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Is cryptocurrency worth the hype, time and investment?

 
 
Reply Tue 1 Oct, 2019 01:35 am
Hi. I don't know too much about current financial and technological trends. I have heard something about cryptocurrency through a few people I know from a chat site I frequent. They were boasting about how much money they made with "bitcoins".

According to https://en.wikipedia.org/wiki/Cryptocurrency:

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.

A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information. Cryptocurrency is defined by Investopedia.com as a decentralized “digital or virtual currency that uses cryptography for security” making it difficult to counterfeit.

Bitcoin is a type of cryptocurrency and there are various kinds of altcoins (alternatives to bitcoins):

https://www.bitdegree.org/tutorials/types-of-cryptocurrency/
https://www.investopedia.com/tech/most-important-cryptocurrencies-other-than-bitcoin/
https://www.finder.com/cryptocurrency/altcoins
https://en.wikipedia.org/wiki/List_of_cryptocurrencies

They have something called "blockchain" which is tied to cryptocurrency:

https://en.wikipedia.org/wiki/Blockchain

Blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.

Cryptocurrency to me seems a bit gimmicky. There seems like there is some secrecy involved. I am wondering how people earn actual physical money using cryptocurrency.

Is anyone here involved with cryptocurrency? Is it worth the hype, time and investment?

Please help- thank you.
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Type: Question • Score: 0 • Views: 1,168 • Replies: 7
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JGoldman10
 
  -1  
Reply Tue 1 Oct, 2019 02:14 am
@JGoldman10,
JGoldman10 wrote:


FIXED.
0 Replies
 
JGoldman10
 
  0  
Reply Tue 1 Oct, 2019 07:10 am
Someone told me elsewhere:

"Stay away from bitcoins and the like unless you have money you can afford to lose. Yes, it sometimes goes way up in value, but will then fall in value."

Is there a correlation between cryptocurrency and the stock market?
0 Replies
 
Jewels Vern
 
  1  
Reply Tue 1 Oct, 2019 12:54 pm
Cryptocurrency is not an investment. An investment is when you contribute money to a business that produces something of value. A mine is an investment, the metal that comes out of it is not. Cryptocurrency does not produce anything and is not even associated with a company. It is a gamble. Maybe one type goes up in price while others go down, and you have no way to guess which is which. Pure Easter egg hunt.
JGoldman10
 
  0  
Reply Tue 1 Oct, 2019 01:11 pm
@Jewels Vern,
That's what I thought- there's too much speculative risk involved.

I don't know about you, but I don't have money to throw away.

Someone else just told me:

"I suspect it is a fraud and a pyramid scheme, similar to how in the 90s people were promised huge returns from MMM - a pyramid scheme in Russia, exchanging money for vouchers, but the returns were only gained as long as people bought them.

When the real money was taken away - it fell apart."
0 Replies
 
JGoldman10
 
  0  
Reply Tue 1 Oct, 2019 01:44 pm
@Jewels Vern,
Do you know anyone involved with cryptocurrency?
JGoldman10
 
  0  
Reply Sat 5 Oct, 2019 10:35 am
@JGoldman10,
Is what's being rapped about in this video about cryptocurrency true?:

0 Replies
 
Jewels Vern
 
  1  
Reply Sun 6 Oct, 2019 11:50 pm
@JGoldman10,
No, not at all. I am on some email lists where they occasionally mention the subject, but not often.
0 Replies
 
 

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