The Intoxicating and Precarious World of Cryptocurrencies
You've heard of Bitcoin, but you might not know what it is or exactly what it does or how it works. Bitcoin is a Cryptocurrency, a virtual currency that is protected by cryptography. Bitcoin isn't the only cryptocurrency, the list of cryptocurrencies ranges from Bitcoin to Potcoin. The currency I'd like to focus on in this article is Ethereum a relatively new cryptocurrency and one I have invested in. Cryptocurrency investing is an inordinately fun hobby to get in to, and a simple one at that. A good program to use to get started buying and selling is Coinbase (https://www.coinbase.com)
Coinbase allows you to see prices rise and fall, buy and sell, keep track of your inventory, and trade with other people who have Coinbase. It provides a good starting point for newbie investors, and it hooked me almost instantly. I decided to start small and only bought $10 of Etherum and see how it goes from there. The cryptocurrency market doesn't close like the NYSE so stocks can change at any time. This is what makes trading these currencies so constantly interesting.
Bitcoins and other cryptocurrencies aren't very useful in their original form so you will most likely need to sell them to get much use of them but there are some places where you can use them in their "coin" form. Places like Newegg and Overstock accept cryptocurrencies for products. Still not common, but uses for cryptocurrencies are broadening.
So if you want to buy a cryptocurrency I personally suggest that you buy cheaper currencies like Litecoin and Etherum. This will help you get your bearings on the market and allow you to learn what currencies you like and dislike. This can be a fun hobby or, if you intend it to be, a promising job opportunity.
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