Lesson 8: Conclusion

We hope this course has made the world of cryptocurrency seem a little less cryptic.

Just remember: with any investment, returns go hand in hand with risk. Some investors have made millions in cryptocurrency, while others have lost big on scams and volatility. Whether cryptocurrency and blockchain will revolutionize our lives and the Internet or one day look like this generation’s version of Beanie Babies remains to be seen.

Key takeaways

1. Cryptocurrency is a peer-to-peer form of digital money that isn’t controlled by any government or centralized entity.
2. The first units of cryptocurrency were created in 2009. Today, more than $100 billion is spread across more than 2,000 types of coins.
3. Blockchain technology, which powers Bitcoin and some other cryptocurrencies, operates like a large, public, secure spreadsheet showing every transaction ever made.
4. The pros of cryptocurrency include strong security, the potential for price gains, and a lack of middlemen.
5. The cons of cryptocurrency include lack of regulation or safety nets, price volatility, and the high environmental cost of mining.
6. You can buy cryptocurrency on an exchange, but not all exchanges are trustworthy.
7. Storing your crypto securely is extremely important, as losing your wallet or private key could mean losing your funds forever.
8. ICOs are offerings of new coins and a popular source of funding for startups.
9. The main strategies for investing in cryptocurrency include buy and hold, trading, and mining.