What is Cryptocurrency?

Cryptocurrency, or crypto for short, is basically a form of payment that can be used online for goods and services. There are many different types of crypto that have been built by many different companies which can also be referred to as “tokens.” Think of crypto as almost like a chip from your favorite casino. You trade cash in for those chips to use for the casino games, and when you are finished, you trade them back in for whatever they are worth. Crypto is built on a technology known as a “blockchain.” Blockchains are essentially decentralized databases that are spread across many computers that manage and record these transactions.

Cryptocurrency and Insurance: Financial Markets

One of the main benefits of cryptocurrency is how secure it is. Without going into too much detail, it is almost impossible to steal someone’s money without the person giving out their private keys. A private key, as defined by Investopedia, is “a sophisticated form of cryptography that allows a user to access their cryptocurrency.” This is an integral aspect of the security of crypto and helps protect users from theft and any unauthorized access to their funds. Due to crypto’s security and decentralized blockchain, this essentially cuts banks out of the equation. This will obviously have a major impact on our financial markets as a whole. As banks and hedge funds are just now beginning to accept cryptocurrency as a valid form of payment, it is still too early to see the impact it will have in the years to come.

Where does Pinnacle Financial Services come in?

Pinnacle Financial Services is a full-service “FMO” in the senior insurance market that offers you the best technology in the business. We were years ahead of the curve with electronic enrollments and we will continue to be market leaders in technology adaption for our agents. We are the only FMO in the country that offers BOTH Connecture and Sunfire enrollment platforms. I am the national agent trainer here and I am dedicated to helping agents navigate new technologies and put them to good use! Don’t hesitate as the annual enrollment period (AEP) is right around the corner!

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