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Most Asked Cryptocurrency Questions with HUH Token and Shiba Inu

By Guardian Nigeria
06 January 2022   |   7:54 am
  If you do a lot of financial reading, you're definitely curious about cryptocurrencies. We've picked some of the most frequently asked questions and offered solutions here. There is an incredible amount of terminology and cryptocurrencies out there. From the infamous Bitcoin to newer successes like HUH Token, the world of crypto is a sea of…

 

If you do a lot of financial reading, you’re definitely curious about cryptocurrencies. We’ve picked some of the most frequently asked questions and offered solutions here. There is an incredible amount of terminology and cryptocurrencies out there. From the infamous Bitcoin to newer successes like HUH Token, the world of crypto is a sea of information.

What exactly are cryptocurrencies?

This is a simple question, but since most individuals respond with their thoughts, hopes, or desires for cryptocurrencies, it is difficult to answer. Cryptocurrencies are a kind of digital asset that began as a means of trade for users to purchase goods and services. Their usefulness has grown over time.

What additional roles do cryptocurrencies provide besides other than payment?

The value of a cryptocurrency can be pegged to an underlying asset such as the US dollar, central bank digital currencies. This allows for less volatile trades. There are privacy coins that make senders and receivers anonymous. Governance tokens give the owners the right to vote on blockchain development decisions, and their value comes from people paying them to vote in certain ways. Utility tokens can be used for a specific use case, for example, allowing the use of leftover memory on cloud systems to be used by others. There are also non-fungible tokens (NFTs) that help denote ownership.

Some cryptocurrencies also create platforms that use their crypto as a service. For example, HUH Token has plans on creating the hub for social media interaction on web3.0. By using sentiment analytics, it will create a place for their influencers to view and monetise their content. These well-known Instagram and Twitter influencers are set to post about this cryptocurrency towards the end of this month.

What methods are used to record cryptocurrency transactions?

All cryptocurrency transactions are recorded on a blockchain, which is a shared digital ledger. This is a decentralised system that records every transaction and is distributed across several computers globally. Each of these records compares themselves to each other, allowing for a very secure and accurate account of information. 

Are blockchain and cryptocurrencies interchangeable?

They are not. A Blockchain is a technology that enables cryptocurrencies to function. It is a decentralised and digital ledger of transactions for cryptocurrencies and other functions. It is critical to distinguish between the technology that underpins cryptocurrencies.

 

What do all these acronyms and words mean?

Here is a quick glossary:

  • Cryptocurrency– a catch-all word for all digital and or virtual currencies. The crypto part strands for cryptography, which is how the blockchain is coded. The information is stored in a complicated pattern that needs to be solved to access the blockchain. This process is known as mining.
  • Tokens— A token is a cryptocurrency that is built on top of an existing blockchain. For example, some companies issue their own cryptocurrencies, called tokens, which can be used to purchase goods or services.
  • ICO— This stands for Initial Coin Offering. This is similar to a privately held company going to the public via an initial public offering (IPO)—a way to raise funds for the company.

What are the most popular cryptocurrencies?

Bitcoin is the most popular and commonly used cryptocurrency. As of early January 2021, the overall cryptocurrency market is valued at more than $1 trillion, with Bitcoin valued at about $700 billion. Whether you believe it or not, there are already over 7,800 cryptocurrencies in existence and rising. Bitcoin, Ethereum, XRP, Tether, and Litecoin are the top five, accounting for moreover 80% of the market value.

HUH Token is another recent release that saw great success with 4500% increase in price in only five days. It obtained this through strong marketing and a novel referral system. They claim to be a ‘Utimeme’ which is a combination of the word’s utility and meme.

What exactly are meme coins?

In 2021, the meme coin market grew at an exponential rate, particularly for dog-themed meme coins. Dogecoin (DOGE) and its competitor Shiba Inu are two of the most popular “breeds” as of November 2021.

Meme coins are cryptocurrencies that are inspired by memes. They are particularly volatile when compared to big cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). This is due to the fact that meme coins are largely community-driven tokens. HUH Tokens meme concept was inspired by the sound ‘HUH’, which is believed to be a universal communication that transcends languages and boundaries.

 

Social media and online community emotions frequently have an impact on their costs. This often results in a lot of buzz, but also FOMO and financial danger. While it is true that some traders made wealthy via the use of meme coins, many others lost money due to market instability.

 

Why are there so many different cryptocurrencies?

People noticed Bitcoin’s success and attempted to enhance it as well as give new functionality with new cryptocurrencies. With investors and developers were undoubtedly looking to profit. 

Can cryptocurrencies go bankrupt?

Yes. Approximately 2,000 cryptocurrencies are thought to have failed. This is because of a number of factors, including a lack of finance at the start and after launch, a failure to adapt, and a few blatant scams. Many of the failures occurred during the 2017–2018 initial coin offering boom.

What exactly is a crypto wallet?

Simply, crypto wallets are locations where digital assets may be stored more securely than on an exchange. You keep your wallet in an exchange account, a decentralised wallet, or somewhere else.

There’s also the option to keep your money on a device that isn’t connected to the internet called a cold wallet. Cold wallets are the safest method to keep your cryptocurrency, but since they are not linked to the internet, people tend to use them for long-term holdings.

Is it true that you may trade 24 hours a day, seven days a week?

Yes, you may trade on a Sunday or any other day and hour on numerous exchanges. Many cryptocurrencies are available for trading 24 hours a day, seven days a week.

Is it really that volatile?

Very! The graphs below illustrate the price history of Bitcoin and Ethereum over the preceding five years. In the last five years, each currency has dropped by more than half at some point, so it is not for the faint of heart.

Is it possible to be hacked?

Unfortunately, exchanges and online wallets have been hacked in the past. This is one of the most important reasons to properly study where you trade cryptocurrencies and keep your digital assets.

There is no established governmental security or support if you are hacked. Some services to provide individual crypto-insurance may be purchased if you have a substantial investment. Furthermore, several exchanges fund their own insurance policies in the case of a cyberattack.

There is still a danger of loss since insurance coverage is often limited and not guaranteed.

 

Learn More About HUH Token Here:

Website: https://huh.social 

HUH Official Swap- https://swap.huh.social/ 

Telegram: https://t.me/HUHTOKEN 

Twitter: https://twitter.com/HuhToken 

Instagram: https://www.instagram.com/huhToken/