Dan Schatt and Domenic Carosa, executives of the world’s first community-based crypto platform and marketplace, Earnity, know that crypto has been around for quite some time now. In that period, the digital currency has gone through many changes. However, while the technology behind it may seem complicated to some, the basics of cryptocurrency are relatively simple.
Tracing the Origins of Crypto
The first-ever cryptocurrency was Bitcoin, which Satoshi Nakamoto created in 2009. Bitcoin is decentralized — no single entity controls it. It is underpinned by a network of computers that work together to keep track of the blockchain – a digital ledger of all Bitcoin transactions.
Bitcoin was not the only cryptocurrency that was created in 2009. Litecoin, Namecoin, and PPCoin were all also launched that year. However, Bitcoin quickly became the dominant player in the market, and most other cryptocurrencies have since been forked off.
Surge in Interest
Cryptocurrencies experienced an enormous surge in popularity in 2017, with the value of Bitcoin reaching a peak of $20,000. However, the price has since fallen significantly, and as of February 2019, it was worth around $3,500. Despite this volatility, interest in cryptocurrency remains high, and many experts believe it is here to stay.
Earnity’s Dan Schatt and Domenic Carosa want to encourage purchases of Bitcoin or another cryptocurrency to buy crypto. You can do this on online exchanges, such as Coinbase and Binance. Once you have purchased some crypto, you can store it in a wallet. There are various wallets for crypto, but the most popular is probably the online wallet.
Cryptocurrency is still somewhat of a new phenomenon, so there are risks associated with buying it. As with any purchase, you should always do research before deciding. If you are comfortable with the risks, cryptocurrency could be a great way to make some money.