All of this may help people become more comfortable with cryptocurrencies, Ristau said.
Although some companies like Overstock.com allow transactions in bitcoin, Lee said he doesn’t send money to friends using cryptocurrencies, instead using electronic payment systems like Venmo. It’s still a long way before these payment forms become mainstream, he said.
“If you want to avoid taxation, buy or sell drugs, crypto is great for that. But we are light years from crypto being like Venmo,” he said.
Investing in cryptocurrencies remains risky. Like any other investment, the average person needs to do their homework about the exchange they’re looking to trade on, and get feedback from others they trust in the community. But it all comes down to common sense, Ristau said.
“Don’t put your life savings in and hope to make a million dollars overnight. Can you afford to lose $500? Put it in there, leave it, and forget about it,” he said.