Probably not, since only one side of the bargain is actually working with crypto, while the other side still wants their dollars. But it is definitely a start. If people realize then can spend crypto, they will be more willing to own it. Once the idea takes hold, it seems almost inevitable that that crypto will not be just a currency, but also money.
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Log In. Tags Bitcoin Cryptocurrencies. By Vladimir Gorbunov December 05, , a. EST 1 Min Read. Close extra sharing options. Vladimir Gorbunov. For reprint and licensing requests for this article, click here.
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Bitcoin, Explained for Beginners - NerdWallet
You can transfer cryptocurrency to someone online without a go-between, like a bank. Bitcoin and Ether are well-known cryptocurrencies, but new cryptocurrencies continue to be created.
People might use cryptocurrencies for quick payments and to avoid transaction fees. Some might get cryptocurrencies as an investment, hoping the value goes up. Before you buy cryptocurrency, know that it does not have the same protections as when you are using U. Also know that scammers are asking people to pay with cryptocurrency because they know that such payments are typically not reversible.
The fact that cryptocurrencies are digital is not the only important difference between cryptocurrencies and traditional currencies like U. Cryptocurrencies are not insured by the government like U. This means that cryptocurrency stored online does not have the same protections as money in a bank account. If you store your cryptocurrency in a digital wallet provided by a company, and the company goes out of business or is hacked, the government may not be able to step and help get your money back as it would with money stored in banks or credit unions.
An investment that may be worth thousands of U. As with any investment, before you invest in cryptocurrency, know the risks and how to spot a scam. Here are some things to watch out for as you consider your options.
What to Know About Cryptocurrency
Anyone who promises you a guaranteed return or profit is likely a scammer. Just because an investment is well known or has celebrity endorsements does not mean it is good or safe. That holds true for cryptocurrency, just as it does for more traditional investments. Look into the claims that companies promoting cryptocurrency are making. Read more about Investing Online.
If you are thinking about using cryptocurrency to make a payment, know the important differences between paying with cryptocurrency and paying by traditional methods. However, the nature of it being virtual means that difficulties can part you from your money very easily. MORE : Dogecoin: best place to buy the crypto as dramatic surge continues.
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