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WACO, Texas (KWTX) – You might need heard the time period cryptocurrency, or Bitcoin, however what precisely does that imply, and how are you going to get began with it?
Cryptocurrency is decentralized monetary medium, not linked to any nation. Dr. Rob Tennant, an accounting professor at Texas A&M College Central Texas, mentioned that’s totally different than most different cash, just like the greenback or euro.
You should use cryptocurrency to pay for items and providers, and a few companies have began accepting totally different varieties, like Microsoft and PayPal.
Nevertheless, many individuals are investing in cryptocurrency, such as you would a inventory.
Dr. Tennant mentioned it’s pretty simple to buy bitcoin or one other sort of cryptocurrency—all it’s good to do is obtain an app.
“Whether or not it’s Coinbase or Robinhood or one of many many others out there on the web, you’ll be able to select to obtain the app, fund your account, identical to you’ll a standard inventory account,” Dr. Tennant mentioned. “While you get to the worth and the forex that you simply wish to buy, you’ll be able to you should buy no matter your {dollars} or euros no matter forex you’ve, will afford you at the moment.”
Dr. Tennant mentioned the worth of cryptocurrency adjustments steadily, generally by hundreds of {dollars}.
As of Monday morning, one Bitcoin is price $33,615, in response to CoinDesk. Final week, one Bitcoin was price round $38,000.
“Within the final two years, what they discovered is that the worth of crypto appears to be tied to the worth of tech shares, not as a result of there’s a causal hyperlink to it, however they appear to maneuver in the same course,” Dr. Tennant mentioned.
He mentioned cryptocurrency could be a good funding, nevertheless it’s dangerous. If you happen to select to spend money on cryptocurrency, Dr. Tennant recommends solely investing cash you’ll be able to afford to lose.
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