Paul Mc Carthy, Cork CryptoCurrency Entrepreneur
North Cork local, Mr Paul McCarthy explains how he became interested in the cryptocurrency markets and discusses its potential for the future.
Cryptocurrencies have been around for about seven or eight years with the launch of Bitcoin, but its’ only in the last three or four years that it has become incredibly popular, reaching mass appeal, and the future is wide open for virtual currencies of all descriptions.
At the last count, there were over 1,000 cryptocurrencies, and that is why it is so important to have someone in your corner who knows what they are doing and can help to guide you through the coming financial revolution.
A Quick Guide to investing in cryptocurrencies
Investing in cryptocurrencies is an interesting opportunity for people who want to make some money. You can invest either long-term – buying and holding in the hopes that over the coming months and years the currencies will boom, or you can trade on exchanges in the short term and hope to make money from the massive swings in the value of the currencies these days.
The main cryptocurrencies are Bitcoin, Etherum, Ripple, Tether and Monero but there are dozens of other cryptocurrencies for people to choose from. The other coins are known as ‘altcoins’.
Cryptocurrencies are held in a digital wallet. That wallet can be stored on your PC or in a ‘cloud wallet’ that is held on someone else’s server. If you are looking to trade cryptocurrencies on an exchange then you will need to set up an account with the exchange and hold the coins in that wallet. If you are looking to just get coins and keep them for a long time then storing them on a wallet that you keep yourself on a memory stick in a safe place is probably a good idea. Exchanges have been hacked, and people’s coins have been stolen, so anything you can do to keep your coins secure is a good idea.
If you don’t want to buy coins, then there are some that you can ‘mine’ yourself. Bitcoin mining is hard to do unless you have a very powerful computer. Monero and Bytecoin are two coins that are easier to mine using a laptop or a mid-range desktop. You run software on the computer that solves equations to unlock new coins. Mining is a slow process, but it is a way of generating passive income. If you are thinking long-term and banking on the coins increasing in value then it is a good option.
Irish Soccer Star, Paul Mc Carthy Cork – RIP
We’d like to take a moment to acknowledge the passing of one of Ireland’s soccer stars, Paul McCarthy who died suddenly at the young age of 45. A former Brighton & Hove Albion defender, with over 200 appearances under his belt, Paul was a natural leader, and played alongside Roy Keane of Manchester United, and now Assistant Manager with Ireland.
You can read more about Paul’s life and passing below –
And we would just like to offer our respect and condolences to Paul’s family and those he leaves behind.