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KNOXVILLE, Tenn. (WVLT) - There has been a lot of talk about Cryptocurrency recently, but what exactly is it?
Cryptocurrency is a form of digital currency and there are 10,000 different ones currently being traded publicly. Bitcoin is the most recognizable. We asked, John Vandergriff with Blue Ridge Wealth Planners why is it so popular?
“People want to have alternatives to invest in largely outside of stocks, bonds and cash and so that’s one reason, is just trying to find alternative ways to make money,” Vandergriff said. “I think the other thing that has infused in popularity is the Elon Musk’s of the world and people that are giving validation to this is causing younger generations to say ‘oh well, this is a legitimate option we need to put in and obviously when more money chases after something you see an increase in value.”
The currency is backed by Blockchain technology. Something Vandergriff said is almost too secure.
“It’s one of those things it’s almost too safe, because you get five chances to try your password and then something can be locked away forever, and so you can have amounts of Bitcoin that will never be seen again because that Blockchain technology is almost too secure in some ways,” Vandergriff said.
Vandergriff said it’s important to understand cryptocurrency fully before you invest.
“The thing that’s wild about all cryptocurrencies but specifically Bitcoin is it trades 24 hours a day, So, what we’re used to is a stock market exchange that opens at nine and closes at four and then you can sleep and know that nothing’s changing,” Vandergriff said. “You can go to sleep at one price with Bitcoin and wake up and it’s totally different because the other side of the world is trading it.”
“What I’ve been telling a lot of people is, you know at this stage of the game, you want to put money into Bitcoin that you don’t ever care to not see again,” Vandergriff said. “And if you look at your money and say ‘I don’t have any of that,’ then maybe you wait a little bit and let this thing mature and figure itself out.”
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