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The Difference Between Two Cryptocurrencies

Geri in Baton Rouge, louisiana listens on 107.3 WBRP ased us about cryptocurrencies

Bubble

Geri asked: “What is the difference in Bitcoin and Litecoin and do each of them have liquidity? How do you buy them and sell them?”

 

Geri, Bitcoin and Litecoin are like Euro and Yen, they’re entirely different currencies.

As for them having liquidity, well, Bitcoin’s market capitalization right now is 301 Billion, 285 Million, 575 Thousand, 545 dollars, Litecoin’s is more modest at 18 Billion, 832 Million, 019 Thousand, 992 dollars, so there’s money invested in them for sure.

To buy them, you’d have to sort of open a bank account

To buy them, you’d have to sort of open a bank account, only the “bank” is a little like the liquor store around the corner that for whatever reason you decided that it was safe to give your money to. The accounts are called wallets, and you can generally open them online and it tends to be as easy as opening a new email account. There’s been a lot of fraud, and a lot of magically disappearing sites that run off with an awful lot of money in the dark of night, so read the reviews carefully before choosing a wallet to put your money into.

One last thing, a lot of people call what’s happening with Bitcoin a bubble, a lot of people say it’s not. Think about this: you don’t know what it is, how it differs from other cryptocurrencies, whether or not it has money backing it up, or how to buy it, but you’re interested in buying anyway. That should tell you that this is a bubble, so don’t put any money into it that you’re not willing to lose.

Written by Dave Graveline

Dave Graveline

Dave Graveline is the founder, Host & Executive Producer of "Into Tomorrow" in addition to being President of the Advanced Media Network".

Dave is also a trusted and familiar voice on many national commercials & narrations in addition to being an authority in consumer tech since 1994. He is also a former Police Officer and an FBI Certified Instructor.

Dave thrives on audience participation!

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