Let me start by saying this is a very sensitive subject, due to the fact that many people don’t understand this “investment” and have a very skewed view of Cryptocurrency as a whole. So I may speak in bullet points and, at times, repeat a point to destroy any possibility of misunderstanding. My goal is to ensure folks have a clear understanding of what “this” is.
- Digital currency to date, is not regulated ( meaning not insured, not covered by FDIC, or backed by any other economy) and very few banks or financial institutions recognize it, if any, at all. The most popular digital currency is “Bitcoin”. Thus, crytocurrency is NOT Bitcoin; it is rather one of many crytocurrenices.
- Other popular types include Ripple, Ethereum, Bitcoin Cash, Cardano and Litecoin. Next cryptocurrency is internet based and tracking is done by “block chains” which in the simplest terms is a ledger tracking all transactions digitally.
- Lastly, there are few ways to access your “coin” when you’re ready to withdraw. Most popular at this time seems to be cryptocurrency ATMs. There are few located here in my city of Philadelphia, but not many are aware of this, unless you are in the know.