Early Monday, the nascent and highly popular cryptocurrency, Bitcoin, almost reached the $20,000 mark before slipping back to around $19,000.
Cryptocurrency is an internet-based currencies and payment that does not require banks to process payments. Unlike other traditional currency, the central bank does not hold cryptocurrency.
Last week, Bitcoin experienced a noticeable leap when it Bitcoin futures went live for the first-time and shot up over $1,000. The increasingly popular virtual currency made its debut on a major US exchange on the Chicago Board Options Exchange, a Chicago-based group.
While big time financial notables buck Bitcoin, economic heavy weights such as the Federal Reserve set up its own cryptocurrency and now, New York’s Nasdaq work to launch its own bitcoin futures trading sometime next year.
Beware of the Bitcoin Pimps
Lately, people work themselves into a frenzy in understanding the hot cryptocurrency. At the same time, Bitcoin experts are popping up all over the Internet promising fortune and prosperity by enrolling in programs.
One site charges $2,000 bucks for financial freedom. Be wary. Do your homework and study on your own before you give money that you could place in cryptocurrency.
Here are several tips to share
- Bitcoin is just one of many cryptocurrencies. Others that are hot are Ethereum, Litecoin, Ripple and Dash.
- Invest what you can. Do not allow the big numbers to scare you, put down what you are most comfortable, but do so as soon as you can because Bitcoin will increase.
- Get your Bitcoins on your own personal computer’s hard drive as opposed to a virtual wallet because those are getting hacked left and right, and there are no refunds.
- You must study on your own. It is your money, so watch it like it is your last dollar, but know that this is a betting game. So, prepare to lose something.