The future of investments?

Richard Lichman looks at the world of cryptocurrency.

You’ll have undoubtedly heard of cryptocurrencies such as Bitcoin and Ethereum – but what actually are cryptocurrencies and are they a sound investment?

You’re probably aware that cryptocurrencies are virtual, but did you know this means that they have certain benefits over other traditional currencies? Digital cryptocurrencies are secured by cryptography, making them virtually impossible to counterfeit or double spend. Furthermore, as these currencies aren’t tied to a specific country or any central authority, this means that they are effectively immune against government interference.

Many crypto currencies are decentralised networks based on blockchain technology. In simple terms, a blockchain is a distributed database that is shared across nodes of a computer network. Due to the unique way that a blockchain stores data, it guarantees a secure record of data that eliminates the need for third parties during transactions, making cryptocurrencies a very secure and trustworthy choice.