Hello dears friends.
Cryptocurrency can be a frightening topic to many people, but Dr. Ken Rogeri and Detective Stephen Dixie of the South Jordan Police Department explained how it works.
The two explained how the online world of cryptocurrency became popular and that while some people might think this is all about scam, there are good stories as well.
Cryptocurrency is a new form of money that operates online. By converting real money to something that is "not regulated by any government, including the U.S. government," Dixie said. There are different cryptocurrency websites for Bitcoin, Bitcoin Cash, Ethereum and more. These websites allow people to use cryptocurrencies to buy items online.
"To buy things you first have to put money in it," Dixie said. "Then, you can exchange it for different things."
Dixie said while some cryptocurrencies are linked to Bitcoin, which is the most known one, they are not "owned by one entity, but can be traded from one cryptocurrency to another."
The most commonly used cryptocurrencies today are Bitcoin and Ethereum, but people can invest in all the cryptocurrencies, Dixie said.
Dixie said when people use Bitcoin to buy things online they are really paying fees to the websites they are using to take Bitcoin, even if it is just a penny or two cents.
"There are more transactions than coins, which is not the best way to do it," Dixie said. "This has become a popular one."
Because of the fees cryptocurrency has, Dixie said it is not good for people who work to make money.
"People think they are being taken advantage of, but these are the nicest people I have met in the bitcoin community," Dixie said. "I have made a lot of friends, it's just hard to get a large amount of people to take that cryptocurrency."
Rogeri said when he began to learn about cryptocurrency, he didn't think it was anything to be concerned about, but now he thinks it is a big problem.
"I like it because I think that the banking system is corrupt," Rogeri said. "The banks have done a bad job of protecting us and the crypto currency is supposed to be like the bank in that they are not going to take your money and just charge you fees for it. They are not going to take your money and just do whatever they want to do with it."
Rogeri said if someone sees a different type of website when they are shopping online, they need to be cautious and investigate what it is.
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