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Cryptocurrencies such as bitcoin, ether and tether are digital assets. Learn how crypto works, plus the risks of crypto investing.
Cryptocurrency is a digital asset based on a decentralized network of computers located in various locations around the world, known as the blockchain. It has been referred to as “the new gold,” as a new and evolved currency with technology.
This new currency system can be used to prevent fraud or counterfeiting as well as preventing interference by central banks or governments. But because it is so new and new crypto coins are being developed, there have been some fraudulent cryptocurrencies, luring investors to buy into it, without any eventual use of the coins, like squid coin, deeming them of no value. There are many safety measures to be taken, but one way is in how you buy or sell cryptocurrencies, ensuring that you use a credible crypto trading platforms such as Wealthsimple Crypto, CoinSmart and NDAX.
Most recently, cryptocurrency investments, including exchange-traded funds (ETFs) that contain bitcoin, have become a useful portfolio asset. The goal is that bitcoin may also work its way into a direct method of payment as well.
Example: “I just bought some cryptocurrency, and one day I hope to buy a new car with it.”
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