TYLER, Texas (KLTV) - There has been a lot of news content recently on the rise of so-called cryptocurrencies.
If that term is a bit foggy, it’s OK, cryptocurrencies are a bit of a foggy entity to begin with. If you have heard of Bitcoin or, more recently, Dogecoin, then you have been exposed to cryptocurrencies. These are essentially digital dollars or units of currencies that some believe will take the place of printed money at some point in the future. And that may be the case as major and developing world governments research the viability of such a move.
There are lots or reasons that it could work – the cost of continuously printing money would be eliminated, traditional financial fees could be saved, international transactions become easier and there are other upsides. But while this may become a reality at some point, currently cryptocurrencies – Bitcoin and Dogecoin – are high risk gambles that may or may not pay off. I have heard of several people buying small purchases of the currency, but others have put their life savings into these platforms that currently have little to no financial stability.
It is similar to the penny stocks of years ago – wild speculation. But these are not ready for mainstream investment strategies and probably won’t be for several years. So, if this type of speculation excites you, jump in with whatever you can stand to lose, otherwise wait for these platforms to be refined – in a few years, at best – and that will make for a Better East Texas.