S3E3: Cryptocurrency. Scam or Legit?

Residual Income - Wealth Strategies - Financial Freedom With Murray Miller

Bitcoin was the first decentralized digital currency, created by anonymous developer using the alias Satoshi Nakamoto in 2008. Many others have followed since, such as Ethereum, Litecoin, and DogeCoin just to name a few.

https://coinmarketcap.com/all/views/all/

Cryptocurrency is considered by many to be among the most revolutionary financial technologies of the modern world, as it is not tied to any particular country or organization, making it almost impossible to control.

Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain.

Crypto Exchanges: A crypto exchange is a platform for buying and selling cryptocurrencies. In addition to trading services, crypto exchanges also offer price discovery through trading activity, as well as storage for crypto.

https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-exchanges/

Crypto Hot and Cold Wallets: A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information.

https://money.com/best-crypto-wallets/

Cryptocurrency has become popular because it gives users access to a convenient and secure way to transact money. Although it carries with it a certain level of risk due to its potential price volatility, and the fact that there is no one to call or email if there is a question or an issue because it’s being run by thousands of servers across the globe.

What happened to FTX?

FTX that was founded in May of 2019 filed for bankruptcy in November of 2022, and unfortunately a lot of people lost a lot of money. The consequences of FTX’s rapid decline and collapse likely will affect cryptocurrencies well into the future and could drag down broader markets as well.

https://www.investopedia.com/what-went-wrong-with-ftx-6828447

Current Regulators in the United States for our Financial System that all have varying degrees of protections set up to help in the case of insolvency.

FINRA https://www.finra.org/about

SEC https://www.sec.gov/

SIPC https://www.sipc.org/for-investors/what-sipc-protects

Crypto Regulation

https://www.coindesk.com/powered-by-consensus/crypto-regulation-new-laws-2023/

Cryptocurrency exchanges are legal in the United States and actually fall under the regulatory scope of the Bank Secrecy Act (BSA). The Bank Secrecy Act of 1970, also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering.

FinCEN is the U.S. Financial Intelligence Unit

https://www.fincen.gov/

What is CBDC?

https://www.federalreserve.gov/central-bank-digital-currency.htm

Ripple Labs, Inc.

https://ripple.com/

Ripple and the SEC lawsuit.

The lawsuit claims that Ripple raised over $1.3 billion through the sale of XRP tokens without registering them as securities with the SEC.

Ripple has argued that XRP is not a security and should not be subject to the same regulations as other securities.

As of the recording of this podcast the lawsuit has not yet been settled.

https://www.sec.gov/news/press-release/2020-338

In conclusion I personally don’t believe crypto currency is a scam and I do believe there is opportunity however there are and will continue to be bad actors that will try to take advantage of innocent people!

If you want to invest you need to learn, do research and proceed with caution.

As always let me know via DM or text what you plan to do and if you’d like me to introduce new companies and opportunities for you to research.

Always keep in mind that you should never invest in high risk investments like crypto with money that you can’t afford to lose especially something new regardless of the potential for high returns.

Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.

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The post S3E3: Cryptocurrency. Scam or Legit? first appeared on The Family Business.

The post S3E3: Cryptocurrency. Scam or Legit? appeared first on The Family Business.