You can change the location at any time. A Bitcoin logo is celebrities invested in bitcoin is displayed on an ATM in Hong Kong, Thursday, Dec. The 1,800 percent increase got the attention of experts and novices across the globe as people scrambled to invest their money in the cryptocurrency that was hotter than anything being traded on stock exchanges. 6,914, a drop off of 64 percent from that all-time high set in December.
Welcome to the extremely volatile world of cryptocurrency. But as the news spreads about the highest of highs and lowest of lows for investors, many people are still completely in the dark about what Bitcoin – or more specifically, cryptocurrency – is and how it may change the world sooner than we think. When you see or hear of cryptocurrency talked about by financial experts, it’s important to understand that it’s not a physical currency that can be traded, or something that comes with a certificate of ownership like stocks and bonds. While there is no physical coin when you own cryptocurrency like Bitcoin, the value of your amount of cryptocurrency is tracked like a stock. It’s also important to note that you do not have to purchase a full coin in order to invest. You can buy fractions of a coin through various platforms.
Chris Boden teaches cryptocurrency classes at The Geek Group in Grand Rapids and has been helping people in the community learn about and invest in cryptocurrencies for about 18 months. Boden says one of the reasons more people are starting to turn their physical money into cryptocurrency is because transactions can be processed quickly and for much less because of the technology supporting crypto. 47 to do it and it’s going to take three to five days. 1,000 in bitcoin it takes 10 minutes and it’s between you and me.
You don’t have to trust the bank. It also doesn’t require you to give your personal name and other identifying information to the people you are conducting business with. Anonymity is big part of this. People have a right to privacy. What you do with you money is your business and nobody should have a say in it,” Boden said. Meaning the only way for someone to access your cryptocurrencies is if you open yourself up to be hacked by giving away your passwords or storing your coins on something hackable like a cell phone because the actual platform for transaction to occur is safe.
Orlando Carswell of Inkster said he began investing in cryptocurrency after he was being paid via a Bitpay prepaid debit card. After learning that you could transfer Bitcoin to a prepaid debit card, he started researching more about Bitcoin itself and decided to invest. Not understanding the volatility of the market as he does now, he made a mistake. I freaked out, pulled it out and lost a lot of money,” Carswell said, adding that the value obviously returned. But he was undeterred and kept researching the markets and other cryptocurrencies.
10,000 investing – he’s seeing bigger returns on cryptocurrency than he is on traditional stocks. I had a stock increase over 24 percent last year and it still didn’t touch my cryptocurrency,” Carswell said. Now that he’s made some money off the bigger names like Bitcoin, Litecoin and Ethereum, Carswell has begun investing in smaller cryptocurrencies in hopes he can catch the next big bubble before it hits. With an estimated 1,300 different cryptocurrencies on the market, finding the next Bitcoin is a shot in the dark.
Whenever I invest in any smaller cryptocurrency, my plan is to not touch it for the next three to five years,” Carswell said, adding he now owns parts of 10 different cryptocurrencies. For Ashley Murphy of Lake Orion, her journey into cryptocurrency is just getting started as she first became invested in September 2017. It just seemed like I wanted to take a gamble sort of. I put in as much as I was willing to lose,” Murphy said. 200, she made her first investments and then began shifting some of her money around in some of the larger currencies.