What is Cryptocurrency and should you invest in it?

cryptocurrency

Cryptocurrency Source: Getty Images

Cryptocurrency is a digital form of money that can be sent to anyone through the blockchain technology. You can hold this digital token in your wallet with no intermediaries, allowing you to use your coins as you wish. Australian are becoming increasingly vested in cryptocurrency but without being conscious of the risks involved in this electronic money.


Key points: 


  • Cryptocurrency is a form of a digital token made of binary codes- zeros and ones. 
  • Cryptocurrencies are unregulated which means they are not controlled or overlooked by any authority, bank or financial institution. 
  •  Some cryptocurrencies allow you to withdraw money from ATMs with minimal to zero transaction fees.
  • Scammers can trick people into investing in fake opportunities to buy crypto. 
 


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