Let's Talk About It with Jenny / What is Cryptocurrency, and How Does It Work?

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Manage episode 291983525 series 1025130
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Digital currencies and the ledgers that hold the transactions offer much more freedom than government-backed currency but come with fewer protections. The inspiration for the whole system was avoiding bank fees and all the regulations that go along with organized financial institutions. The flip side of that coin is that there are endless opportunities for new solutions and no limits on creativity. How do you get started as a cryptocurrency investor? First, you'll need an account on a cryptocurrency exchange. These platforms allow you to buy, sell and hold virtual currency. Coinbase is one of the most well-known platforms. The company was founded in 2012, and went public in April via direct listing as opposed to a more traditional IPO. Some investment companies that offer traditional stock trading services also offer crytocurrency options. Once you've selected a trading platform, you'll need a wallet to store your virtual currency. These are "hot" wallets because they are always connected to the internet. Your other choice is a "cold" wallet. If your portfolio grows significantly, you can use both options and store the majority of your coins offline while keeping some amount in an online wallet to make trading easier.

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