Corrine (cadi_ray) wrote,
Corrine
cadi_ray

Bitcoin

It is trendy to invest in Bitcoin right now. I am part of the trend, because I waited after I first heard about it. Bitcoin is a digital currency, some think of it as a speculative asset. It's value varies depending on the world economy, government enforcement, and news. There are also hundreds of altcoins including ripple, litecoin and etherium. Many altcoins have advantages bitcoins do not, like faster transaction times, meaning it takes time for the bitcoins to get verified by miners. Oh right, bitcoins can be obtained two ways by mining, which at this point you need thousands of dollars in mining hardware and it might become obsolete or you can buy bitcoins. The next thing about bitcoins is how you store them. If you want to spend them a safe wallet might be okay for small amounts, but they can get hacked from you. The other way to store them is a cold storage wallet. Since they are thousands of dollars each and people are putting their IRA into Bitcoin, I recommend this. The other recommendation is knowing how to use a cold storage wallet and practicing with a small amount of money. The next piece of advice I read everywhere is don't put more into Bitcoin than you can afford to lose. So be careful with your IRA, your kids college fund, or your life's savings. Most of us don't know how to read a chart, we see something go up and we get excited. I am not giving investment advice, because I am not qualified to. It is a cool idea and a practical anonymous way to send large sums of money without banks at a low cost.
Tags: bitcoin
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