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Author: Admin | 2025-04-28
Make it true.Added to this is that cryptocurrencies have a unique purpose which gives them extra worth. In the end, you can never say that all cryptos are valueless.2. Cryptocurrencies Are Not Real MoneyThe International Monetary Fund defines money as a store of value, unit of account, or medium of exchange that is widely accepted and can be translated into prices.The Financial Industry Regulatory Authority (FINRA) defines cryptocurrency as a digital representation of a stored value through cryptography.The Internal Revenue Service views cryptocurrency as convertible currency—one that has an equal value to real currency. Transactions in cryptocurrency are taxed, and capital gains or losses from holding them must be reported on your tax filings.According to US definitions, cryptocurrencies certainly fall under the term of real money.While cryptocurrencies are not legal tender in every country, there are plenty of countries in the world where it isn’t illegal to sell, buy or trade crypto and where you can buy a multitude of goods and services using your coins.Cryptocurrencies aren’t physical coins or pieces of paper that you can carry around in your bag.However, cryptocurrencies are recognized by many official authorities as being real money.3. Cryptocurrencies Are For Illegal ActivitiesOne of the most common and longest-lasting myths is that cryptocurrencies are mostly used for criminal, illegal, and illicit activities. For the way that some people talk, you would think every mobster in the world now relies solely on crypto to run their business affairs.However, this myth is far from true.While there are some criminal activities carried out using cryptocurrencies, for example, money laundering, online scams, and buying the occasional goods that you can’t find in your local stores because they’re not allowed to be sold, it pales in comparison to the amount of crime carried out using fiat currency around the world.In its last crypto crime report, Chainalysis said that 0.34% of 2020's crypto transactions were associated with illegal activity. That number has now been raised to 0.62%.However, this 0.62% figure puts criminal activity in the billions, whereas illegal activity using fiat currency is in the trillions and rising.Non-cryptocurrency crime will always far
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