Although bitcoin was created in 2009, it's only become well-known in recent months. In early 2017, bitcoin was trading around $1,000. In March 2018, its value stood at $10,000. That ascent prompted interest in cryptocurrency, with people navigating currency and investment more differently than ever before.
Digital currency isn't regulated, making cryptocurrency-investing risky in contrast to the stock market. Regulators around the globe have warned about the speculative nature of bitcoin and announced increased oversight.
Still, it's difficult to ignore the rise in the price of bitcoin and the attention cryptocurrency is now getting in the press. There are even products focused on the alternative currency, giving novice investors access to this booming market. But all this attention begs the questions, "What's this all about?" and "What are its risks?"
What You Need To Know About Cryptocurrency
Bitcoin Takes Out The Middleman
Bitcoin was created with the aim of taking the middleman (namely banks) out of the equation. Transactions are anonymous and usually have no fees associated with them. And because the coins aren't tied to any country, they aren't subject to government regulations, making them cheap and easy to engage in international payments.
Bitcoin works thanks to the technology that underpins it -- blockchain, a digital ledger, where transactions are recorded in chronological order for the public to see. It's used to store an online ledger of transactions that take place using bitcoin. It's also unregulated and transparent.
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