Learn more about moneyandinvestments with this collection
How to use storytelling to influence and persuade
How to create a compelling narrative
How to structure your story for maximum impact
#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 due to established tax collection and spending controls.
Modern tools for combating inflation and unemployment have taken more than a century to develop. The impact of cryptocurrency on a country's economy is unknown; new monetary policies and tools are required.
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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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#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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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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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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#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...
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#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...
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#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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#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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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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#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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#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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Because cryptocurrencies have grown in popularity in recent years, it is critical to be well informed on these new themes.
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