The fervor is everywhere! Everyone and their moms (or parental figures), seems to be talking about it. So, what is crypto? Should I buy it? Will I become rich? Let’s get into it!
Fun Fact!
This is why cryptocurrency is sometimes called “Defi”.
What is Crypto?
Cryptocurrency, which takes the form of different alternative currencies, is any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units.
Think about it like this. If big banks (like Chase or Citi) have one centralized place to store their info, such as transactions and customer data, the cryptocurrency system has a million different places that store their information. It has been argued that this makes cryptocurrency a safer form of banking than traditional banking.
Is Crypto a Safe Investment?
Well, that depends… While cryptocurrency is a novel new form of currency that presents a major development in the financial system, it is not quite yet as widely accepted as other traditional forms of currency. In GDF’s opinion (this is not financial advice and we are not responsible for any outcomes related to information conveyed on the site) - because of its relative newness and lack of “mainstream use” as well as fluctuating value and occasional controversy coin (see “One Coin”), it is GDF’s opionion that it is still a bit of a gamble to invest in cryptocurrency.