WBOB Original Reads

Cryptocurrency: Mapping an Uncharted World

2/22/2018

David Rivard

Bitcoin (BTC). I bet you've heard of it.

Yet, you probably still don't know enough about it to have a meaningful conversation about it. What is it? How do I use it? How do I acquire some? Even though it's been around since 2009, many of us are still in the dark.

This article will not get into the deepest part of BTC like the algorithms and mining. We're just going to scratch the surface here. With the hope of giving you a better understanding of what it is.

Bitcoin itself is a form of cryptocurrency -- but not the only cryptocurrency.

Much like Nike is type of shoe company. BTC is type of "crypto."

Cryptocurrency is a digital asset that uses cryptography to secure its transactions. It can be bought, traded, and sold. Similar to a stock -- without having a stake or share in an actual company. The "stock" part of it comes with the day traders who trade it as an asset on different exchanges. It also includes the investors who look at is a long term option in addition to their current stock portfolios. The "currency" part comes into play as more and more companies are accepting different types of crypto as direct forms of payment. Notable companies that currently accept BTC include Overstock and Newegg.

I know what you're thinking. "That's all well and good, David. But how do I get it?"

That's a great question that has multiple answers.

As there are multiple types of cryptocurrency, there are many different ways to get it.

First things first. You will need to decide what type of crypto you want. Then, you need to have a "wallet" to hold it. There are free wallets and there are paid wallets. There are online wallets and there are offline wallets. Do a little research to find which type of wallet will best suit your needsOnce you have chosen the one you want and have selected your wallet, you can move to the next step -- purchasing.

The easiest way to purchase cryptocurrency is to find someone who has some and is willing to sell to you. Alternatively, you can go to an online exchange, such as Coinbase, and go through their security process to buy crypto directly. Think of it as a digital ATM. This will give you the ability to purchase, hold, and send Cryptocurrency to anyone in the world. Including the companies and businesses who accept cryptocurrency as a payment option.

There is a third way to obtain cryptocurrency -- mining. But, as I stated earlier, that is advanced, and we're not going to touch on that in this article.

That's it. It's honestly that simple. Cryptocurrency in the smallest nutshell possible.

I hope this article gave you some insight into what Cryptocurrency is and how it can be used. Or at the very least give you a good starting point into doing your own research. My final point is warn every reader here of the risks. This is real money you are using here. Make no mistake about that. There are great gains that have been made but also great losses. In the end it comes down to your decision.

"Do I want to get into the World of Cryptocurrency?" or "Do I want to keep watching from the outside?"

You decide.

Disclaimer: This article is for informational purposes only. Cryptocurrency is considered a taxable asset with investment risk. Neither David Rivard nor 990WBOB.com claim to be licensed financial experts, and cannot accept any responsibility for the security of our readers' financial decisions. Please speak to a licensed financial adviser or accountant to address your specific risks and liabilities.