Cryptocurrencies and Blockchain Explained

Simply put, Bitcoin and similar cryptocurrencies are “mined” by fast computers (or servers) that run algorithms 24/7. When an algorithm successfully solves a given mathematical puzzle, a new Bitcoin is unlocked, and the value is credited to the miner. These “mines” can be massive enterprises. One analysis found that a firm called Bitfarms was, at one time, generating over $300,000 in gross profit daily from such an operation.

Nearly all of the world’s significant cryptocurrency wealth is held by a relatively small number of people—most of whom got in on the ground floor. However, regardless of whether an investor holds large quantities of cryptocurrencies or only a minor amount, the risks are immense. Cryptocurrencies are generally unregulated and there is little to no transparency regarding the exchanges that make it easy to purchase and trade them. This shaky foundation imploded in 2022 when crypto values plummeted, and many related firms collapsed. Crypto lenders such as Genesis went belly-up, and bankruptcy was filed by major exchanges including FTX and BlockFi. FTX’s founder was accused of massive fraud.

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