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choctawcasinos.com THE WORLD OF CRYPTO

e blooming nancial realm of cryptocurrency has space for Oklahoma investors.

Cryptocurrency can be a confusing topic for the uninitiated, but all it takes is a little explanation to begin to understand this digital currency and its rami cations for online buying and investing.

Digital or virtual currency has been around since the early 1990s, but has become more common since the rise of the internet, smartphones and app technology, as well as online shopping. Simply put, it is the transferring of money online, and makes it possible to bank and purchase online. Often, it is linked to or represents at currency – money that is issued by a government, such as the U.S. dollar or the euro.

Cryptocurrency is a type of digital currency, with the “crypto” referring to the special way this kind of currency is kept secure. It is decentralized and not tied to a speci c issuing government.

“At its simplest, it’s just a digital currency that is outside of central banks, that is proven up through this mining, which is a complex series of mathematical calculations,” explains Brad Scrivner, CEO of Vast Bank, based in Tulsa.

Bitcoin, the rst cryptocurrency, came onto the scene in 2009, shrouded in a bit of mystery as the person or persons who created it is/are still unknown. But Bitcoin was unique in the digital currency playing eld because of its truly peerto-peer nature; it was completely decentralized.

“Most cryptocurrencies use a ledger system to record digital transactions in a way that is decentralized, publicly validated and permanently recorded,” writes Jesse Carlucci, Ph.D., in an online article for Arrow Investment Management, where he’s CEO and CIO. “ is blockchain technology is already widely used in a variety of ways and has thousands of use-cases across many di erent industries.”

Bitcoin and other forms of cryptocurrency can be used as an investment tool. But there are bene ts and pitfalls to be aware of, as with many investment choices.

“You have people getting involved in [cryptocurrency] for di erent reasons. Some people are scared about in ation, and so they’re using cryptocurrency as a store of value, similar to gold,” says Scrivner. He also mentions that some people and companies use it for a faster, cheaper way to transfer assets, as well as those who are jumping in for speculation, as they see an asset appreciating greatly in price.

Carlucci mentions in his article that “there are some serious security concerns around holding cryptocurrencies in online wallets. In 2020 alone, billions of dollars were lost to hacking and cybersecurity failures.”

Scrivner continues: “ is is a volatile asset. e use-cases are still being developed, it’s still maturing.” So, it remains to be seen where cryptocurrency will go in the future. ere are some other options for dealing in cryptocurrency on the horizon. Vast Bank has recently made an announcement along these lines.

“We are the rst national bank to, out of a single bank account, your bank account, be able to purchase and sell and custody cryptocurrency,” says Scrivner.

Ultimately, as with most investment decisions, it is important to do your research and speak with a professional to nd out if cryptocurrency is the right investment choice. BONNIE RUCKER

DEFINITIONS TO KNOW

Altcoin - Cryptocurrencies other than Bitcoin Bitcoin - A type of cryptocurrency Blockchain - A type of database that organizes information into chunks, or blocks, chained together chronologically Cryptocurrency - Digital currency secured by mathematical equations Digital currency - Currency that exists purely in a digital format, but can represent fiat currency Fiat currency - A centralized currency like the

U.S. dollar or the euro Mining - The solving of mathematical computations that support cryptocurrency Public and private keys -

Public keys are the public address that people use to send bitcoin to.

Private keys are known only to the account holder to authorize transmissions. Source: Investopedia