Have you been curious about Cryptocurrency? One of our GROWTH Community members, Deedra Mills-Hall, shared her thoughts on this digital currency.

GROWTH Community Contributor

Deedra Mills-Hall

Digital currencies and assets have revolutionized the way we do commerce. In recent years, Cryptocurrency has emerged as a trending digital resource that has influenced new ways to trade goods and services for profit.

Cryptocurrencies are tokens built on a relatively complex decentralized ledger, called a blockchain, secured by cryptography. This secure communication technique allows only the sender and intended recipient of a message to view its contents, making it nearly impossible to counterfeit or double-spend. The token’s useability outlined in its white paper determines its price and value. Investing in these digital assets and currencies is becoming easily accessible through many investment platforms and mobile payment applications.

Whether or not you are a first-time cryptocurrency investor, it is essential to conduct adequate research to ensure that you are compliant come tax season. This technology is in a very volatile state, which can reflect frequent federal regulatory changes.

I believe that cryptocurrency technology is here to stay, and its potential opportunities are endless as its usability becomes more defined. Other technologies on the cryptocurrency blockchain continue to emerge, such as NFTs (Non-Fungible Tokens), which can be found in many forms of art and can be purchased using Cryptocurrency.

As you think about your financial future, is Cryptocurrency part of your plan? Are you a current or potential investor? We would love to hear your thoughts and insights.

 

Deedra Mills-Hall is the Apprenticeship Program Coordinator for Tourism Diversity Matters.