Query: "crypto currency"

Summary:

Cryptocurrency:

• Cryptocurrency is a digital currency used for online transactions.

  "[Cryptocurrency](https://www.amazon.com/Cryptocurrency-Dummies-Business-Personal-Finance/dp/1119855802/ref=sr_1_1?dib=eyJ2IjoiMSJ9.kNwqRDhjXKqlLrXAntZrtyFONcWPOeJFXPhLwIOSFqFgizoXlWjSuIWDwWQnH0s2HmhUM22xFbxmExOCw9nCPhxzhiP-2N8Fsua9Qh52gD5sMdprA0X1sfqvgS1QIat5_OT5ACvaSDSyMr7-DACs9HYaM9FuHi68py0j_aIRPKAVuGPZRBYDXUoJuRdY0LpfFhYyup46iiFmXHyXfCgmW0I1bcBtBvd15sXHP24alaAYHBjV9nb2ahXZNrNBr8ihto9b-GoiOg8osqmayqLjmsFtgvXs74vaNw6LpLf0nAur7tU3xxjkXc_nNGPRUqpJJc2jBpNfAhgtKgN_3C4T_N-h_ykLgYNAUp8jf9D1h-ZVwLxxusyBgWAsWClQ6qbHcNcEQeS7ELqs7IldxvgOJBYGGJwxN9Fbj1nWi657TQjl0J068gYxirEH8tutgaoC.E9FPAqWjsEo6JcrsWjNZp0TknYWJkBtaPK-n0eriLLY&dib_tag=se&keywords=Cryptocurrency&qid=1741236675&sr=8-1&tag=redditrevie08-20) is a means of exchange, store of value, and unit of account."

  • Pros:

    • "Crypto is a great innovation that can be of much benefit."
    • "Actual currency doesn't need advertising because it is useful and you can actually buy stuff with it."

  • Cons:

    • "Crypto is basically just stocks now, regardless of the original intent."
    • "If people use it as a currency, it loses its usefulness as an investment product."

Bitcoin:

• Bitcoin is the fIRSt widely adopted Cryptocurrency.

  "You've seen commercials for [Binance](https://www.amazon.com/Official-Binance-Cryptocurrency-Exchange-Hoodie/dp/B07NTW53YT/ref=sr_1_1?dib=eyJ2IjoiMSJ9.FgRpumV2hsvSUqDB7oWuYLhc-nkhmE60qzGKLe74GEIoEqFnPaN3RoIh3bZ-jydGlITHMoB3hKIhAx0VpOI-U_Im9ZzklLkkiuL-WwuENyrx6ua169iq_O_YK0x37FKEeLGDZHNrdD5nFSC1MqhwXnqfdxQBUCzqYaBBeql4hs1Distbxi3wKsa76GXf8A_MlmKxeqyui9NBzQiq8f0PHUgfdWTdImfosEveS6rTbaks70TWo4RQbMSCUzqGQSWZhYOVq_3jFiJQCca3tbj2Aq4klLEQJWGOm1184BjAUbY.HQO5rPvcst7Sw6YsX32gaVCNf_uqz2JIRKQLve9tuYQ&dib_tag=se&keywords=Binance&qid=1741236675&sr=8-1&tag=redditrevie08-20), [Coinbase](https://www.amazon.com/TANGEM-Wallet-Pack-[Ethereum](https://www.amazon.com/Mastering-Ethereum-Building-Smart-Contracts/dp/1491971940/ref=sr_1_1?dib=eyJ2IjoiMSJ9.r3WUXaRufxr6Gyn3URDYpDs3laHHpexEHH9TEE-N0ctdKpMxHZiWBagXYkf2iygz0rcNu98qMQH3PfmBb9pzYKO5YoEpdkaLqxW-C41KgxJEHKh_gZb5jLPXJ7fNfUa14MDKEa2rmTDWRzs7BMRxIo5mb-gmEvzI6Kuvy9OBkTBzUW562VdXNlfp0FC4UP1Uc8HJJMJWQ9rcjaBBt56GKc631DqOUa8ZdU4xmVHOnvXB-gvolI2cWGUqPWRm8Zd3gpX8ljRVt5S-O17ehnV9G6an6jpqseVTxJ_vFkOPNwNc7bfVxbg6iBI8gJ2MUOqYCuwsDBJ330myR0vOvXTcTZKS_9pTsKrbYMwSl0bj1iqU0kHHaHr0tGLHldgs_Jn6GkBeF5U3UW-PuaTVjnTdmv3cZx_5f8lsnH2R0DCAjqmbfd-gNhl1HzmIjCzylt7w.4rXigTy1Lgk2jZGPFlFOeEVPFgN4SvM7D3ECCzFdkmU&dib_tag=se&keywords=Ethereum&qid=1741236675&sr=8-1&tag=redditrevie08-20)-Hardware/dp/B0CL9V9RR4/ref=sr_1_1?dib=eyJ2IjoiMSJ9.UD0AbVHGrkUbUWghRF9C92TSZoROnSrf5Gv32y0BWQu6EJDwzlwKIttPPAv-p6cOvWTsoMX5BD6eXl42BrMt1K1r4idbPnOch8urm85MdmWRGaMLybKdUvrmnWXUFXUCoTP5qvzF3V9qOaD55DToJ5BrfQNpm2i_HD7pJszp4j96UoPdxzow6vgl0Dbcnl16x7-uMQPaTAdHDgq99PPrF1pFbjAN6OBjXu4N7bdPseIG-EBLu6Vcnaq329H_CgsPVnx-Z0oqKmShQWLdvND5sDcoAS8-Dq9uvl4KMsogoIk.lztILl5vgSlJxGtt3TqOn7NSkTWTjFLshTduS02ihzo&dib_tag=se&keywords=Coinbase&qid=1741236674&sr=8-1&tag=redditrevie08-20), and [Crypto.com](https://www.amazon.com/Crypto-com-CRO-Coin-Cryptocurrency-Crypto/dp/B09P47QYH2/ref=sr_1_1?dib=eyJ2IjoiMSJ9.QTJv_jr7-VPUCpTQvFjHKaYSKSXcBf0A7TwSU0VuhuLwSg29LsarsgqpPsNgGyBtNhH1uFQncRBKdg5YIqaHZvi8vNYEAgRxNFC4Pu8G_0XK3EncKmkccpyWz7S7Q6tW56clvVdu28-k9kpA5L2WDmxyRKOqbAULGcUOn0ezPSIUZeDbtZT0QHK4-vu7wuf_OQ8TkDun30LvXFMbE7xuH_kX3t43pnKfPwCcKEQdaKhPPUb-6YQtrqXW48vms7cUzxvTK3AbOROt79B2M0rj2QZICqSx-vIpjM3o-QO4F2k.SYjBp8woMqxHykf7bR8Y7hwUlGFPv8c5Ye8ygk5Gfpg&dib_tag=se&keywords=Crypto.com&qid=1741236675&sr=8-1&tag=redditrevie08-20) but not for [Bitcoin](https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861/ref=sr_1_1?dib=eyJ2IjoiMSJ9.bWWWCtBdJReO--vHrxZtaxEjgA6nmna5zI0LbPOCDEOw4Uicc7I-mjFb3sK52K80CJt9GTxyS-GpogCQ5eOecHQUPYf0sD0n4-J_Q9ZemHATWTcySzTjBYzZ-nCq792M2apECz1NyVNvM20xAfvGD1NRBb2HDuUEAWrQhyFTufBoZ7KYfFjN1gwqE6YREzhLOzm1FSbSFuy1l-QDaJcWPod9TNwkFFcoi14P8zqb-J1MxCDAEsmK_zfD_FSFnt69CQn4beNSxrIkw_agjTXEWfVuRavKwLBCPhxXS6-Oa1fO4d9nHUprtTUlVXhJeAe07aXWL8kEuXbr41VyT_p00TuPRIGtGdsluLI0vgII1BdLfheYGuZ-uXM7Fzxin26vbQcuLh9uWKUi0c9hebEOKpWoKbpENOmaChqV-biXG4TMupfcFP7BmhHGo41bl1mM.ImYyZIl5B0TpcmBO-N4EKBodXgq9JKCYKqtqQdAoKco&dib_tag=se&keywords=Bitcoin&qid=1741236675&sr=8-1&tag=redditrevie08-20) or [Ethereum](https://www.amazon.com/Mastering-Ethereum-Building-Smart-Contracts/dp/1491971940/ref=sr_1_1?dib=eyJ2IjoiMSJ9.r3WUXaRufxr6Gyn3URDYpDs3laHHpexEHH9TEE-N0ctdKpMxHZiWBagXYkf2iygz0rcNu98qMQH3PfmBb9pzYKO5YoEpdkaLqxW-C41KgxJEHKh_gZb5jLPXJ7fNfUa14MDKEa2rmTDWRzs7BMRxIo5mb-gmEvzI6Kuvy9OBkTBzUW562VdXNlfp0FC4UP1Uc8HJJMJWQ9rcjaBBt56GKc631DqOUa8ZdU4xmVHOnvXB-gvolI2cWGUqPWRm8Zd3gpX8ljRVt5S-O17ehnV9G6an6jpqseVTxJ_vFkOPNwNc7bfVxbg6iBI8gJ2MUOqYCuwsDBJ330myR0vOvXTcTZKS_9pTsKrbYMwSl0bj1iqU0kHHaHr0tGLHldgs_Jn6GkBeF5U3UW-PuaTVjnTdmv3cZx_5f8lsnH2R0DCAjqmbfd-gNhl1HzmIjCzylt7w.4rXigTy1Lgk2jZGPFlFOeEVPFgN4SvM7D3ECCzFdkmU&dib_tag=se&keywords=Ethereum&qid=1741236675&sr=8-1&tag=redditrevie08-20)."

  • Pros:

    • "[Bitcoin](https://www.amazon.com/Bitcoin-Standard-Decentralized-Alternative-Central/dp/1119473861/ref=sr_1_1?dib=eyJ2IjoiMSJ9.bWWWCtBdJReO--vHrxZtaxEjgA6nmna5zI0LbPOCDEOw4Uicc7I-mjFb3sK52K80CJt9GTxyS-GpogCQ5eOecHQUPYf0sD0n4-J_Q9ZemHATWTcySzTjBYzZ-nCq792M2apECz1NyVNvM20xAfvGD1NRBb2HDuUEAWrQhyFTufBoZ7KYfFjN1gwqE6YREzhLOzm1FSbSFuy1l-QDaJcWPod9TNwkFFcoi14P8zqb-J1MxCDAEsmK_zfD_FSFnt69CQn4beNSxrIkw_agjTXEWfVuRavKwLBCPhxXS6-Oa1fO4d9nHUprtTUlVXhJeAe07aXWL8kEuXbr41VyT_p00TuPRIGtGdsluLI0vgII1BdLfheYGuZ-uXM7Fzxin26vbQcuLh9uWKUi0c9hebEOKpWoKbpENOmaChqV-biXG4TMupfcFP7BmhHGo41bl1mM.ImYyZIl5B0TpcmBO-N4EKBodXgq9JKCYKqtqQdAoKco&dib_tag=se&keywords=Bitcoin&qid=1741236675&sr=8-1&tag=redditrevie08-20) isn't a company, it doesn't advertise; there's no CEO. There's only physics."
    • "The crypto commercials are for trading platforms, not the currency itself."

  • Cons:

    • "Cryptos are not useful as a currency and have become more like stocks rather than money."
    • "Crypto faces contradictions between its usefulness as a currency and its appeal as an investment."

Tax Implications:

• Cryptocurrency transactions are taxed as property by the IRS in the USA.

  "[The [IRS](https://www.amazon.com/1040-SR-Instructions-filing-Seniors-schedules/dp/B0DR6BGHMX/ref=sr_1_1?dib=eyJ2IjoiMSJ9.H_m5XZBSGgWDkZARlQyxENY8dWdlvJF9t9h7ZYFQ4CFHXfQU4L2cJrDyjeAXqnWVgsJjjAIbLJn6OhbCBPhGDVhIurBcNsQVU-RkpChW429LV5pCnpgIJvrI7l2JX0w3blpl6OwpHPmQ6FuIDJW8dYI2adzz0pPg1joZm99PuhcgNWjPAOkPNW0QhHQ8n5eVd8f851ASWc3kP5ecY8RuXYjUIjI8oxw8e_35GnDEDeZtMe3f7tlYgsBvDVbFKHXza3dDhgwo_58Shcg6HoTqM5gKnvJ7vLldpkJkja08Jcg.XZi537-_oa070bZzSXMiqqAMEBXXZytCThf4AK4TXGE&dib_tag=se&keywords=IRS&qid=1741236676&sr=8-1&tag=redditrevie08-20) said] almost no one paid taxes on crypto last year."

  • Important Points:
    • Keeping track of transactions for tax purposes is crucial.
    • Ensure compliance with tax laws to avoid penalties and audits.

Additional Information:

• Cryptocurrency can be both an investment opportunity and a medium of exchange, but there are challenges in balancing these roles effectively.

• Tax implications and reporting requirements for Cryptocurrency transactions are important to understand and comply with to avoid legal issues.

• The debate around cryptocurrencies includes discussions on their regulatory status, utility, and impacts on traditional financial systems.