Cryptocurrency and cryptocurrency rate
Cryptocurrency, crypto-currency or simply crypto, is a form of currency that exists digitally or virtually and is subsequently transacted through cryptography.
Cryptocurrency is completely independent of central banks and government controls. the so-called Unlike other currencies that are issued by banks and governments, crypto is a decentralized currency.
Crypto works according to the P2P (peer-to-peer) principle, which excludes the involvement of a third person between two parties. Uses blockchain technology as a ledger of transactions. A blockchain is a chain of blocks that make up a database and are managed by each user of the network. Cryptocurrency is stored in a digital wallet.
Cryptocurrency got this name because of the encryption code, and it is with the encrypted code that the transfers are confirmed.
If you own crypto, you are not holding anything tangible. What you have is a key that allows you to transfer your coin to another person without a third party.
There are already thousands of cryptocurrencies on the market today, but there are a few that stand out, which we will tell you about below. I will tell you before that, unlike other platforms, Myvaluta.ge offers more than 100 cryptocurrency rates.
In 2009, the first cryptocurrency, Bitcoin, was launched.
How much is 1 bitcoin worth? Today 1 bitcoin is 26,562 dollars, which is about 70,000 GEL. The invention of Bitcoin is attributed to a person or group of people known as Satoshi Nakamoto. Bit means small money, and Coin means coin. Smaller bitcoins are called satoshis, after the founder's name. Years ago, when cryptocurrencies were not widely used, you could freely earn Satoshis and with very little effort, you could climb up to a single Bitcoin.
There are quite a lot of cases when a dozen bitcoins, when the market value was 1, 10, 100 or a little more, bought a headset, keyboard or other household items.
When the first international transaction was made by Laszlo Heinz in Florida, he bought 1 pizza with 10,000 bitcoins. Apparently, it is the most expensive pizza in history.
The price of 1 Bitcoin was 30 cents in 2011, and in 2017 it was close to 990 dollars. In 2018, it was worth 13 thousand dollars at once. Bitcoin has had many ups and downs. At the end of 2021, the value exceeded 67 thousand dollars, and after exactly 1 year, it came down to 16 thousand dollars.
In 2023, it fluctuated up to 20 thousand dollars, now it is 26 thousand dollars. According to crypto experts, it is important for 30k to be tested and have stability in order to have more confidence in it.
In the end, Bitcoin is still the most successful cryptocurrency today and its market capitalization is 571 billion dollars, which is 3 times more on Ethereum market cap.
Etherium is a cryptocurrency created in 2015. It relies on the blockchain, like Bitcoin, and was mined through video cards, making it possible to mine Ethereum. It's been 1 year since ethereum is no longer mined, although of course new ways have appeared.
Etherium has so-called A "smart contract" was developed and coin owners were insured against various types of losses.
Dogcoin, which was originally created to mock crypto-speculations, has evolved over time to become a sponsor of many events and organizations. Today, 1 dogecoin is 0.16 GEL, but the market capitalization reaches almost 9 billion.
Dodgecoin's ups and downs have largely been linked to Elon Musk's posts on X (formerly Twitter). When Musk wrote something on Dogecoin, the price immediately crashed, and after 1-2 days, the value returned to the initial level.
You will learn about Ripple, BNB (the coin of Binance - the world's largest cryptocurrency exchange), XRP, Solana and more than 100 other coins at Myvaluta.ge.
What can you buy with cryptocurrency?
The creators of Bitcoin wanted to make any transaction possible with cryptocurrency. Buy coffee, computer parts, tickets or even real estate. Many things can already be purchased, but there are still many places where crypto has never been heard of or just heard of. Nevertheless, the trend in this regard is clearly positive and every day, new companies are added that want to trade in crypto.
For example, Rolex, Microsoft, Shopify, car dealers, clothing stores, restaurants, even pharmacies are already accepting cryptocurrency.
In Georgia, you can also buy crypto with payment machines. Also, in many shopping centers the so-called Crypto machines were set up.
If you love pizza and don't have cash or a card, cryptocurrency is also in the works.
4 tips before you decide to invest in crypto
All investments involve risk, but investing in cryptocurrency today is considered much more risky. There are more than 500 cryptocurrencies circulating in the market and before you decide to invest in any of them, do a little research. Read reviews, talk to experienced investors and experts.
It is important to know how you can store your coins. There are different types of digital wallets that have different benefits, technical requirements and security. Some bring more commission.
Diversification is one of the right strategies. Don't invest all your money in just 1 coin and only because its name is well known to you.
Be prepared for instability and fluctuations. You will see dramatic changes in both growth and decline. If your investment portfolio can't handle that, then crypto is not for you.
Cryptocurrency has a history of just 14 years. Research the market and invest as much as you can afford to lose and change your life for the worse. On Myvaluta.ge you will always get reliable and up-to-date information about the exchange rate of each one, what changes have occurred in the last 24 hours, how much is the 24-hour volume and market capital.