If you’re new to the world of crypto, it’s easy to feel overwhelmed within the first 5 minutes of research. Even just trying to fully understand what crypto actually is can feel like a doozie. Recent studies are showing that nearly 50% of people considering an investment into crypto don’t end up doing it. Nobody knows for sure why this is, but experts attribute it to the confusing nature of cyber money.
Well, it’s time for that confusion to end thanks to the leading block chain PR company. The experts have provided a comprehensive guide on all things crypto to help beginners better understand the most obscure form of currency in the world.
What is Cryptocurrency?
Cryptocurrencies are forms of digital money that can be stored, purchased, spent, or traded only online. This means that you can’t just visit your local ATM machine, enter your pin, and withdraw your crypto funds. This type of currency is meant only for the digital world; although the word coin is contained in Bitcoin, Bitcoin won’t actually jingle in your purse or pocket.
To give you a brief history of cryptocurrency, let’s discuss how the most popular of these currencies, Bitcoin, got started. Back in 2008, a man, woman, or group of people (nobody knows for sure) going by the name Satoshi Nakamoto invented Bitcoin. Then, in 2009, the Bitcoin source code was released for the first time to the public.
At that time, individuals and corporations were able to invest in the currency. What started as a way for individuals to make online transactions has flourished into a billion-dollar industry. Although the first investors are the ones who have experienced the most lucrative payouts (we’re talking in the billions) it’s still possible to turn a Bitcoin purchase into a solid investment if you play your cards right.
Can Anyone Make an Investment?
The short answer to this question is yes, anyone can invest in cryptocurrencies. However, there are a few rules for crypto investors. First of all, cryptocurrency purchases must be legal in your country. Secondly, you need to actually have some money to invest. Your investment could be as small as a few bucks or as large as a million dollars, but you need a bit of cash to buy crypto no matter what.
Can Crypto Money Be Used Like Traditional Currencies?
The answer to this has changed dramatically over the years. In the past, it was very difficult to use a cryptocurrency, even the most popular Bitcoin, for purchasing goods and services. This is because nobody really knew what it was or knew if it had any value. Now, companies and individuals all over the world understand its value, and therefore many of them accept Bitcoin as a payment method. Some of the largest retailers in the world accept Bitcoin on their payment portals. If you wish to spend your cryptocurrency instead of hold on to it, you have the option to do so. You can make online purchases with a variety of cryptocurrencies at retailers like Overstock, eGifter, Shopify, and Microsoft. You can even purchase flights with Bitcoin on CheapAir.com.