Digital currency is, quite simply, currency that only exists online. While a good deal of your money may be held electronically, you can access it in cash. With your debit card, you can go to an ATM and withdraw cash, you can withdraw it directly from the bank, and many stores allow you to withdraw cash with your purchase. Digital currencies do not have that availability. While some can be converted into hard currencies, depending on what they're worth at that particular moment in time, you have to convert them into a different type of currency to get cash in your hand.
Types of Digital Currency
You may be thinking of Bitcoin, the extremely well-known cryptocurrency, but it's very possible you have encountered digital currencies in your life without even realizing it. If you've gamed online in the last few years, you have likely dealt with a sub-category of digital currency referred to as virtual currency. You may have thought of it as purchasing tokens or shards or coins for the game, but what you're actually doing is exchanging currency, one type for another. Generally, you use the virtual currency to buy things that either help you in-game or make your game more aesthetically pleasing to play, sometimes you use it to purchase more online time, depending on which game you're playing.
One of the advantages to digital currency is its ability to transcend borders. You can make payments in digital currency to locations where it would be much more difficult to send money. They also can be more secure — some digital currencies are built around security. Where your credit card information is vulnerable to theft, some cryptocurrencies are much more secure.
How to Invest
Of course, what most people know about digital currencies is that you can make a lot of money off them if you invest correctly. It's really easy to invest in digital currency, but much less easy to invest well. (This is true of investing in anything.) If this is your goal, one of the first things you will want to do is read a lot more about digital currencies. This is a very broad, brief, and general overview. Learn about the major ones, where they come from, how they're traded, what they're worth. There are lots of online resources for this. You'll also want to find a market that works in the currency you're interested in. There's plenty of markets for digital currency. Then you want to determine how much you're willing to spend on it, initially as well as overall.
Look online to find places where you can buy digital currency coins.
Share17 June 2020
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