Chances are you don’t know everything about this company. If you are a Crypto enthusiast planning to invest in this company, you must have tons of questions. Since we’ve already established that cryptocurrency is a new venture, it’s not uncommon for beginners to get confused.
When we searched the internet, we found a few questions that were often repeated. So, here’s an expert’s suggested answer to all of them.
1. Besides being a payment system, what else can crypto do?
When we hear the term Crypto for any movie, it is just a payment method. But. The cryptocurrency industry is expanding beyond just online payments. Cryptocurrencies are now venturing into NFT (Non-Refundable Tokens), a form of physical or digital asset. Many also consider cryptocurrency to be a form of long-term payment.
Blockchain is also becoming a big part of cryptocurrency. If you know about Etherium, a blockchain network, it started with its payment method called Ether. Apart from that, there are many cryptocurrencies that also allow exchange of fiat currencies.
2. Can crypto accounts be hacked?
Crypto is one of the best technologies called blockchain, a computerized public ledger that stores all information. Because this information is mirrored in computers, it is nearly impossible to break into the blockchain. So this is the safest form of payment, but cyber criminals have tried other ways to hack into cryptocurrency wallets.
Either through phishing emails, or by cloning a device, or just tricking you into depositing your cryptocurrency with a company that has no legal standing. These are some things you need to protect yourself from.
3. What are some of the most popular cryptocurrencies?
If you are looking for some of the best cryptocurrencies to venture into then these are the ones to look forward to. They can help you get the greatest possible ROI from currency investing as predicted by your current state. These are –
You can start earning a lot by registering in the Ethereum code.
4. Are people using cryptocurrencies for illegal purposes?
Any type of currency or commodity can be used for unethical practices, and cryptocurrency is no different. If you are talking about the current illegal activities that have occurred in the cryptocurrency world, then this would include:
– Illegal trade.
– buy drugs online.
– money laundering.
Since blockchain only allows to see transaction history and not identity, it is much easier to turn it into a center of illegal activity. The decentralized factor without such authoritative control makes these illegal activities skyrocket as well.
5. How is cryptocurrency different from blockchain?
Cryptocurrency uses blockchain as its form of keeping the payment system in check, but they are not the same. Blockchain is a virtual space in which information can be stored for a lifetime without interruption. It is almost impossible to erase anything from the blockchain, which means all information stays there for life.
There are many industries such as travel and healthcare that are venturing into the world of blockchain as it makes storing information much easier. However, blockchain is not always a form of payment unless it is backed by cryptocurrency.
6. Why is cryptocurrency so controversial?
Cryptocurrency is controversial for the following reasons.
– There is no official news on whether cryptocurrency is really a currency or commodity as their values are constantly changing.
– The government has yet to accept it as a means of payment.
– The status is still up in the air. One day it might just cease to exist.
Hope your confusion is gone!
Yes, we’ve probably cleared most of the confusion, but we understand that’s not all. However, if you really want cryptocurrency to be your future, you need to dip your toes in the water.
Try to get real life advice from people who have investments and try to take calculated risks in your first venture. Don’t believe everything you hear and try to stay away from FOMO.