Cryptocurrency is fascinating for a number of reasons, but one of the most interesting is the fact that there has rarely been an asset class so popular that so many people know nothing about. Although most Americans are at least familiar with the term “Bitcoin” these days, the mysteries surrounding Bitcoin and cryptocurrencies in general for the average investor are countless. If you learn these five important characteristics of crypto investing, you’ll likely know more than your neighbor.
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Cryptocurrency is becoming such a focus of the investing world these days that many Americans toss the term about without even knowing what it is. In fact, a February 2021 report by Cardify found that a whopping 83.1% of actual crypto investors had “low to moderate” levels of cryptocurrency knowledge, while around 1 in 3 knew little to nothing about what they were buying.
So, what is cryptocurrency anyway? In the simplest of terms, cryptocurrency is a digital form of money. Unlike a physical dollar bill, there aren’t any cryptocurrencies that you can actually hold in your hand. The reason cryptocurrency has generated such a buzz is that you can use these digital assets to send payments to anyone around the globe quickly and anonymously, without having to go through any banking system or third-party service. On the plus side, this means you won’t have to worry about any bank interference, regulations, delays or fees to send money to someone else. On the other side, these types of transactions are completely unregulated, which means they can be easily used for nefarious purposes.
Do You Know? Where Does Cryptocurrency Come From?Who Created Bitcoin?
Bitcoin was created by a mysterious...