By Huda Jabbar —
Some of the hottest topics in news over the past couple of months have been surrounded over cryptocurrencies. Cryptocurrencies are digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Without any government or corporate intervention, cryptocurrencies are often used to purchase illegal items on the dark web which has surrounded the product in controversy.
Bitcoin, the largest form of currency reaching a height of $16,000 last month, hasn’t stopped with more and more people investing into these mysterious funds. With easily accessible wallets like Coinbase, a lot of millennials and college students are investing in hopes of making a quick buck, but is this the best idea?
At the moment it seems as though the currency is on a never ending uphill curve in price. It seems as easy as investing and joining the get rich quick group.
The problem lies in the fact no one really knows what could happen to the funds. Without any outside interference and more and more people investing daily, many sources, such as Forbes, suggest it will most likely crash within this year. With this level of unpredictability, investing great amounts could just lead to disappointment.
Another point brought up across platforms is if you do not understand something you should never put your money into it. Cryptocurrency can be sometimes hard to get an in-depth understanding, especially with a lack of knowledge of the internet and the economy.
The majority of investors seem to be putting their money into this next big thing while not understanding what it is to begin with.
With things like cryptocurrency mining and how and where to save your cryptocurrency, you should not put your money in until you garner the knowledge into understanding what you are doing.
The big question you should ask before investing in new products: what are you investing in? If you feel like you have a grasp on that concept, many encourage investing in small amounts to possibly make some minimal profit, but definitely keep your savings and don’t quit your part time jobs just yet.