Why You Should Avoid Bitcoin At All Costs (Hint: Because It Will Cost You)

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What Is Bitcoin, and How Does It Work?

Bitcoin is digital currency that was created in It is accepted by overretailers although no big names yetand the transactions are made anonymously, bypassing banking institutions and governments.

What does that mean for you and your investments? Are bitcoins and other cryptocurrencies the next big thing, or are they just a passing investing fad you need to steer clear of? What is Bitcoin?

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Bitcoin is the most widely-known type of cryptocurrency, or digital currency. There are no bills to print or coins to mint. Like gold, bitcoins are worth what people are willing to pay or exchange for them.

Be confident about your retirement. Find an investing pro in your area today. Some of the others include Ethereum, Ripple and Bitcoin Cash, a totally different currency despite its namesake.

Bitcoin: What You Need to Know

However, none are as widely accepted as their prototype, bitcoin. One way people can get bitcoins is by "mining" them. While there are currently about 12 million in circulation, the creator limited the overall supply to 21 million. So, the race is on for these "miners" to use increasingly powerful software to get bitcoins. And what determines the ever-volatile price of these bitcoins?

Basically, whatever buyers are willing to pay.

Every time. NerdWallet, Inc. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances.

This is another huge risk of the cryptocurrency world. How Do Bitcoins Work? Bitcoin users exchange these digital "coins" for goods and services or trade them for cash.

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You pay electronically using a computer or mobile app, sort of like sending money via PayPal. Both bitcoin mining and trading are handled anonymously, making the cryptocurrency scene prime for reuters binary options, like phishing and blackmail schemes.

All that, combined with the fact that bitcoin is not regulated by any bank or tied to any country, makes for a scary combination. However, bitcoin recently gained credibility when a large financial firm created a futures exchange for the currency. A futures exchange is just fancy investment lingo for a central marketplace for buying get bitcoin in debt selling futures contracts.

Why You Should Avoid Bitcoin At All Costs (Hint: Because It Will Cost You)

A futures contract obligates a buyer or seller to buy or sell a certain type and amount of an asset like gold at a certain price. Depending on what people are willing to pay for these assets, futures contracts help determine the value of that asset. To actually purchase a bitcoin, if you are willing to take on the risk, you only need a digital currency account, like Coinbase, CEX or Kraken. These accounts act as a digital wallet similar to a PayPal account.

This process is actually scarily easy. It is a highly speculative asset," said Janet Yellen, the chair of the Federal Reserve.

Do Not Go into Debt to Buy Bitcoin, You Idiots

Should I Invest in Bitcoin? Regardless of warnings like these, as bitcoins continue to increase in price, they will become get bitcoin in debt popular with some investors. And as they become a more accepted investment, bitcoins may eventually be regulated as an actual currency.

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Will this help bring stability to the bitcoin market? Right now, nobody knows.

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Instead, invest your hard-earned money in stable, long-term investments that consistently perform well—not unstable, trendy, high-risk schemes. When you invest, you have to think long-term and wait patiently for your portfolio to grow over decades, not days!

What Should I Invest In? I know all about investing, but I still work with a financial advisor!

  • Bitcoin and other crypto-currencies promise profits — but will probably deliver losses.
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  • Some investors report big financial moves, like refinancing their home, to buy a cryptocurrency.
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  • Paying for Your Mortgage with Bitcoins?

Find an investing pro today to start your investing journey! A popular and dynamic speaker on the topics of personal finance, retirement and leadership, Hogan helps people across the country develop successful strategies to manage their money in both their personal lives and businesses.

UTC opinion David G. Central bank actions — the raising and lowering of interest rates to fuel lagging economies or tame overly strong ones — were the backbone of my ability to identify trends, articulate value and manage risk. Subscribe to Blockchain Bitesour daily update with the latest stories.

SinceChris has served at Ramsey Solutions, where he gives practical money advice on retirement, investing and building wealth.

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