Cryptocurrency has been something of a buzzword for a number of years. Everyone is familiar with terms such as Bitcoin and blockchain but when asked what the terminology refers to, many people only have a vague understanding at best. This is a shame because as leading crypto trader Elais Nikoloas will tell you, there’s gold to be found in those hills for individuals who understand just how lucrative digital currencies can be.
“People overcomplicate cryptocurrency and that prevents a lot of people from getting involved, but when you break it down it’s quite a simple process,” explained the 21-year-old from Arlington, Virginia. “If you recall, in the early days of the Internet, the public preconception of surfing the web was of it being a complicated science best left to boffins and I.T professionals, but as we now know, everyone uses the Internet and I believe the same will apply to cryptocurrencies in the not too distant future. Therefore, it’s best to get in on the action now before the secret well and truly gets out.”
Essentially cryptocurrency is a form of payment that can be used to purchase goods and services online. It uses a technology called blockchain, which according to Elais is a simple concept.
He explained, “Blockchain sounds extremely technical but it’s basically a decentralized technology that computers worldwide use to record transactions that use cryptocurrencies such as bitcoin. It is extremely secure and another reason why cryptocurrency has such appeal.”
Although bitcoin has become universally synonymous with the word crypto, it is only one of more than 6,700 different cryptocurrencies traded publicly. As Elais explained, “As of Feb. 18, 2021, cryptocurrencies worldwide were valued at a sun of more than $1.6 trillion. Although bitcoin is the most popular currency at $969.6 billion, the figure proves the scope and potential of cryptocurrency as a whole.”
Of course, the big question on everybody’s lips is, are cryptocurrencies a good investment and how do they make a profit from them? To which Elias replied, “There’s no doubt in my mind that crypto is the currency of the future. People are racing to buy stocks for a reason. They are a sound investment, and that is probably the best way to make a long-term profit with cryptocurrency. Yet if you want some short-term gain and a little more excitement you may want to try trading cryptocurrency for profit. If done properly both techniques are pretty foolproof.”
Presented by: DN News Desk