Is Cryptocurrency Right for you?
Bitcoin, dogcoin, litcoin, what does it all mean? All of the above terms are names of the most popular cryptocurrency. Cryptocurrency is a type of digital money that is decentralized. Decentralized means that it is not regulated by the government or a bank and that it is owned by a group of people. There are over 5000 different types of digital cryptocurrency and many people do not realize that it has been around since 2009.
There are more than 15,000 types of cryptocurrency, which are traded publicly, according to Coin Market Trading Inc. The most popular types of Cryptocurrency are Bitcoin and Ethereum. Some cryptocurrency sites require users to buy crypto with cryptocurrency. Others, like Bitcoin and Ethereum can be bought with cash. PayPal and Venmo both allow you to buy Bitcoin, Ethereum, and Bitcoin Cash , directly from their site in a few clicks . Venmo also keeps tracks of your cryptocurrency and shows users the current losses and or gains .
Cryptocurrency has been described as being volatile because it can rise and fall very quickly. It is appealing to investors because it is new, virtually impossible to counterfeit, and more businesses are buying and selling it every day. Overstock.com accepts Bitcoin as a form of payment. Expedia accepts Bitcoin as payment and so does Kings College in New York City. However, most businesses do not accept it so cryptocurrency would need to be traded in on order to gain value. Think of this like a transaction at an arcade. If tokens are won at an arcade they need to be cashed in to become valuable.
This information may cause you to wonder if cryptocurrency is the investment for you. Suze Orman, award winning financial planner, advises that you only invest money in cryptocurrency that you can afford to lose. Like an type of investment, do your own research to find the best fit for your individual needs. Be sure to diversify and invest in a few coins. Good luck in your journey into the Cryptocurrency world and may the odds be ever in your favor.
