Cryptocurrency

Hello, so I use this forum regularly and thought it would be best for me to ask here rather than another forum I don't know. Basically me and my husband recently moved to India and he keeps going on about cryptocurrency. Telling me it's so good to buy BTC in India and all that but I genuinely don't even know what he's on about half the time. Could anyone give me some sort of insight?

 

Do not get into this. Quadriga CEO Gerald Cottler died suddenly in India at age 30. All the passwords for his server/pc are locked. It's all frozen and no one can get their cryptocurrency. $145 million dollars is now unavailable and 250,000 people cannot access their "currency".
Some say they may never be able to as experts cannot unlock anything as he had taken precautions against this.
I for one prefer to deal with real money along brick & mortar, stocks etc. as opposed to whatever on a digital site.

 

First of all, don't look at Bitcoin as it is meant to go up. Bitcoin is quite risky, so if you do invest, you should go in expecting to lose all of it. Most people aren’t buying Bitcoin to use as it a currency or as a store of value, but are buying BTC in an attempt to get rich quick. Inform yourself on what a blockchain is. You can find various info about this subject explained very simple, contouring the main idea. A basic example on how it works it will be that currently, credit card companies charge 3% fees to merchants and "fast" wire transfers are ~$30 (ridiculous), but cryptocurrencies (not only Bitcoin) enable fast transfers with low fees.

 

What I think that the DP-er's who have replied above are leading into is that crypto-currency is completely unregulated and, therefore, it is what we call here in the U.S., the "Wild, Wild West." Something goes wrong, someone dies, someone hacks a system, etc., all could result in the complete loss of your money. And you have no recourse; there is no authority to go to complain or get your money back. It's gone. Also, while I do not track the daily crypto-currency valuations because I am not an investor, I do know that their value changes quite a bit and,yes, a lot of it has been growth in value, but what goes up must come down at some point.

If you had some money that you planned to take to the casino to gamble the night away or attend a concert or something like that, by all means take a flyer on a small amount of crypto-currency. For the education, if nothing else. (I suppose that I should take my own advice, though I have never had the urge to get involved with the currency.)