What is a Cryptocurrency
What Is A Cryptocurrency
The easiest way to explain “what is a cryptocurrency” is to say that it is a digital currency rather than something physical you can hold in your hand and are primarily exchanged over the Internet. They also operate outside of traditional banking systems and government control. Essentially they are invisible.
Why Is That a Good Thing?
Because they CANNOT be manipulated by the Federal Reserve, or any other of the numerous central banks around the world. So they cannot be inflated or devalued by them, nor can they be seized or confiscated by any Government.
Which is why Cryptocurrencies are probably a more “honest” and “secure” form of currency, than any other in the world today.
I mean, Just look at how much trouble the global economy is in. With the central banks printing massive amounts of money, government Bailouts, bank Bail-ins (which is where a bank take depositors money) and loads of financial ‘stimulation‘ and manipulation going on.
Its created a world of fiat money that has lost massive value, resulting in one messy financial crisis after another to the next and so on.
But that’s not all…
Government Inference with Traditional Money
Just take your own money that you have earned legitimately. Most people are unaware that under the Bank Secrecy Act, if you withdraw $10,000 or more of your own money, your bank is required, by law, to file a Currency Transaction Report with the Financial Crimes Enforcement Network (FinCEN).
This is a special agency that’s tasked with supposedly combatting money laundering, terrorist financing, and other ‘financial crimes‘.
And your bank is also required to file a Suspicious Activity Report with FinCEN. If it believes you are trying to avoid triggering a Currency Transaction Report by withdrawing smaller cash amounts. This then puts all your past and future cash withdrawals under the microscope.
And If That’s Not Enough…
Taking out your own cash isn’t the only activity the government deems suspicious.
Activities, such as,
- Depositing $10,000 or more in cash,
- A foreign exchange transaction worth $10,000 or more,
- Taking more than $10,000 in cash in or out of the U.S,
- Receiving more than $10,000 in cash in a single payment as a business,
- Or having more than $10,000 in accounts outside the U.S.A, for example.
Any of these and more will trigger a Suspicious Activity Report, even if you are an average law abiding citizen with nothing to hide.
In fact if you are an American citizen, irrespective of where in the world you reside or where you earn an income, you must file annual tax returns and declare all bank accounts and assets (including those of your non-American spouse) to the IRS, just because you are a US citizen.
Again, not many people are aware of the 2010, Foreign Account Tax Compliance Act (FATCA) Not only does this new law impact every American living and working overseas but every U.S born person on the planet.
It also requires all non-US (‘foreign‘) financial institutions, such as banks, to allow the IRS to search through customer databases to identify customers suspected of being US persons, and to disclose the account holders’ names, addresses, and the transactions of those accounts.
“Welcome to the Land of the Free and the Home of the Brave“
Then There Are The Civil Asset Forfeiture Laws
That most countries have in some form or another. Under these ‘civil asset forfeiture laws’, police and federal agents can confiscate any cash you might have, if they ‘merely suspect’ that it was involved in a crime.
They don’t need to file any criminal charges or prove any wrongdoing. They only have to ‘suspect’ or say they ‘suspect’ the cash ‘might be’ involved in a suspected criminal activity. No proof on their part is required! And they can keep any seized cash for themselves.
According to The Washington Post, since 2007, the DEA alone (just one agency) seized more $3.2 billion in cash from Americans in cases where no civil or criminal charges were brought against the legal owners of the cash. Over the past decade, the federal government has seized more than $28 billion.
What’s disturbing about this, is that in 2015 alone, civil forfeitures, exceeded the amount stolen by all the robbers.
Yes, the U.S Government stole more from the American public through confiscations, than what was stolen outright from robberies and muggings.
But That’s Not All…
Just having this discussion could soon be a considered a crime. I’m not kidding! Even in the USA, this might well become an illegal conversation.
You Don’t Believe Me?
Most Americans, are unaware that in December of 2016, congress passed the Countering Foreign Propaganda and Disinformation Act (CFPDA). This new law removed all your rights to ‘freedom of speech’. This new law states that if an individual’s ‘statements‘ disagree with “accepted truths” then they are in breach of this new law.
“What is OR are ‘Accepted truths’ is yet to be tested by the courts. But the type of information on this very page could be deemed to be an ‘unacceptable truth’ – about the government” and be in breech of this new law.
So it’s no surprise that Cryptocurrencies are becoming an Alternative to Traditional Money because it can be used outside the banking system and immune from theft by governmental institutions, and could be a way of protecting yourself from further attacks upon your rights and freedoms from your own government.
As a result of these infringement on your basic rights and rapidly shifting times, cryptocurrencies are attracting a lot of interest from everyday people.
As of June 2017 total market capitalization of cryptocurrencies was larger than 100 Billion USD and record daily volume is more than 6 billion USD.
There are now more options than just Bitcoin, there is Ethereum, Litecoin and Ripple, and many others.
You have probably heard of ‘Bitcoins‘. It was the first known cryptocurrency to be used for a commercial transaction back in May 2010, when a web developer purchased two Papa John’s pizzas using 10,000 units of Bitcoin. At that time that many bitcoins was roughly worth about $30.00.
What you may not know, is the value of Bitcoin has been skyrocketing ever since. By 2014 (just four years later), that same $30 of Bitcoin units, was worth more than $5 MILLION.
“Today, that same $30 is now worth a life-changing $20 million!
Have I Got Your Attention?
That is an astonishing increase in value, from what bought a couple of pizzas a few years ago, to what could buy you a very nice mansion today.
There are numerous reasons why you should invest in cryptocurrency and the first of which is that soon millions of people will be investing in them, once they realise how powerful and secure this type of currency is.
You don’t even need to buy a whole coin, you can buy units and pretty much in any currency you want.
This means it’s A HUGE opportunity for you as a CRYTO investor as well as an online entrepreneur to get started before it becomes mainstream:
A Bitcoin Overview
See the 3 minute Video below to get a quick overview of Bitcoin.