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What Is a Cryptocurrency?

Cryptocurrencies, such as the best-known version called bitcoin, emerged in 2009 as a means to process electronic payments. As we move further away from a cash-based economy, so much of how we conduct financial transactions is based on two factors: Credit and trust.

In order to extend credit, a financial institution must trust that the consumer will pay it back. The consumer, in return, must trust that the institution will keep his or her personal data, account numbers and other financial information secure. As we have learned during the course of this transition to a cashless society, mutual trust can and is breached quite often.

That chasm is what created a new form of currency, referred to as cryptocurrency because it exists only in electronic form. Instead of trusting a financial institution to securely conduct transactions, it takes the institution – and its accompanying need to collect personal data and impose middle-man fees – out of the trade deal. Cryptocurrency is a direct, peer-to-peer electronic transaction system secured by code that only the entity on the receiving end can read and process.

The transaction is secure, instant, irreversible, anonymous and incurs no third-party transaction fees. Also note that it is not backed, controlled or overseen by any central authority, and all transactions are recorded via a central cloud-based database. Because of the level of anonymity they offer, cryptocurrencies are unfortunately often connected with illegal activity.

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Ryan Keapproth

Ryan Keapproth

Financial Advisor

Ryan is dedicated to serving clients to achieve their retirement goals. Ryan’s holistic approach centers on wealth management strategies with a focus on income planning throughout retirement. As a Financial Advisor, Ryan is an Investment Adviser Representative (IAR), life and health insurance licensed and a Certified Tax Preparer. Ryan is a graduate of the University of Minnesota, with an Accounting and Finance major.​

Ryan is a lifelong Minnesotan originally from Woodbury and currently residing in Bloomington with his wife, Riamae, and their rescue Terrier Beagle mix, Douglas. Ryan and his wife are avid travelers as Riamae is originally from the Philippines. Ryan describes himself as a major foodie enjoying new restaurants around the cities whenever possible. Ryan enjoys playing golf and poker. He is a sports fan especially when the Vikings and Timberwolves are playing. In his formative years, Ryan tended bar at various places including Mystic Lake and Running Aces in Columbus, MN where he met his wife.  

We’re glad to have Ryan part of the Secured Retirement family too!