There is a possibility that you do not know everything about this venture. If you’re a Crypto enthusiast planning to invest in this venture, you must have tons of questions. As we have already established that Cryptocurrency is a new venture, it is not uncommon for novice individuals to get confused.
As we scoured the internet, we found a few questions repeating a lot. So, here is an expert’s suggested answer to all of them.
1. Apart From Being A Payment System, What Else Can Crypto Do?
When we hear the term Crypto, for any movie, it will just be a payment method. But. the Cryptocurrency industry is expanding beyond just online payment. Cryptocurrencies are now venturing into NFT (Non-Refundable Tokens), which is a form of the physical or digital asset. Many are also looking at Cryptocurrency as a form of long-term payment.
Blockchain is also becoming a big part of Cryptocurrency. If you know about Etherium, which is a Blockchain network, it started with its payment method called Ether. Other than that, there are many Cryptocurrency that also allow fiat currency exchange.
2. Can Crypto Accounts Get Hacked?
Crypto is one of the best technologies called Blockchain, which is a computerized public ledger that saves all the information. Since this information is mirrored in computers, it is almost impossible to penetrate the Blockchain. So, this is the safest form of payment, but cybercriminals have tried other ways to hack into Cryptocurrency wallets.
Either through phishing emails, or through cloning a device, or simply scamming you into paying your Cryptocurrency into a venture which doesn’t have any legal prominence. These are some things you have 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 ones you should be looking forward to. They can help you get the most ROI from the currency investment, as predicted from their current state. These are –
You can start earning big by registering yourself in ethereum code.
4. Do People Use Cryptocurrency 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 which have come up in the Cryptocurrency world, then it would include-
– Illegal trafficking.
– Buying drugs online.
– Money laundering.
Since Blockchain only enables one to see the transactional history and not the identity, it is much easier to make it a hub of illicit activities. The decentralized factor with no such authoritative control is also making these illegal activities skyrocket.
5. How Is Cryptocurrency Different From Blockchain?
Cryptocurrency uses Blockchain as their form of keeping the payment system at bay, but they are not the same thing. Blockchain is a virtual space where information can be stored for a lifetime with no interruption. It is almost impossible to delete anything from Blockchain, which means any information there will remain there for a lifetime.
There are many industries like travel and healthcare that are venturing into the world of Blockchain as it makes saving 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 since its values keep changing.
– The government is yet to accept it as a form of currency.
– The status is still hanging in the air. Since one day, it might just cease to exist.
Hope Your Confusion Is Gone!
Yes, we were probably able to get most of the confusion out, but we do understand it is not all. However, if you really want Cryptocurrency to be your future, you have to dip your toes in the water.
Try to take real-life advice from people who have investments, and try to take calculated risks in your first venture. Do not believe everything that you hear, and try to stay away from FOMO.