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Is Cryptocurrency Legal?
The legality of the cryptocurrency is consented to by all traders on the internet worldwide. As a payment method, it’s recognized by most leaders in a lot of countries. Early investors in Bitcoin might have already gained huge profitable revenue. Some banks might authorize Bitcoin payments and even relinquish control over any transactions involving cryptocurrencies, which gives cryptocurrency independence. Because of this independence, it’s much easier to transact when people don’t want the tedious and long process that is regulated by the central bank. As cryptocurrencies like Bitcoin are the future of money as more and more people will inevitably trigger mass adoption of crypto, many countries and central banks try to regulate and use it as part of their monetary policy. Now, we know some countries regulate and categorize Bitcoin as property for taxation purposes.
(The legality of Bitcoin all over the world can be seen in this map above from cryptonews.com)
Is Cryptocurrency Safe?
Security is one of the reasons why cryptocurrency becomes appealing worldwide. Cryptocurrency uses blockchain technology that encrypted data into each block so that no one can change or revise it. Anyone who wants to modify a specific code needs to meet certain criteria. Therefore, it’s impossible to change the public data on the blockchain or traceback. Besides, the value of cryptocurrency is to be encrypted which means that anyone who transfers cryptocurrency possesses their private key. This needs miners to do the calculation to solve the puzzle during the transaction. The same private key is used for both encryption and decryption. Only the one who holds it can proceed to the nodes through the blockchain. Due to its irreversible, it ensures the safety of cryptocurrency. Also, we suggest you allocate your assets in cold and hot wallets separately to enhance the security of the cryptocurrency.
Is Cryptocurrency Anonymous?
No. Cryptocurrency is not anonymous but pseudonymous. Why?
Cryptocurrency is entirely anonymous and completely transparent and trackable. In crypto transactions, you can hold a crypto address without revealing anything about your identity in that address. One person could hold multiple addresses, and in theory, there would be nothing to link those addresses together or to indicate that the person owned them. So it could be called pseudonymity.
In other words, anonymity in cryptocurrency is one kind of pseudonymity just like the pen name for an author to publish the books or nickname for users on the internet.
However, all transactions in cryptocurrency are public and traceable even if all user is pseudonymous. Compared to cash and bank, cryptocurrency provides an easier transaction method and more decentralized control in the bank system.
Is Cryptocurrency Valuable?
The value of cryptocurrency comes from people who value it. "It comes from shared belief, from consensus," says Brock Pierce, chairman of the Bitcoin Foundation. The technology behind cryptocurrency is blockchain which can apply to lots of aspects like finance, medical records, art markets…, etc. Nowadays different governments haven’t reached an agreement on global payment toward Bitcoin for example. Some people consider Bitcoin as a bubble in imminent danger of collapse or otherwise as a golden opportunity in the future. Here is several points of view that we can discuss here.
1. A Global Currency
Cryptocurrency started to being widely accepted by the global internet and global payment. This means that the acceptability of Bitcoin or other cryptocurrencies as a form of payment among lots of countries is attention. Due to globalization, cryptocurrency generates circulation wider and wider that it increasing the value of the coins. Users can hike up the price of the coins since the supply is essentially decreasing while the demand for it grows. And that’s why it makes it more valuable.
2. Stability among Countrries
Cryptocurrency cannot become a tool for terrorists, illegal organizations, or tax evasion. In long term, cryptocurrency might be regulated by the worldwide finance system or as part of their monetary policy. This will give the value of cryptocurrency to grow and increase value over time under the control and agreement of the central bank.
3. Recognizability and Market Perception
People recognize and accept it more and more worldwide, and less effort is required to decide its value. Market perception can be a way of people understanding its value. While we can see the price of Bitcoin rising in the market over recent years, it explains how much the market is willing to pay. Supply and demand are always the most authentic reflection of their value.
Why do I Need to Pay Transaction Fees?
Transaction fees are not the amount of cryptocurrency that you sent or receive. Transaction fees are a reflection of the speed with which a user wants their transaction validated on the blockchain. When a miner validates a new block in the blockchain, they also validate all of the transactions within the block. Sometimes it can also be called a gas fee.
I Lost my Key. Can I Get my Funds Back?
Cryptocurrency is generally considered pretty secure. However, sometimes it happens to you that you lose your key. How can you recover your fund? Here are several ways for you to try:
1. Recover it through your cold wallet
If you have the cold wallet and activate it in advance of recovering the private key function, you stand a chance to find your fund. As cold wallets are offline wallets that are designed to store cryptocurrency without an internet connection, it protects the wallet from cyber hacks, unauthorized access, and vulnerabilities. You can try to encrypt phones and laptops so that you can safely access your private key information through your cold wallet and retrieve your lost key.
2. Recover it through your Mnemonic Phrase
If you still remember your Mnemonic Phrase, you might have a chase to recover your key from it. These phrases are usually 12 or 24 words long. Each word in the phrase tends to be unrelated to another. Wallet providers will usually provide you with a mnemonic phrase when you open a new account and it’s incumbent on you to write it down carefully and put it in a safe place. In other words, if your wallet supports this function, you can try to find your lost key through your Mnemonic Phrase.
3. Recover it through your backup data
If you lose your private key, you can try to recover it from your backup data. Some of the official wallets can be backed up and this can help you retrieve your private key such as Ethereum official wallet. The encrypted private key and public key a file that includes all of the data including readable information. Some platforms will provide you with a backup file for your private key which can be used to obtain your assets as a backup wallet. When those files are retrieved, it will be authorized to find back the password and access to your wallet. Of course, this method has certain limitations that you need to back up your wallet in advance to save the relevant content and assets.
What is the Future of Cryptocurrency?
Cryptocurrencies are not only gold-rush speculation, but there's reason to believe in more durable growth of the asset. Investors believe in regulation, yet are worried about many of the impacts that regulation will bring about. Some analysts believe
That the global cryptocurrency market will more than triple by 2030. What we see in these years from DeFi, and NFT to GameFi, we can know the fact that more and more investors are joining this market like JP Morgan, Wells Fargo…etc. Not needlessly to say, clear regulation and notable financial services sectors will be the obstacle to speeding this process. What we can anticipate is that global governments and finance systems meet the agreement and more adoptions in cryptocurrency to broaden the method and use to change our lifestyle in payment and the current financial.
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