Money Matters: What to Know about Cryptocurrency?
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.
My overall point on this, I’ve always been a fan of tech advancement, however this is an EXTREMELY high risk option. I would advise everyone to approach this the same way you do any investment. Determine your risk threshold, funds available to lose, and lastly “Do I have a clear understanding of my investment”. Cryptocurrency is comparable to “day trading”. To date, there have been 3 major digital currencies heists; most recently the $500+ million heist this past week.
My advice to you, read the financial news at least 3 times a day, listen and look for trends in the market, and research the trends so you have a better understanding of what is going on in the world of money.
I thank you for your time and consideration these last four weeks. It has been a my pleasure to share what I know with you all.
– Jay
Time is only money when you know your value….so what is your time worth?
