from the devastation of a 2008-type crash. But bitcoin, the most famous of the cyber-monies,carries a reputation for instability, wild fluctuation, and illicit business; some fear it has the power to eliminate jobs and to upend the concept of a nation-state. It implies, above all, monumental and wide-reaching change for better and for worse. But it is here to stay, and you ignore it at your peril.
Vigna and Casey demystify cryptocurrency its origins, its function, and what you need to know to navigate a cyber-economy. The digital currency world will look very different from the paper currency world; The Age of Cryptocurrency will teach you how to be ready.
To start, you need to use cryptocurrency wallets to store digital money, and these can be found through a mere search. Coinbase & Gatehub are two that I used in it’s infancy.
These trades can carry huge unmitigated risk due to the sheer volatility of the market, but can be lucrative as attested in this article from CNBC. If you invested just £100 in 2010, and left the currency to mature, the value would mean you are now a multi-millionaire.
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Written by Graham Laxton │Young financial analyst and Co-founder of HNFC
Edited by Vee Venski