There’s a lot of talk about cryptocurrency at the moment but what exactly is it?!
In simple words, cryptocurrency is a type of blockchain which is a technology that makes transferring commodities easy to anywhere in the world. Bitcoin is the original and most commonly talked about, but now there are a number of “alt coins” people can invest in.
You can buy and sell (i.e. trade) cryptocurrency in a similar fashion to the stock exchange, including bitcoin, ethereum and litecoin.
Some of the more interesting coins include:
- Bitcoin – no one owns or controls bitcoin (it is operated without a bank/central authority and uses peer to peer technology in order to manage transactions and issue bitcoins on the network). Current bitcoin value 1 BTC = AUD 8,916.13 at time of writing.
- TRON – TRON is for global digital entertainment platforms with the aim of bringing together entertainment economies globally – you can use it for payments, storage, credit sharing. Current TRON value 1 TRX = AUD 0.047 at time of writing.
- Dogecoin – a newer digital currency, this is used essentially in a similar way to giving something a “like” on facebook”, but with more value and can be used across the internet. Current DOGE value 1 DOGE = AUD 0.0036 at time of writing.
If you are planning to invest money in cryptocurrency or in fact anything, make sure you do your research and speak to a qualified financial advisor.