crypto trading remains a high risk business

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Such a price jump has attracted competitors and dozens of alternative cryptocurrencies have been launched.

Bitcoin remains the most well-known crypto, and some people claim that it will eventually become a new store of global value. Whether this is the case, everyone is guessing, but one thing is for sure, its volatility is a major obstacle to becoming a new global currency.

At the time of writing, a Bitcoin was worth US $ 47,840 ($ 65,274), an increase of 350% from last year, but a decline of 17% in the past six months.

An essential element of currency is stability. Hardly anyone could tolerate a 17 percent drop in their real wages in just six months.

Another problem for cryptocurrencies is that there is no consumer protection. If you lose your Bitcoin password, you have lost your Bitcoin. And if you sign up on a failed website and lose all your money, the government won’t come to your aid. There is no safety net or recourse.

Yes, Jack the sharks are circling. And like you, I receive emails every day offering to teach me how to trade Bitcoin and how to make a fortune. But if these people are successfully trading Bitcoin, why would they bother to contact you and me?

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Your wife is right: buying cryptocurrency is a gamble. You should never invest money in crypto that you are not ready to lose, and you should run a mile and a half from anyone who offers to trade on your behalf or teaches you the secret.

If you are still determined to move forward, your first port of call should be the Australian Securities and Investments Commissions moneysmart website, where researching the cryptocurrency will provide you with a lot of information, as well as an analysis of the types of crypto-currencies available.

However, at the end of the day, ultimately anyone who trades in the crypto space is buying in the hope that someone else will buy it at a higher price.

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