Basics about Cryptocurrency

Cryptocurrencies come by many names. You may have read about some of the most popular types of cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. Cryptocurrencies are an increasingly popular alternative to online payments. Before converting real dollars, euros, pounds or any other traditional currency into (the symbol for Bitcoin, the most popular cryptocurrency), you should understand what a cryptocurrency is, what the risks are in using cryptocurrency, and how to protect your investment.

What are cryptocurrencies?

Cryptocurrency is digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technology means that cryptocurrencies function both as currency and as a virtual accounting system. To use cryptocurrency, you need a cryptocurrency wallet. These wallets can be software that is a cloud-based service or stored on your computer or mobile device. A wallet is a tool where you store an encryption key that confirms your identity and links it to your cryptocurrency.

What are the risks of using cryptocurrency? Cryptocurrencies are still relatively new, and the market for these digital currencies is highly volatile. Because cryptocurrencies do not require banks or other third parties to regulate them; they tend to be uninsured and difficult to convert into tangible forms of currency (such as US dollars or euros.) In addition, because cryptocurrencies are technology-based intangible assets, they can be hacked like any other intangible technology asset. Lastly, because you store your cryptocurrency in a digital wallet, if you lose your wallet (or access to it or to a wallet backup), you have lost your entire cryptocurrency investment.

Follow these tips to protect your cryptocurrency:

Look before you jump! Before investing in cryptocurrency, make sure you understand how it works, where it can be used, and how to trade it. Read the web page for the currency itself (such as Ethereum, Bitcoin or Litecoin) so you fully understand how it works, and read independent articles about the cryptocurrency you are considering as well.

Use a trusted wallet. It will take some research on your part to choose the right wallet for your needs. If you choose to manage your cryptocurrency wallet with a local app on your computer or mobile device, then you need to protect this wallet at a level consistent with your investments. Just as you wouldn't carry a million dollars in a paper bag, don't choose an unknown or lesser-known wallet to protect your digital currency. You want to make sure that you are using a wallet that you can trust.

Have a backup strategy. Think about what happens if your computer or mobile device (or wherever you keep your wallet) is lost or stolen or if you don't have access to it. Without a backup strategy, you will have no way to get your cryptocurrency back, and you could lose your investment.

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