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What is Cryptocurrency and should you invest in it?

Source: Getty Images/George

Australian are becoming increasingly vested in cryptocurrency but without being conscious of the risks involved in this electronic money and scammers often try to trick people into investing in fake opportunities to buy crypto.

Cryptocurrency began in the early 2000s when the first coin to make its mark in cyberspace was Bitcoin. Allegedly, it was created by Satoshi Nakamoto, a person (or a group of individuals) whose identity has never been revealed.

The digital currency works on the concept of cryptography, where each token is created by a code with the help of data that is stored in blocks linked to each other. This system is known as the blockchain technology.

What is Cryptocurrency and should you invest in it?
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Highlights

  • Thousands of cryptocurrencies are circulating in cyberspace with some of the most popular ones being Bitcoin, Ethereum, Litecoin and Dogecoin.
  • These coins are used for trading, purchases, payment systems and for most- it’s also a form of investment. 
  • Because cryptocurrency has no regulating body like banks or financial institutions, many investors have lost huge sums of money due to scams. 

“Just with anything, you've done your research you can buy an asset and you can become wealthy. And I think with cryptocurrency, in particular, it's definitely been shown that many people have… bought cryptocurrency. If you bought it say at the start of the year you put in a significant amount of money and it has gone up tremendously. And I personally definitely know people who have become millionaires because of cryptocurrency,” said Fred Schebesta co-founder of Finder.com.au.

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