What Is Cryptocurrency?

Jordan Cruz, Staff Writer

Cryptocurrency can be described as a false sense of wealth or the money system of the future, depending on who you ask. With stories of overnight millionaires and the success of the program, millennials are scrambling to invest their money into it, blind to what it really is.

The first type of digital currency to boom was Bitcoin, which was erected in 2009. In July of 2010, the price was a mere $0.08 a piece. At this time, it has skyrocketed to over $15,000 each. Between December 6th and December 7th, the price drastically boosted from about $12,000 a share to over $15,000.

The invention was not intended to boom the way it has been. Inventor Satoshi Nakamoto created it to be a peer-to-peer electronic cash system. After failed attempts at creating this, he changed his path and Bitcoin was made.

So what exactly are the types of cryptocurrencies? Three of the main ones are of course Bitcoin, Etherum, and Litecoin. The prices of these shares are constantly changing and being exchanged between investors.

How can you buy cryptocurrency? The most common program for buying, selling, and trading is Coinbase. This program includes Bitcoin, Etherum, and Litecoin. It is extremely user-friendly and takes plenty of precautions to ensure the safety of your money.

How much money do you need to start off with? There is a thought that you need hundreds of thousands of dollars to start investing, but this is not necessarily the case. Of course, the more money to put in the more you get, but any little amount can bring forth profit.

My own personal experience has been nothing but great with cryptocurrency. I did not invest much, but was able to make my purchase before an insane spike in the worth, bringing a decent profit. There is always a chance that your money does not grow, but I encourage others to research on the program and keep updated on the services.

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