FTC Warning: What To Know About Cryptocurrency and Scams

[exBanker]

What is cryptocurrency?

Cryptocurrency is a type of digital currency that generally only exists electronically. There is no physical coin or bill unless you use a service that allows you to cash in cryptocurrency for a physical token. You usually exchange cryptocurrency with someone online, with your phone or computer, without using an intermediary like a bank. Bitcoin and Ether are well-known cryptocurrencies, but there are many different cryptocurrency brands, and new ones are continuously being created.

How is cryptocurrency different from U.S. Dollars?

There are important differences between cryptocurrency and traditional currency.

Cryptocurrency accounts are not backed by a governme…

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