Crypto Q&A
Cryptocurrency
What is Cryptocurrency?
Cryptocurrency are digital assets (i.e. money) that are secured by blockchain technology. It can be spent, saved or traded just like traditional/fiat currency.
What is Fiat Currency?
Fiat currency is the type of currency we are currently used to such as dollars, yen, pounds, euros, etc. Fiat currencies are not backed by any physical commodity, like gold or silver. Instead they are typically backed by government loans
How is Cryptocurrency Different from Fiat Currency?
Like fiat currency, cryptocurrency is not backed by any physical commodity. However, unlike fiat currency, there are algorithms controlling and limiting the supply of crypto currencies.
Why is Cryptocurrency Better than Fiat Currency?
Because the supply is limited, cryptocurrency offers better protection against inflation. Much of the crypto environment is decentralized, making it far less likely that any one individual or government can exert undue influence over the value.
Why is Cryptocurrency Risky?
It is possible to lose your funds if you lose your private keys. For security reasons, there is not a “forgot password” option. The markets can also be very volatile. As with any investment, use caution.
Why Should I Consider Investing in Crypto?
Crypto is a growing technology and adoption continues to increase, with celebrities and CEOs actively endorsing it. Corporations are adding cryptocurrency, including Bitcoin, to their balance sheets.
Are there Other Reason to Buy Crypto?
Crypto exchanges are offering some very good financial incentives in order to bring in more clients and increase their market share vs. other exchanges. You can reap the benefits as they compete for your business.
What are Crypto Tokens or Coins?
The term token or coin is used to describe a unit of cryptocurrency. There are many different cryptocurrencies to chose from including:
Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, Tron, USDC, Tether, and more.
Where Can I Buy and Trade Crypto?
There are many cryptocurrency exchanges to chose from. Below are a few of the most popular to get you started:
- Coinbase – https://coinbase.com
- Kraken – https://kraken.com
- BlockFi – https://blockfi.com
Can I Ask You for Advice?
Short answer: Yes
Long answer: The content of this site and my advice is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on this site constitutes a solicitation, recommendation, endorsement, or offer by us or any third party service provider to buy or sell any securities or other financial instruments in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.