Cryptocurrencies

Types of Cryptocurrencies

While there are currently hundreds of cryptocurrencies available, Aspen's interest appears to be focused on approximately half a dozen cryptocurrencies. Included in the list of most popular cryptocurrencies are Bitcoin, which is regarded as the original cryptocurrency. Due to a “hard fork” in the original Bitcoin blockchain, Bitcoin branched out two new additional virtual coins: Bitcoin Cash and Bitcoin Cash ABC. Other popular cryptocurrencies that are frequently traded on cryptocurrency exchanges and online CFD trading platforms, include Ethereum, and Litecoin etc.
Popular cryptocurrencies can be broken down into several main types. There are those intended to offer an alternative to fiat currencies. These include Bitcoin, Bitcoin Cash (BCH), Bitcoin Cash ABC and Litecoin. Ethereum, on the other hand, is only intended to be ‘spent’ to use the Ethereum smart contracts platform, which can be used to build decentralised applications (Dapps). Ethereum is, therefore, considered more of a ‘utility token’ than a currency. Finally, there is the Crypto 10 index, which can be compared to a stock market or currency index but is made up of the 10 largest and most liquid cryptocurrency assets.

In 2008, Bitcoin or BTC was the first cryptocurrency that was introduced to the world. This cryptocurrency was the first to adopt blockchain technology. Today, Bitcoin has become one of the most valuable cryptocurrencies in the industry with its value surpassing even that of gold.

Bitcoin Cash is the result of a hard fork that occurred on the original Bitcoin blockchain in August 2017. The change was an attempt to allow for larger blocks on the original blockchain, therefore allowing for faster processing of transactions.

The Crypto 10 Index is an index designed to offer a tradable benchmark for the cryptocurrency asset class. It is comprised of the 10 largest, most liquid cryptocurrencies and tokens, with prices an average of those on multiple major exchanges. The index was standardized at 1000 points on 23 December 2016 and as of 9 January 2018 has been recalculated against the market movements of its 10 constituents on an ongoing basis.

Designed to be a fast way to process transactions, Ethereum is a blockchain network that was developed based on the original Bitcoin blockchain technology. The cryptocurrency was first proposed by Vitalik Buterin in November 2013.

Litecoin was introduced to the cryptocurrency world in October 2011 as an attempt to facilitate cross border payments. It was designed to offer faster verification of transactions compared to Bitcoin.

How we earn from Cryptocurrencies

If you’re wondering how to make money from cryptocurrency right now – these are some methods:

• Investing in Promising New Coins Early 
The overall best way to make money with cryptocurrency is to invest in the best altcoins as early as possible. After all, had invested in Bitcoin when the digital currency was first launched in 2009, you would have paid a tiny fraction of one cent. Similarly, Ethereum was trading at just $0.75 per token when its token was released in 2015. Both of the aforementioned projects are now worth millions of dollars and have subsequently generated significant returns for our investors at Aspen Financial Management.

• Staking and Interest 
We at aspen earn Passive Income on Idle Cryptocurrency Tokens for our investors. There are two notable concepts in the cryptocurrency markets that enable you to earn passive income on idle digital tokens that you own. The first is crypto staking, which involves locking your tokens away for a certain amount of time to help validate transactions on proof-of-stake blockchain networks. Examples of leading staking networks include Cardano, Tron, and very soon – Ethereum. Crucially, you will receive a rate of interest for as long as your tokens are locked away for a long period of time.

• Day Trading 
One of the most lucrative ways to make money for our investors at Aspen through cryptocurrency is to actively engage in day trading. However to achieve this we have a basic understanding of how to analyze prices to determine whether the token in question is likely to rise or fall in value, and this analysisis carefully conducted by our expert analysis in the emerging technologies market, and with the aid of our bots we are able to achieve massive success day trading cryptocurrencies . If you can do this, you can make money trading crypto throughout the day. The overarching concept with crypto day trading is that you will look to take advantage of short-term volatility. Furthermore, seasoned traders in this market will rarely – if ever, hold onto a position for more than a day. And as such, the objective is to open multiple positions throughout the day making smaller, but frequent profits.

• HODLing 
Invest in Cryptocurrency and HODL Long Term, This is because HODLing  which is a play on the term ‘Hold’, simply refers to the process of buying a cryptocurrency and holding onto your tokens in the long run. This is no different from buying stocks and keeping the shares for several years. And in doing so, you don’t need to worry about short-term price fluctuations – especially when investing in solid and established cryptocurrencies like Bitcoin and Ethereum. For example, in May 2021, Ethereum was priced at $4,300 per token. Just one month later, the price of Ethereum had dropped to lows of $2,100. Had you panicked and sold your ETH tokens, you would have made a loss of approximately 50%. However, had you engaged in HODLing – by November of the same year, Ethereum was trading at nearly $4,900 per token. This is just one example of many. The key point here is that the most effective way to invest in cryptocurrency is via a long-term strategy, and this doesn't just apply to cryptocurrency

• Crypto Yield Farming and Lending Generate an Attractive APY on Your Cryptocurrencies
Although both of these investment concepts allow you to earn interest passively, they actually refer to slightly different methods. First and foremost, crypto yield farming refers to the process of lending your idle tokens to a liquidity pool. In the vast majority of cases, you will be providing much-needed liquidity to decentralized exchanges. Some of the leaders in this market include Pancakeswap and Uniswap on the Binance and Ethereum blockchain networks, respectively. When you deposit funds into a liquidity pool, it is often locked away for a minimum amount of time. And, for as long as the tokens are in the liquidity pool, you will be paid a rate of interest. In many cases, the newer and less liquid that a cryptocurrency is, the higher the respective APY offered by the pool. When it comes to crypto lending, this refers to the same concept that we discussed earlier – insofar that you will deposit your digital tokens into a savings account. And in doing so, your tokens will be lent to those that wish to borrow funds. When engaging in crypto lending, it is important that you choose your preferred platform wisely. Once again, this is why Aspen stands out as the platform only lends crypto to high-grade borrowers that have been pre-vetted.

• DAOs 
We buy a Share in a Decentralized Autonomous Organization. In addition to the metaverse and NFTs, decentralized autonomous organizations (DAOs) are expected to play a significant role in the future of cryptocurrency and blockchain technology. DAOs refer to projects that are collectively owned by the community and investors. And, in order to become a part-owner of a DAO, you simply need to hold the respective token. We have followed DAO's from its inception and uniswap has been in our volume .There are many crypto DAOs operating and each project is unique from the next. One such example is Uniswap. This project is home to a decentralized exchange that enables people to buy, sell, and trade digital currencies without the presence of a centralized third party. Uniswap has since launched its DAO cryptocurrency and thus – the project is owned by token holders like Aspen. And, this means that any profits generated by the Uniswap exchange are subsequently distributed to those holding its DAO token on a proportionate basis. Moreover, those holding a DAO token have a say in how the respective project is run. This means that in order for a DAO project to make a decision about future development, it must first go to a vote.

• Mining 
Mine Cryptocurrency by Connecting Hardware to Your Desktop Device,  In a nutshell, mining refers to the process of connecting specialist hardware to a desktop device, which, in turn, connects to the blockchain of the respective cryptocurrency. The idea is that miners enable the network to operate in a decentralized manner. This is because transactions are validated when the mining equipment solves complex mathematical equations. And in return, miners are rewarded with newly minted cryptocurrency tokens that enter into circulation, and each block is verified. For instance, in the case of Bitcoin, a new block is created every 10 minutes, and this mints an additional 6.25 BTC. This 6.25 BTC – which as of writing is worth over $660,000, is paid to the miner that successfully solved the equation for the respective block. Although at first glance this translates into a significant amount of money, Bitcoin mining consumes an unprecedented amount of electricity due to the complex nature of each mathematical equation. Moreover, we have the specialist hardware required to stand a chance of mining a new Bitcoin block, which is  considerable in dollar terms. With that said, there are many other cryptocurrency projects that require miners and in many cases, competition is thin on the ground. Ultimately, we ensure that the mining rewards received are worth more than you invest, which has been the case since we diversified our resources into that asset. We provide a multi-algorithm, multi-coin cloud mining service using the latest technology - without any pool fees. The ultimate goal of our mining operation is to make cryptocurrency mining an easy, smart, and rewarding experience for all. Our services already attracted more than 2,000 active clients. Our Mining facility is being continuously upgraded for mining state-of-the-art Blockchain technology. Aspen’s computational performance is achieved with specifically designed mining rigs that efficiently mine hashing algorithms for various cryptocurrencies such as Bitcoin, Ethereum, Zcash, Dash, Monero, and others. Our Mining equipments are powered by a setup of optimized GPUs (graphic processing units). These GPUs are placed in ‘Rigs’ which are specifically designed to house as much hashing power as efficiently as possible. The miner's software is configured for maximum performance by mining Kernels (hardware operating systems) like that we’ve developed in-house.

Cryptocurrencies Benefits and Drawbacks

• Cryptocurrencies make it easier to transfer funds between two parties in a transaction; these transfers are facilitated through the use of public and private keys for security purposes. These fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers.

• Central to the appeal and functions of Bitcoin Technology, it is used to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure for this ledger that is exposed to a limited threat from hackers and can be copied across all computers running Bitcoin software. Every new block generated must be verified by the ledgers of each user on the market, making it almost impossible to forge transaction histories. Many experts see this blockchain as having important uses in technologies, such as online voting, crowdfunding and major financial institutions such as JP Morgan Chase see potential in cryptocurrencies to lower transaction costs by making payment processing more efficient.

• However, because cryptocurrencies are virtual and do not have a central repository, a digital cryptocurrency balance can be wiped out by a computer crash if a backup copy of the holdings does not exist. Since prices are based on supply and demand, the rate at which a cryptocurrency can be exchanged for another currency can fluctuate widely.

• The anonymous nature of cryptocurrency transactions makes them well-suited for a host of nefarious activities, such as money laundering and tax evasion. However, cryptocurrency advocates often value the anonymity highly. Cryptocurrencies are also considered by some economists to be a speculative bubble concerned especially that the currency units such as Bitcoins, are not rooted in any material goods. Bitcoin has indeed experienced some rapid surges and collapses in value.

• Cryptocurrencies are not immune to the threat of hacking. In Bitcoin’s short history, the company has been subject to over 40 thefts, including a few that exceeded $1 million in value. Still, many observers look at cryptocurrencies as hope that a currency can exist that preserves value, facilitates exchange, is more transportable than hard metals and is outside the influence of central banks and governments.

Our Mining Rigs