171. What are cryptocurrencies and should I invest?

In a slightly different format to usual, Darius McDermott and James Yardley discuss cryptocurrencies. They talk about how they have evolved, where they are being used in everyday life, and touch on what they could change in the future. With new terms to learn such as Stablecoins, tokens and NFTs, James and Darius do their best to debunk the myths and explain the opportunities that lie in this new area of digital payments and platforms.

If you Googled cryptocurrency a few years ago, information about Bitcoin would have been the main result. Today you get a list of top stories including “Do I owe tax on my cryptocurrency?”, “How Stablecoins can help crypto investors” and “India says it will launch digital rupee as soon as this year”. Cryptocurrencies are on the rise and their uses are growing. In this podcast, we go back to basics, discussing their humble beginnings, before exploring how they could impact our futures.

What’s covered in this podcast:

  • What are cryptocurrencies?
  • Why do we need things to be decentralised?
  • If cryptocurrencies should be thought of as an investment
  • The need to understand cryptocurrencies before putting money into them
  • What you can use cryptocurrencies for in everyday life
  • How cryptocurrencies could change the world of online gaming
  • Why cryptocurrencies could be a threat for central banks
This article is provided for information only. The views of the author and any people quoted are their own and do not constitute financial advice. The content is not intended to be a personal recommendation to buy or sell any fund or trust, or to adopt a particular investment strategy. However, the knowledge that professional analysts have analysed a fund or trust in depth before assigning them a rating can be a valuable additional filter for anyone looking to make their own decisions. Past performance is not a reliable guide to future returns. Market and exchange-rate movements may cause the value of investments to go down as well as up. Yields will fluctuate and so income from investments is variable and not guaranteed. You may not get back the amount originally invested. Tax treatment depends of your individual circumstances and may be subject to change in the future. If you are unsure about the suitability of any investment you should seek professional advice. Whilst FundCalibre provides product information, guidance and fund research we cannot know which of these products or funds, if any, are suitable for your particular circumstances and must leave that judgement to you. Before you make any investment decision, make sure you’re comfortable and fully understand the risks. Further information can be found on Elite Rated funds by simply clicking on the name highlighted in the article.

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