September 6

How Elon Musk Became the Biggest Influencer in the Cryptocurrency World

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Source: sensoriumxr.com
Source: sensoriumxr.com

Cryptocurrencies are considered one of the most profitable ways to invest today. Whether it is Bitcoin, which is considered the strongest and most famous currency, or one of many others such as Ethereum, Ripple, Neo, and many others that many predict a bright future, more and more people are deciding to take this step.

To get better acquainted with the crypto world, we will first define the very term cryptocurrency.

Source: euronews.com
Source: euronews.com

What are cryptocurrencies?

Digital money or “digital gold”, as many call it today, is money that exists only in virtual form but has its value. Because they are based on the blockchain principle, they are considered very safe to use. Another thing that makes them specific is that neither the Government nor the bank has power over it. All this leads to a divided opinion. Some see this as a way to make money, while others see it as a great opportunity to launder money. It is for these reasons that the status of these currencies is not regulated in many countries.

The first cryptocurrency was created in 2008. It was created by a group of people hiding behind the pseudonym Satoshi Nakamoto. It is about Bitcoin, which was not predicted for a very bright future at that time, considering that its value at that time was only $ 0.03. At the time, it was thought that it would be successful if it managed to equalize with the dollar. What no one expected was that this cryptocurrency would exceed the value of the US dollar by as much as 64,863 times, the value recorded in April, after a Tweet posted by the creator of the Tesla company, Elon Musk.

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Namely, in April, he bought Bitcoin for 1.5 billion dollars and announced this currency as an accepted means of payment for the vehicles of this well-known company. During that period, Tesla’s shares recorded a large increase, and the value of bitcoin jumped by 14%.

After a short period, however, Musk withdrew his decision stating that bitcoin mining causes excessive electricity consumption, and is not environmentally friendly. So, then, bitcoin mining is the opposite of what Tesla stands for, and that is clean driving, far lower energy consumption than is the case with today’s conventional cars.

Source: slobodnaevropa.org
Source: slobodnaevropa.org

Many believe that Musk invested in Bitcoin with one intention, and that is to show that he can bring it down. This is supported by the fact that in July this year he announced that he also invested in Ethereum. What happened after that was expected – the value of this virtual banknote increased by 12% very quickly. Now we have his different statement, and that is that he will continue to invest in digital money because bitcoin mining is increasingly powered by renewable energy sources.

Musk is a big supporter of cryptocurrencies, helping to increase the prices of digital coins, including bitcoin, several times in the last year. His tweets and comments about cryptocurrency often lead to value jumps and high prices. Many wonder how one man manages to have so much influence on the crypto world, but the answer is very clear – people are watching the steps of the world’s great powers, hoping that they will also achieve the desired financial gain.

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If all of this has led you to consider investing in one of the thousands of different digital currencies that exist, you must know the basics of how to get started.

Source: rs.cointelegraph.com
Source: rs.cointelegraph.com

How to buy them?

You can buy cryptocurrencies in several ways, the most famous of which are purchases in exchange offices and crypto ATMs. If you opt for the first option, be prepared to take a few minutes for the process, as well as attach documents proving your identity. On the other hand, going to a crypto ATM is much easier – you swipe your credit card and choose the currency that you will place in your digital wallet after the purchase.

What is a digital wallet?

All money is kept safe, so this Digital wallet can be hot and cold, and it’s up to you to choose which one you want. What we can say is that a cold, hardware wallet is safer, but also more expensive. Hot has other advantages, and one of them is the easy approach.

Source: corporatefinanceinstitute.com
Source: corporatefinanceinstitute.com

What’s next?

We come to the way of investing. There are two types of investments in cryptocurrencies that can lead you to earnings – trading and mining. Many will agree that trading is simpler and more practical. In addition, we have already mentioned that mining causes a large consumption of electricity. Of course, we can’t say it’s not profitable, you just need to be patient.

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Trading is easy – choose a reliable platform to which you will entrust your digital money. It is necessary to monitor the situation on the market every day because the value of currencies changes several times a day.

Today, many mobile applications are very easy to use, and at the same time help you because they are based on the principle of artificial intelligence. These apps track changes and notify you, and respond 0.003 seconds faster than the fastest customer. This short time can bring you a big advantage in the crypto world. Read more at  https://bitcoin-prime.app/.

Source: corporatefinanceinstitute.com
Source: corporatefinanceinstitute.com

Final thoughts

What we can conclude is that the demand for cryptocurrencies will continue to grow in the future and that they are still considered one of the most profitable ways to invest. Of course, investing needs to be approached with caution.

From many brokers and experienced investors, you will have the opportunity to hear advice that it is best to invest in several different currencies, at least initially. This way you will keep at least part of the money safe. By this, we mean that if the value of a particular currency falls and you lose money, the rest will be saved in another because there is little chance that more currency will lose in value at the same time.

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In addition, you must enter as much as you can without affecting the quality of your daily life. Now that you are familiar with the basics of investing, you can get started. When a billionaire like Elon Musk sees in them an opportunity to make money, why wouldn’t you?


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