Learn more about moneyandinvestments with this collection
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Key Takeaways
- Cryptocurrency is mostly used for legal activities
- Cryptocurrencies are safe if you follow a security protocol
- Cryptocurrency is a digital asset
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245 reads
MORE IDEAS ON THIS
#4 Digital Currencies Are Bad for the Environment
Some cryptocurrencies employ a consensus mechanism that uses computational power and large amounts of energy to verify and validate transactions.
Mining farms requires massive amounts of energy.
- high environmental impact. if en...
12
123 reads
#3 Cryptocurrencies Aren't Secure
Blockchain technology. It is a distributed database secured with encryption techniques and technology that is very difficult to break.
The encryption, linked blocks, and consensus mechanisms make it impossible to change information in the blockchain to steal
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122 reads
#8 Cryptocurrencies are a Fad
Do you remember when the internet, computers, and email were only of interest to a small group of IT geeks? You're probably using it right now.
This technology will likely continue to be developed and refined.
- DeFi applications are gathering the interest of finan...
11
75 reads
#7 Cryptocurrencies Will Replace Fiat Currency
Cryptocurrencies are new, whereas Fiat currencies have been in use for centuries. This would require a large number of people to adopt it. It may occur once value and purchasing power are established.
Fiat currencies are not easily given up by governments d...
11
73 reads
Why Is Cryptocurrency Not Safe?
Whether cryptocurrency is safe or not depends on your perspective
- How much you know about it?
- What you want to use it for?
- How you control it?
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113 reads
Why Is Cryptocurrency Not a Good Investment?
Cryptocurrency is still in its price discovery phase where an asset fluctuates until its value is established by supply and demand.
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98 reads
#6 Cryptocurrencies Are Real Money
The IMF defines money as a store of value, unit of account, or medium of exchange that is widely accepted and can be translated into prices.
The FINRA defines cryptocurrency as a digital representation of a stored value through cryptography.
The
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74 reads
#5 Cryptocurrencies Are a Scam
Most cryptocurrencies have no programming, code, or malicious artificial intent that works to take money from you.
People have created scams steal your cryptocurrency or money. For example:
- Unregulated fundraising for new cryptocurrency ventures—that turned out t...
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102 reads
#1 Digital Currencies Are Only Used for Illicit Activity
2021 data of Chainalysis:
- transactions related to illicit activities (0.15%)
- transactions related to cryptocurrency scams (82%)
Most cryptocurrency transactions are conducted with legitimate and legal intentions.
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163 reads
#2 Digital Currencies Don't Have Value
Value is a subjective concept. a person, community, or society may place value on an object that another puts in the recycle bin.
This is a great example:
- Bitcoin in 2009. $0.0009
- Bitcoin in 2021. $69,000
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157 reads
Cryptocurrency is not a Hoax
- Cryptocurrency is accepted by many merchants and retailers
- Investors are buying it as part of an investment strategy
- Governments are debating how to deal with them
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98 reads
CURATED FROM
CURATED BY
Because cryptocurrencies have grown in popularity in recent years, it is critical to be well informed on these new themes.
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Related Collection
MORE LIKE THIS
What are taxable and non-taxable events?
Generally speaking, taxable events include:
- Selling cryptocurrency for fiat
- Trading cryptocurrency for another cryptocurrency (e.g., BTC for E...
Blockchains
- Cryptocurrencies work in a decentralized form due to the technology engine called Blockchain.
- Digital ledgers add on to all the transactions happening digitally, and they can be having tons of information stored, due to them being digital.
- The problem of security is handled b...
How do I buy cryptocurrency?
While some cryptocurrencies, including Bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on ...
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