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What exactly is cryptocurrency? Local experts explain | Lehigh Valley Regional News

By on April 20, 2021 0

Cryptocurrency. Many people have heard of it, but have no idea what it is.

What I learned today is that the technology behind all of this is complex. It is best known for its use as a digital currency.

“People all over the world are using it for transactions to purchase goods and services,” said DeSales University economics professor Tahareh Hojjat.

Real money, like cold cash, can be put in a bank, but with cryptocurrency “when you buy cryptocurrency you become your own bank and the things they do that we don’t think, is that they protect our assets, “said Lehigh University finance professor Donald Bowen.

Hackers have stolen thousands if not millions of dollars from investors in the past.

Just this week, Venmo announced that its 70 million customers can now buy three different cryptos – bitcoin, ethereum, and litecoin for as little as $ 1.

It will even offer built-in guides to investors.

“It’s very simple. I download PayPal and through PayPal you can buy and sell bitcoin. It’s not difficult,” Hojjat said.

But be prepared.

“Like all new technology, there is going to be a period of time when we figure out how to use technology, so some cryptocurrencies, we’re going to find out, are worthless and some could become very valuable,” Bowen said.

As crypto moves closer to general acceptance, do your research and assess your individual risk.

Bowen says that overall, maybe now is not the time to dive headfirst.

“I don’t think investing in cryptocurrency is the right thing for most people right now,” Bowen said.