Crypto Decryption: Getting Started with Cryptocurrency

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WACO, Texas (KWTX) – You may have heard the term cryptocurrency, or bitcoin, but what exactly does it mean and how can you get started?

Cryptocurrency is a decentralized financial medium, not connected to a country. Dr. Rob Tennant, a professor of accounting at Texas A&M University Central Texas, said it was different from most other currencies, like the dollar or the euro.

You can use cryptocurrency to pay for goods and services, and some companies have started accepting different forms, like Microsoft and PayPal.

However, many people invest in cryptocurrency just like you would a stock.

Dr Tennant said it’s pretty easy to buy bitcoin or another type of cryptocurrency – all you have to do is download an app.

“Whether it’s Coinbase or Robinhood or one of the many others available on the internet, you can choose to download the app, fund your account, just like you would a traditional stock account,” said Dr. Holding. “When you get to the price and currency you want to buy, you can buy any dollar or euro, whatever currency you have will allow you at that time.”

Dr. Tennant said the value of cryptocurrency changes frequently, sometimes by thousands of dollars.

As of Monday morning, one Bitcoin was worth $33,615, according to CoinDesk. Last week, one Bitcoin was worth around $38,000.

“Over the past two years, what they’ve found is that the price of crypto seems to be tied to the value of tech stocks, not because there’s a causal link to it, but they seem to be moving in a similar direction,” Dr. Tennant said.

He said cryptocurrency can be a good investment, but it is risky. If you choose to invest in cryptocurrency, Dr. Tennant recommends investing only money that you can afford to lose.

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