It seemed unreal.
After my dad told me that he put $2,000 into e-coins (AKA crypto-currencies) and it became $5,000 in less than a month, I couldn’t help but think of Lin Manuel’s hit broadway musical, Hamilton, and a song in it called “Yorktown.”
The lyrics go:
A world turned upside down.
The world is turned upside-down from cryptocurrency because people are trading in their government-issued money, such as USD, yen, pounds, etc., for bitcoins, ethereum, litecoin, and other cryptocurrencies.
What exactly is a cryptocurrency?
It is digital currency.
Another word for it would be electronic money.
Like the Hamilton song mentioned above, where Americans won the revolutionary war against Britain and entered a new world of freedom, people who have always shied away from stocks are now entering the new world of cryptocurrency and the freedom of a non-governmental money.
Once your government-issued money is converted into the e-coin of your choice, you can now use that e-coin anywhere in the world that accepts it.
You don’t have to worry about poor exchange rates and fees when you’re traveling like when exchanging money at kiosks in airports, etc.
You don’t get that with regular currency where 1 USD might be worth 100 yen, or 1000 Korean Won, etc.
With e-coins, 1 bitcoin is 1 bitcoin, no matter where you go.
The only problem with cryptocurrency is that it is currently not widely accepted.
At least, not yet.
Another popular reason for cryptocurrencies is that they can’t be tracked.
Some people have used cryptocurrency to buy stuff on the black market.
They’re all giggling that their money have grown exponentially within a mere couple of weeks.
It’s cool that they reached that highly-regarded bastion for investors where money grows quick without much effort.
They took the risk of putting their money into a new and untried thing and they reaped the rewards of their risk-taking.
It’s exciting stuff and I’m going to have fun watching where this whole cryptocurrency game goes.
[Updated: February 2019]
Shortly after writing this article, my dad cashed out of bitcoin before it fell over 60%.
My brother did the same with his ripple investment.
My brother’s friends didn’t listen and held on to their cryptocurrencies and are experiencing losses in the thousands of dollars.
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