Cryptocurrency is any type of decentralized, digital currency that’s based on cryptography. It is digital money that is not under the control of any government. This cryptocurrency works through blockchain technology. Blockchain technology is the name of the system that records any type of information that makes it impossible to hack or change the system. So, that’s why cryptocurrency is safe. 

Morgan’s Business teacher Ryan Richetelli shared his knowledge and ideas about crypto by answering five questions. 

CY: What is Cryptocurrency?

RR: It’s basically something that you can use as a medium of exchange, or it could be invested as a commodity.  In other words, you can use it to purchase products and goods. 

CY: How does it work?

RR: It depends on the platform but in general it’s blockchain technology. 

CY: Why did cryptocurrency get popular recently?

RR: People freaked out during the pandemic and invested in crypto. They think it’s like gold. So people saw the potential to become rich through crypto.

CY: Why does it make sense to invest in crypto?

RR: I wouldn’t say it makes sense to invest in crypto because it’s not for everybody. But, some people invest in crypto because they see it as a commodity investment. So with that means, it’s gonna go up in value, or people are buying cryptocurrency because they want to use it as a means of exchange globally for the most part. Unless the government that you are trying to buy from and that geographical casuals says “No, you can’t use crypto here”

CY: What are your suggestions to the people who are new in crypto or who want to get into it?

RR: Study the market. Learn how to read the market. Understand you’re getting yourself into. Understand why it goes up in value. Understand why it goes down in value. Then you can make certain investments.

If you want to get more information about crypto, you can take one of Mr. Richetelli’s classes (Personal Finance or Entrepreneurship).