Bitcoins are the talk of the town lately as it has seen quite a rise in its price just in the last few months. Everyone wanted to be a part of it so they started investing in it left and right. However, just as the things were about to get good, other cryptocurrencies started to surge in the market and bitcoins started to lose value. Although the drop wasn’t huge, it was still noteworthy. People, who invested in the bitcoins just in the last month suffered from losses during this fall, and since then, the price of bitcoins has slowly been depleting.
People who had kept their bitcoins have started to sell them off, which has brought down the price. The price will go up and down from here on out but there will be more stability surrounding cryptocurrencies for quite a while. Despite not gaining a lot of raise, bitcoins stills hold the most power. Whenever the price of the bitcoin increases, other cryptocurrencies are sold at a higher price point as well. So, the people who have been investing in other cryptocurrencies are also dependent on bitcoins doing well.
There are some more stable cryptocurrencies like DASH, but it still sees ups and downs depending on the market position of bitcoins. This stability won’t last for long however, as a lot of people are eyeing investment in cryptocurrencies. It may not happen in the next few months, but it is bound to happen. A few conglomerates haven’t even touched bitcoins just yet but they are keeping an eye on it, so can dive in at anytime. Whenever that happens, the price of bitcoins and other cryptocurrencies will see a huge surge in their price. If you can’t afford to invest in bitcoins right now, then try out other cryptocurrencies. Yes, the payout won’t be as huge as the bitcoins, but it is better than nothing. The problem is misinformation about bitcoins which has raised people’s expectations to a whole new level and when they witness price drops such as the one that happened most recently, they just can’t seem to accept it. This is why we have outlined some things about cryptocurrencies which you may not have heard of anywhere else.
If you put your money in the bank and its gets stolen, bank is liable to give back the money. However, that’s not the case with bitcoins. If you have stored them at some place and that place gets hacked. Then your bitcoins will get stolen, and there will not be any way to get them back. The one who has the bitcoins counts as the owner. This means that you have to be extremely careful when making use of them as you won’t get them back if they are gone. Keeping them secure sure is a hassle, which is why it is recommended that you don’t keep all of your bitcoins at one place. If you are planning to have a ton of them, it is better to keep them in different digital wallets. If one of them does get in the wrong hands, you will still have others left. Cryptocurrency hacks are happening a lot these days as people are trying their best to get their hands on bitcoins. If you are stocking up on them, then you will certainly be on their radar which is why it is advised that you keep them divided into different wallets.
Cryptocurrency Backed by Gold
Not a lot cryptocurrencies are backed by gold but there are a lot of them. Bitcoins has a huge price point so it is not going to be backed by gold anytime soon. However, other not so known cryptocurrencies are being backed by gold. If you were a gold investor and now looking to dive into cryptocurrency market and want to invest in some that are actually backed by gold, then following are pretty good examples.
- Anthem Gold
- Royal Mint Gold
The aforementioned are the most well-known cryptocurrencies that are slowly gaining their footing in the market. There are some other cryptocurrencies which are backed by gold as well, but because they are not really well-known, we have omitted them from the list. Gold used to be a pretty safe bet to invest in and the price always kept stable or rose. However, with people spending in cryptocurrencies, the investment in gold has slowed down quite a bit and price has started to become even more stable. There is very little fluctuation now, which is quite different from what it used to be. Previously, the price of gold was extremely unstable and could go and low at any time.
The news about cryptocurrency can be a bit biased. The government can always be found saying that they don’t support bitcoins but they themselves are investing in them. So, when it comes to news related to the cryptocurrencies, you have to be careful where you get it from. If you want to learn about them, then it is better to visit forums that are dedicated to the discussion of cryptocurrencies. All of the people there have vested interest in the product, so they have more knowledge about them. You can ask all sorts of questions on these forums and you will get your answer.
Some basic questions would already be answered on those forums, so you won’t have to ask them at all. For the basic knowledge, all you have to do is go through the forums and you will get what you want without much of a hassle. The online tech blogs are also a good source of getting news about cryptocurrencies, so you might want to check them out as well. They have some good insights on the market trends and will help you know what’s happening in the market. You can find a blog that suits your interest and you can visit daily to get your news. Most of the websites do well-researched articles hence saving you the trouble.