Cryptocurrency markets are decentralised, which means they are not issued or backed by a central authority such as a government. Instead, they run across a network of computers. However, cryptocurrencies can be bought and sold via exchanges and stored in ‘wallets’ .
Billionaire Elon Musk hasn’t gotten involved yet like he has with Dogecoin and Shiba, but that’s always a possibility.
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Additionally, because there is no physical product or centralized organizing body, it is hard to point to anything and say “see, that good thing happened, crypto values will increase now”. So how does cryptocurrency gain value?
Dapps are software applications that run across a network of computers, purportedly without the possibility of interference or downtime, while smart contracts are binding agreements, which are written as lines of code and can therefore automatically enforce their own clauses. Ether is used to process transactions on the network, including those automated by dapps and smart contracts.
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After a year of gains and record highs, crypto currencies are enduring a turbulent time with unpredictable price changes.
The value of Safemoon is currently sitting at $0.000003803 - up almost 23% over the past 24 hours, according to CoinMarketCap.
People in the crypto community say it will be the next “Shiba Inu or Safemoon” due to its tremendous growth and expected great things ahead.
Many cryptocurrencies are built on blockchain technology, which is a distributed ledger enforced by a distributed network of computers. Cryptocurrencies are distinguished from fiat currencies like the United States dollar or the British pound because any central authority does not issue them, making them potentially impervious to government intervention or manipulation.
Blocks are linked together by cryptography – complex mathematics and computer science. Any attempt to alter data disrupts the cryptographic links between blocks, and can quickly be identified as fraudulent by computers in the network.
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All the products have been listed on the roadmap, and the team is following it strictly. The first product upon the launch and listing of the token on the CoinMarketCap was the Bitrise Audits and Techrate Audit, and the team delivered as promised. The programs were released, and august has been a game-changer in audits. They offer free audits to blockading and smart contracts, and hundreds have used them so far.
Within its first eight days of existence, DogeZilla has been said to have grown into a super microcap of $500million from just $50,000.
The growth of SafeMoon, coupled with its online slogan, has drawn comparisons to the surge in popularity of another cryptocurrency Dogecoin. (Pic: Shutterstock)
Potential investors looking to buy the dip should understand that fluctuations are par for the course, and be prepared for this kind of volatility going forward. Even if you invest now, with prices relatively low, be prepared for them to fall even more. Again, only put in what you’re comfortable with losing — after you’ve covered other financial priorities, like emergency savings and more traditional retirement funds.