Cryptocurrencies, Technology & Interior Design

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If you're new and you arrived here from a desperate search to understand crypto, please stay - we've got you covered. Our beginner's guide to crypto series is here to explain the key concepts of cryptocurrency in plain English. We recommend that you read our first piece in the series that explains the main terms you'll encounter. 

Bitcoin & Beyond

And if you're wondering what a furniture and interiors brand is doing playing in this space, here's why this is important. The way people view interior design is changing as technology advances. Brands are developing blockchain software that can help you shop for the perfect sofa and design your own rooms with professional help from experienced interior designers. This makes the entire concept of interior design more affordable and accessible. It's a no brainer that we want to be on the forefront of the revolution. 

So let's continue with our beginner's guide series. Once you've caught up, let's dive into this next chapter: types of cryptocurrency and why everyone is so obsessed with trading them. 

Bitcoin: The Crypto OG

You don't need to know anything about crypto to be familiar with Bitcoin. Long before the 2017 boom in blockchain and digital currencies, we'd all heard of the existence of this mysterious coin. It's ok if you thought this was an actual new coin released into the market - so did most people!

In fact, Bitcoin is simply the first cryptocurrency to be created and to date, it is still the most popular. It was created in 2009 but here's a fun fact - nobody knows exactly who invented it. The person or group of people behind the invention go by the screen name Satoshi Nakamoto. Satoshi published a 9-page document in 2008 explaining how Bitcoin worked and in 2009, the software was released.

Bitcoin provided the foundation for other cryptocurrencies to be created. Some are based on the same software that Bitcoin uses while others have reinvented the wheel somewhat. The one thing they have in common is that they all use blockchain technology. Let's explore the types of crypto and their key differences.

Types of cryptocurrency

We can't list every cryptocurrency here as there are 18,465 of them (as of March 2022)! That said, only about 10,000 are currently active. There are also 300 million crypto users around the world, so it's safe to say you're in good company. Let's review the three most common cryptocurrencies.

1. Bitcoin

Pros: As mentioned, Bitcoin is the OG and the current King of Crypto. Bitcoin has the highest market cap of all cryptocurrencies - in other words, the highest total value of all coins that have been mined. Mining is the process by which more coins are produced, but more on that later. Bitcoin is widely accessible and has a high return potential when traded. 

Cons: Bitcoin is extremely volatile - where there is potential for high returns, there is also potential for great losses. To give you an idea, here's a timeline of Bitcoin's value in 2021: $29,000 in January, $64,000 in April, $26,600 in July and $64,000 in November. The value can and does fluctuate by thousands over the course of even a single day.

2. Ethereum

Pros: Ethereum plays a solid second fiddle to Bitcoin in terms of popularity and market cap, but it also has a completely different purpose. Where Bitcoin is a digital currency that can be bought or traded, Ethereum is the largest software platform that runs on blockchain. Ethereum has its own cryptocurrency called Ether (ETH) which is used in one of two ways: it is either traded as a digital currency in the same manner as Bitcoin, or it's used on the Ethereum network to run applications. It has a far lower unit cost than Bitcoin, making it a much lower risk investment. 

Cons: Since the primary purpose of ether is to monetise the operation of the Ethereum platform, it is very energy-intensive because of the computer power that it requires to run. It's also not nearly as well known as Bitcoin, which can be seen as a negative by investors. 

3. Litecoin

Pros: Litecoin (LTC) is a digital currency similar to Bitcoin. It was released in 2012 with the intention of becoming a cheaper version of Bitcoin for everyday purposes. Litecoin offers faster transaction times than Bitcoin and in total, a larger unit supply – Bitcoin can have up to 21 million units in existence while Litecoin can have 84 million.

Cons: Litecoin was created as a fork for Bitcoin - the "silver to Bitcoin's gold," as its creator said. It has been experiencing an uphill brand battle ever since, with many seeing it as a poorer form of Bitcoin. 

Trading Crypto

Let's start this section with a disclaimer. While our intent is to help you navigate the world of crypto, particularly as it becomes increasingly relevant to commercial brands, we will never give you trading advice. If you rush out and buy a ton of Bitcoin after this, good for you. But DYOR - Do Your Own Research. It's a common saying in the cryptocurrency space and a necessary one. You should never take any single source as the complete truth, even if that source seems reputable, and especially if it is actively encouraging investment in a specific cryptocurrency.

So what is crypto trading? Basically, it's a short term way to generate profit, much like the more familiar stock market. Traders - in this case, anyone who buys crypto, so possibly you - can and do buy and sell units frequently and seemingly at random. If you were to buy crypto, how would you know what to do with it; when do you get in and out?

The best way is through technical analysis. Like an investor in the stock market, technical analysts spend a lot of time reviewing data to help them make decisions - crypto history, price fluctuations, etc. You can be a technical analyst if you're serious about it. It requires time, energy and a whole lot of reading, but that's the beauty of crypto - anyone can access it and anyone can profit from it. You can take a trading course that will teach you how to invest in foreign currency along with other stock options, including crypto. You can even try automated crypto trading with bots that are designed to enact your personal strategy.

Whichever you choose you will need to do 3 things before you start:

1. Create a cryptocurrency brokerage account

2. Fund your account (ie pay over normal cash so you can start buying digital currency)

3. Choose your crypto From there, all things are possible - but not always probable.

Bitcoin & Beyond conclusion

Before you rush out and remortgage your house to buy Bitcoin, there's so much more. Our next piece will tackle NFTs and how brands use cryptocurrency - and how you, whether you run a company or are part of a progressive one - can leverage that commercially.

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