Bitcoin & Cryptocurrency Real or Fake by Emma Thomson [STUDENT] https://padlet.com/emma358707/f9l1l1y6ttmj6cvm Is Bitcoin Real or Fake? en-us 2021-03-16 18:12:56 UTC 2024-05-25 23:55:23 UTC hello@padlet.com https://padlet.net/icons/png/1f4b0.png What is Bitcoin? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327679089 Bitcoin is a virtual currency - is a type of money that is completely virtual. It's an online version of cash.  You can use it to buy products and services, although not many businesses accept bitcoin yet and some countries have banned it all together. "...invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software," (Wikipedia)]]> 2021-03-18 21:24:32 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327679089 What is Cryptocurrency? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327690635 Very similar to Bitcoin, "...cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward," (nerdwallet.com)]]> 2021-03-18 21:29:25 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327690635 emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327701854 2021-03-18 21:34:40 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327701854 emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327708904 2021-03-18 21:37:45 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327708904 emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327713732 2021-03-18 21:40:01 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327713732 emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327715460 7 Things to Ask Youself About Cryptocurrency]]> 2021-03-18 21:40:54 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327715460 1. What is cryptocurrency? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327719354 Cryptocurrency or Bitcoin is a form of payment made online and used to trade for products and services. "Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service," (nerdwallet.com).]]> 2021-03-18 21:42:42 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327719354 2. How many cryptocurrencies are there? What are they worth? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327738196 "More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate, raising money through initial coin offerings, or ICOs. The total value of all cryptocurrencies on Feb. 18, 2021, was more than $1.6 trillion, according to CoinMarketCap, and the total value of all bitcoins, the most popular digital currency, was pegged at about $969.6billion."]]> 2021-03-18 21:51:35 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327738196 3. Why are cryptocurrencies so popular? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327739446
  • "Supporters see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable
  • Some supporters like the fact that cryptocurrency removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation
  • Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems
  • Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money"

    • ]]>     2021-03-18 21:52:14 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327739446     4. Are cryptocurrencies a good investment? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327746499 "Cryptocurrencies may go up in value, but many investors see them as mere speculations, not real investments. The reason? Just like real currencies, cryptocurrencies generate no cash flow, so for you to profit, someone has to pay more for the currency than you did.
    That’s what’s called “the greater fool” theory of investment. Contrast that to a well-managed business, which increases its value over time by growing the profitability and cash flow of the operation."
    ]]>     2021-03-18 21:55:54 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327746499     5. How do I buy cryptocurrency? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327748663 "While some cryptocurrencies, including Bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.
    To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as Bitcoin or Ethereum."
    ]]>     2021-03-18 21:56:57 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327748663     6. Are cryptocurrencies legal? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327751177 "There’s no question that they’re legal in the United States, though China has essentially banned their use, and ultimately whether they’re legal depends on each individual country. Also, be sure to consider how to protect yourself from fraudsters who see cryptocurrencies as an opportunity to bilk investors. As always, buyer beware."


    ]]>     2021-03-18 21:58:08 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327751177     7. How do I protect myself? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327754111
  • Who owns the company? An identifiable and well-known owner is a positive sign.
  • Are there other major investors who are investing in it? It’s a good sign if other well-known investors want a piece of the currency.
  • Will you own a stake in the company or just currency or tokens? This distinction is important. Owning a stake means you get to participate in its earnings (you’re an owner), while buying tokens simply means you're entitled to use them, like chips in a casino.
  • Is the currency already developed, or is the company looking to raise money to develop it? The further along the product, the less risky it is.
    • It can take a lot of work to comb through a prospectus; the more detail it has, the better your chances it’s legitimate. But even legitimacy doesn’t mean the currency will succeed. That’s an entirely separate question, and that requires a lot of market savvy.
    But beyond those concerns, just having cryptocurrency exposes you to the risk of theft, as hackers try to penetrate the computer networks that maintain your assets. One high-profile exchange declared bankruptcy in 2014 after hackers stole hundreds of millions of dollars in bitcoins. Those aren’t typical risks for investing in stocks and funds on major U.S. exchanges.

    ]]>     2021-03-18 21:59:29 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327754111     emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327757268 2021-03-18 22:00:58 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327757268 emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327760190 2021-03-18 22:02:23 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327760190 Is Bitcoin & Cryptocurrency Real or Fake? emma358707 https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327761344 In my opinion, based off of what research I've done, I feel that Bitcoin start out as real but extended so far and became a scam for many people. Bitcoin started as a great opportunity for many people, but as more and more people used bitcoin, more people found a way around it and made it a scam.]]> 2021-03-18 22:03:02 UTC https://padlet.com/emma358707/f9l1l1y6ttmj6cvm/wish/1327761344