Bitcoin, Litecoin, AllSafe, AMIS to name are few are the new alternative currencies, also known as Altcoins. There are almost 900 Cryptocurrencies at this time. What are they exactly? A cryptocurrency is a digital asset that works as a medium of exchange using encryption techniques to secure the transactions and to control the creation of additional currency independently of a central bank. These currencies run on blockchains.
While it’s taking off more in certain circles, it doesn’t seem to be a threat to the US dollar. For that to happen several things would have to take place. It would need to be widely held by central banks worldwide. It would mean that assets (such as crude oil) would have to be priced in that currency (not dollars).
The decision to invest in cryptocurrency sometimes seems like it’s just too hard to get, or that it’s not real. This trend is growing and some explanations are dumbing it down to make it easier for those of us not in the tech world to understand. You will need a broker if you decide to invest. The currencies trade 24-hours a day and volatility is high. It’s common to see profit/loss changes in the thousands of dollars over a 24-hour period.
If cryptocurrency is something you want to get into, do you research first to find which of the coins is the right one for you to start with. You could be in on the groundbreaking currency of the future.