Before deciding to put money to work in a cryptocurrency, you should determine that it is real. Why would you need to do this? There are some companies out there who are promoting ‘digital currencies’ as ‘cryptocurrencies.’ These companies are operating illegally regarding the Securities and Exchanges Commission rules. It is illegal to distribute a digital currency that is not a real ‘cryptocurrency.’ A real cryptocurrency has a publicly accessible blockchain ledger and is also often available on publicly traded cryptocurrency exchanges.
If you put money into a coin that is not a ‘real cryptocurrency,’ you stand a huge chance of losing that money. The company will likely get shut down by the SEC before their coin ever gets to the public traded exchanges, as they are already operating illegally. They are putting the chicken before the egg, so to speak, whether intentionally as a scam or just out of ignorance of what it takes to be legal.
When you have a real cryptocurrency, you can liquidate your coins on the public traded exchanges ANY TIME YOU WANT! Your money is safe, and you have control of it. With these companies who are marketing ‘digital currencies,’ you don’t have a way to get your money back, except according to whatever rules that company sets up. That is illegal!
So how do you determine that the coin you are looking at is a real cryptocurrency? You need to use the Blockchain Explorer website and just do a proper old search for the currency in question. If it is a real cryptocurrency, you will have no problem finding it’s public ledger blockchain online. If you can find the coin via the Blockchain Explorer, you can, without a doubt, know that you have a real cryptocurrency on your hands.
Blockchain Explorer: A Tool You Can Use To Determine If A Coin Is A Real Cryptocurrency:
To access the Blockchain Explorer that spoke to you about in the video, you can simply use the following link: https://chainz.cryptoid.info/
The cool thing about the blockchain explorer is that it also gives you access to all of the information contained with the cryptocurrency in questions’ blockchain. What does this mean? You can see all transactions that have occurred in chronological order. You can click through each transaction and see which crypto ‘wallet addresses’ were involved in each transaction and how many coins were exchanged.
The public ledger that is provided and secured by the blockchain is essentially what makes cryptocurrency work for everyone. Since we can ‘trustlessly’ rely on the code to carry out transactions on the network with exact precision, blockchain provides an alternative to the ‘trust-based’ central banking system. The central banking system acts as a middleman, to provide trust between two parties so that exchanges can be made and commerce can function.
These Central Banking middlemen produce TRILLIONS of dollars worth of profit per year, gouging bank customers with fees imposed on bank accounts, the transfer of money via bank wire, overdrafts, and more. Cryptocurrency essentially has the power to eventually replace the Central Banking System and save everyone in the world a lot of money.
That’s the beauty of a cryptocurrency that any government or central authority does not control it. And its value is not tied to government-issued fiat currency.
So I hope you found our latest post to be helpful in your research of the cryptocurrency industry. I know, at the very least, armed with this knowledge, you will be safe from wasting your time with any illegitimate cryptocurrency coins!
Until next time,
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