Ethereum is a form of money but to get your hands on it, you need to exchange it for fiat money. Think of it like going to a foreign country. You first need to exchange your dollars, Euros or Yens for that country’s currency. Exchanging fiat money for a cryptocurrency is not a complicated process. However, it depends on your country’s financial system. If the payment modes in your country are slow and expensive, the process of buying any cryptocurrency will be equally slow and expensive.
At this point, it’s not a mystery what cryptocurrencies are. At the very least, you know what Bitcoin is. Everywhere you go, people are just talking about Bitcoin and how they could have been a millionaire. In reality, not too many people have hit the jackpot with this new technology but there are many ways to make money in this industry. They range from mining to the basics of day trading cryptos.
Ethereum’s Casper update is within the reach. It can already be activated with the nearest planned Constantinople fork. And, not with the next major update – Serenity, as planned.
Last week brought some Bitcoin criticism and support stances from influential and well-known figures. Warren Buffett added his voice to the critics of Bitcoin.
Let’s talk about the phenomenon of Bitcoin clones in crypto industry. First, In order to understand the essence of what is happening in the crypto industry, we must understand the terminology. Bitcoin is increasingly using the definition of “digital currency”. That is, it is worth mentioning that this is the first fully open decentralized digital currency. Its main feature is the use of blockchain technology.
Let’s remember famous quotes about Bitcoin from one of the most recognized inventors, electronic engineer, and programmer, co-founder of Apple Computer – Steve Wozniak when spoke about his first interest in Bitcoin. He talked about his attempt to acquire the first cryptocurrency at a price of $70 per coin.
Yesterday, the price of Bitcoin overcame the $6000 mark, according to crypto market analysis. Today, world’s first cryptocurrency is again below this margin. At the moment of publication, the price of Bitcoin was $5957.86. Ethereum also fell under $300 mark. At the current moment, it is trading at $290.84.
Blockchain will prevail over any digital currency. According to Joe Pyndar, technical director at the cybersecurity firm Gemalto, blockchain will outshine any important digital alternative.
Let’s discuss the reason for Bitcoin price drop. On Wednesday, October 18, the price of Bitcoin fell on a number of exchanges to around $ 5,250. The day before the average rate of the first cryptocurrency reached $ 5741.58. Today, Bitcoin somewhat recovered. At the moment of publication, its price was $5623.94.
The crypto industry has not lost much from the ICO ban in China. However, this gave rise to the thought that same could happen to other countries in the region – for example, Japan, and South Korea.