What is a Cryptocurrency?

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.

Notable Cryptocurrencies include:

• Bitcoin
• Ethereum
• Litecoin
• Dogecoin
• Reddcoin

Each one is trying to accomplish it’s own goals using blockchain technology.

How does it work?

It utilizes a technology called blockchain

What You Need to Know About Cryptocurrency

• Cryptocurrency is built on trust (talk about blockchain)
• Cryptocurrencies allow for complex transactions
• Cryptocurrencies are finite

Where do I get Cryptocurrency?

One of the best exchanges to use is called ndax.io. As it allows you to etransfer your money into the exchange without jumping through hoops. You can be up and running in 30 minutes.

Why can we trust Cryptocurrency? 

The website https://www.dummies.com/software/other-software/can-trust-idea-bitcoin/ explains it well. Essentially, the underlying technology makes it very difficult to break the system. Requiring 51% of the network to have mal intentions. And for something like that to happen, would be very costly. And can essentially be ‘rolled back’ if the community agrees to a reset.

Should You Invest in Cryptocurrency?

There are many opinions on the topic:

• https://www.moneysense.ca/save/investing/bitcoin/should-you-invest-in-cryptocurrency/
• https://www.chrishogan360.com/investing/investing-in-cryptocurrency
• https://www.forbes.com/sites/robertfarrington/2021/01/18/crypto-is-everywhere-but-should-you-invest/?sh=66c84cc17e73

Overall, the consensus is that this is a new and exciting industry. It’s very possible that it could be a bubble right now. But it’s very easy to say that Crypto is here for good. So in one way or another, this is a viable long term investment.