Cryptocurrency sales are being marketed heavily. This is complex stuff.

You’ve probably heard a lot about cryptocurrency lately. There has certainly been an uptick in television advertising about this alternative form of money, which is gaining momentum around the world. Many of these ads use celebrities to promote the idea of ​​investing in this burgeoning exchange. Crypto.com is the new name for what we knew as the Staples Center in Los Angeles. And you may have heard that cyber attackers often demand crypto as a ransom.

A cryptocurrency trader, Voyager Digital, released a report last week suggesting that about 6 in 10 Americans are considering investing in cryptocurrency, and that 3 in 4 of the more than 6,000 respondents say they believe investing in cryptocurrency currency is a good idea.

Bitcoin is the most well-known cryptocurrency.

But how much do you really know or understand about how this currency is supposed to work? Do you see this information and try to understand it? We are with you.

This is complicated stuff. To understand this, you need to change the way you think about and act on values. If you typically use an epay system — think Venmo or Google Pay or Apple Pay — then you’re probably more comfortable with the vagaries of those transactions.

Perhaps you can open yourself to a culture where currency is invisible and based more on mathematics than on geological elements that have established the societal value that underpins our economy. This is not a solid gold concept.

Perhaps we have reached a time that parallels the gold rush of the 1840s, which changed the national distribution of wealth and purchasing power. Crypto is definitely drawing our attention away from the Federal Gold Reserve in Fort Knox.

So we thought you might have some questions that we could answer. We will give it a try. Monitor closely and we encourage you to do your own research before taking any action.

What exactly is cryptocurrency?

Forbes.com recently described cryptocurrency as “a digital, encrypted, and decentralized medium of exchange.” The dollar and euro are measured by the value of gold, but there is no government behind crypto. It can be used digitally to buy goods, services, stocks and even gold. In a 2008 article, Satoshi Nakamoto described crypto as “an electronic payment system based on cryptographic proof rather than trust.” You’ve probably heard of Bitcoin, the first cryptocurrency, sometimes referred to as “digital gold.”

How do we know that crypto actually has value?

Read this very carefully: It’s all based on a history of crypto exchanges – being “mined” by consumers as new shares are made available, perhaps a term created in homage to a gold-based society – and this is in A recorded “blockchain”, which is a record of historical and verifiable transactions that create value. This proof is based on computers solving algorithms that validate the transactions. How these problems are solved and how these values ​​are determined is what makes crypto worth. You have to forget that an ounce of gold is worth $1,848.80 today. There is no gold in these hills, and you may recall that Randolph County residents were not there for a bitcoin “mine.”

Is Crypto Available in North Carolina?

Just like buying gold, silver, diamonds, or investing in the dollar, North Carolina residents can buy and sell cryptocurrency, but they also have to pay taxes on changes in the value of that currency. There are also laws that license traders of the currency.

How Many Places Actually Trade Crypto?

As with any other investment system, there are those who are licensed to trade crypto. Website buybitcoinworldwide.com lists nine outlets in the Greensboro area that trade crypto. You simply transfer your dollars to the crypto market and invest, and you get a return on that investment. Every trader – like all financial advisors – has a variety of programs and investment plans. Like all commodities, some of them also limit the tax burden. Any license in crypto requires a “money transmitter license,” a process administered at the state level. Many of these licenses must be bound. North Carolina requires licensees to document $250,000 in net assets and spend $500 on application and $1,000 on initial license, with an additional $10 for each location, no more than $5,000 Dollar.

Will cryptocurrency become part of the income you receive from your employers?

That remains to be seen, but Voyager’s survey shows consumers are welcoming the idea. About half of the respondents said they would like to receive about 10% of their income in alternative currency. If they were already crypto owners, they would like to receive at least 25% of their income this way.

Who actually buys crypto?

Younger people seem to be more open to crypto. Voyager found that in 2021, more millennials were buying crypto (41%) than mutual funds (23%), which is perhaps the most popular form of long-term investing. More than half of millennials said crypto should be treated like any other currency. And more than 8 in 10 said they were excited about how crypto could reduce their reliance on banks.

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source https://www.bisayanews.com/2022/01/26/cryptocurrency-sales-are-being-marketed-heavily-this-is-complex-stuff/