Five Things to Know About Cryptocurrency
Those of us living in the 21st Century are bound to come across the terms cryptocurrency or Bitcoin at some point in our lives. As the new form of currency becomes more widespread, awareness becomes necessary. Though initially believed to be a fad, digital currencies are here to say. For those interested in getting started in cryptocurrency, your local Boston coin dealers can be of assistance. Still, it’s useful for anybody to know the basics of cryptocurrency before investing. Here are five facts to know on the matter:
There’s More to Cryptocurrency than Bitcoin
Cryptocurrency brings security and anonymity in this form of virtual currency. Unlike traditional forms of currency, cryptocurrency isn’t regulated by governments or even banks. It cuts out the middleman to deliver money from one account to another directly. Bitcoin is the most well-known form of cryptocurrency due to it being the oldest form. However, there are countless forms of cryptocurrency adding up to nearly $4 billion in value. Other forms include Etherium and Ripple. For other examples, talk to your local Boston coin dealers.
You Can Use Cryptocurrency for Most Things
The hardest part about spending Bitcoin and other cryptocurrencies is going to be finding professionals and businesses that accept it as a form of payment. Once you find merchants who accept these forms of currency, you can use cryptocurrency as you do cash or credit.
Cryptocurrency and Blockchains Are Not the Same Things
Some people confuse cryptocurrency with blockchains. While cryptocurrency is the digital form of currency itself, the blockchain is the tracking technology. Transactions made with cryptocurrency are all tracked and recorded by blockchains. Once the transaction is completed, public record takes note to avoid any potential accounting discrepancies.
You Don’t Have to Buy a Full Bitcoin
Much like stocks, the value of bitcoin and other cryptocurrencies fluctuate. Again, like stocks you can purchase portions of bitcoin to get started. Cryptocurrencies are stored in exchange apps like Kraken or Coinbase.
Buying Bitcoin is Just the Start
It’s unclear whether or not mainstream merchants will ever accept cryptocurrency. Once you’ve invested in cryptocurrency, you can either spend it or sit on it and hope the value will improve. To get started, talk to your local Boston coin dealers. Contact Boston Bullion at 781-710-8419 or visit them online.