Cryptocurrency: What's the Hype?



Introduction to Cryptocurrency:


You’ve probably heard of cryptocurrency. If you haven’t, it is a type of “currency” that is digital. Cryptocurrencies use blockchain technology that secures transactions. The most popular types that you may have heard of include Bitcoin, Dogecoin, and Ethereum.


Cryptocurrency has had a bit of hype in recent years. One of the reasons is the profitability people believe they can make. Due to its increasing development, cryptocurrency isn’t necessarily strongly regulated, so incredible capital gains are possible with the right strategy and knowledge.


Elon Musk:


Recently, you may have heard or even seen Elon Musk hosting the Saturday Night Live (SNL) show. His comments may have played into investors’ decisions on investing in cryptocurrency. Bitcoin and Ethereum have taken some hits after the SNL show. As quite a controversial figure, he has made many waves in the world of cryptocurrency.


For one, Musk believes that Bitcoin is harmful to the environment. It can be confusing at first since cryptocurrency exists in the digital world. However, Musk believes that bitcoin mining uses too much energy in the real world. Bitcoin mining is online and done on computers usually located in computer farms.


The environmental impacts above are one of Musk’s reasons for supporting Dogecoin which is less energy-intensive.


Conclusion:


There is still a lot of uncertainty about cryptocurrency. Some people believe it will take off, others believe it will crash and burn. It’s time to do your own research, and figure out what you believe in.


Written by Allie Chang