MERIDIAN, Miss. (WTOK) –
By now, you’ve probably heard the term “bit coin” or cryptocurrency. But what is it and how can it effect you financially?
Cryptocurrency, or virtual currency, is a digital asset designed to work as a medium of exchange. Bit coin is by far the largest of the virtual currencies and can be traded virtually.
Financial Advisor Gary James of Summit Wealth Group in Meridian says there’s upsides and downsides to virtual currency and has this advice for clients and consumers.
”You hear all extremes,” said James. “I’ve got a client outside of Atlanta that paid his house off with gains on cryptocurrency. I’ve had other people bought it when it was really high that their $50,000 because $30,000 pretty quickly. So we tell people that if you’ve got the money to lose and if you’re willing to take the volatility, is there anything wrong with buying it? No, but it is a fairly complicated process and I think there’s still so much more of it to work out that we don’t know where all of this is going to end up eventually.”
James added that some of the advantages of using cryptocurrency is that it’s digital and requires no middle man like a bank to make trades or exchanges. A downside James says that it’s a really good way for criminals to launder money.
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