Bitcoin has hit a record of $1950 USD and is projected to move higher in the coming weeks. This comes after the creators of the ransomware program called WannaCry demanded to be paid in Bitcoin, a digital block-chain currency. People are rushing to invest in crypto because they are losing confidence in political systems that regulate fiat.
Faith in fiat currency is melting away by the day. Mostly young investors are engaging in mining, purchasing, and using bitcoin and other crypto in transactions.
Over the years, central banks in every country have concentrated the power of their fiats, whereas crypto is by nature deregulated and can’t be controlled by a centralized organization.
Bitcoin and other cryptos are threatening to level a currency playing field that has long been unfair to middle America and the working class.
The billionaires investing in Bitcoin right now have no advantage over a person making an average pay check. Why? Because billionaires are limited by the amount of crypto that can be mined in a given week. This keeps the currency from falling in the hands of a rich few and distributes it to the masses of people competing for crypto.
Investors should enter coin markets with caution, though, because they are extremely volatile and subject to major downturns. Fiat, by contrast, is significantly less risky.
Bitcoin is only one of a number of digital offerings on coin markets now. Other cryptos are growing as fast or faster than Bitcoin. These include Ripple, NEM, Ethereum, and Litecoin. Graphs show that coin markets now have multi-billion dollar caps and are projected to rapidly increase in 2017.
Cryptocurrencies are here to stay whether the Federal Reserve likes them or not. Already, major banks are engaging in accepting crypto. According to ripple.com, 15 out of the 50 major banks already integrate and trade Ripple. The same is true for the other block-chain currencies.
Now is a great time to diversify your portfolio with crypto. If you are looking to escape the U.S. dollar and other fiats that are 100% controlled by the global elite, then crypto presents a great opportunity for investment. While hundreds of cryptos are offered on coin markets, be careful choosing one to purchase. Bitcoin, Litecoin, Ethereum, NEM, and Ripple all have the backing of organizations and/or foundations, whereas some of the cryptos have no support structure or group advocating for the currency on international markets. Organizational backing is crucial for a cryptocurrency’s growth.
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