TYLER, Texas (KLTV) – Bitcoin. You’ve most likely heard of it. You should buy it and spend it, however you’ll be able to’t maintain or contact it.

So, what’s it?

It’s a cryptocurrency, and it’s not the one one.

“There’s like Etherium, Litecoin– [those] are a few of the older ones,” says Cate Carrejo, a cryptocurrency investor. “Then there’s newer ones that persons are listening to about perhaps on the information or social media currently, like Dogecoin.”

Carrejo explains that cryptocurrency is info that folks have positioned a price on.

“So reasonably than bodily items cash and payments, we’ve positioned worth on these bits of knowledge that may get traded across the web,” she says.

However, taking one thing of worth and buying and selling it’s nothing new. Nancy Carter, Lead Financial Professor at Tyler Junior School, says that purchasing and promoting a cryptocurrency, like Bitcoin, resembles shopping for and promoting shares.

“There’s a bit or a correlation. A number of the correlation is that they’re considerably related. And for some [people], they’ve determined that placing their cash in bitcoin goes to be extra worthwhile than shares,” she says.

However, not like shares, cryptocurrency will not be backed by any authorities, and it isn’t monitored by any authorities.

So, you’ll be able to commerce cryptocurrency, however what else? There are some corporations, like Starbucks and Microsoft, which can be starting to simply accept cryptopayments by means of third occasion suppliers.

However, in case you are trying to get into the cryptocurrency craze, Carter provides a phrase of recommendation.

“You gotta be capable of pay your payments. You gotta be capable of eat. You need to have the ability to have a bit of enjoyable in life, so don’t put every thing within the inventory market, Don’t put every thing in cryptocurrency.”

Carrejo additionally recommends subscribing to a publication, like CoinDesk, to study extra about monetary know-how

Copyright 2021 KLTV. All rights reserved.

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