Angelo Babb discusses how understanding cryptocurrencies can help consumers understand finance
Cryptocurrency expert Angelo Babb discusses the ways understanding how cryptocurrencies work can make consumers more financially savvy.
San Jos, Costa Rica – WEBWIRE – Tuesday, January 31, 2023
Cryptocurrencies are an increasingly important part of our digital economy, but they remain largely misunderstood by the average consumer. Many people have heard stories about the volatility of cryptocurrencies, but few understand the basics of how they work and why theyre so popular. Angelo Babb, an expert in cryptocurrencies and FinTech, explores how understanding cryptocurrencies can help consumers better understand personal finance as a whole.
Cryptocurrency markets work by connecting buyers and sellers through a decentralized network. This network allows for peer-to-peer transactions without the need for a central authority, such as a bank or government. In addition, theyre bought and sold through exchanges, which act as middlemen between buyers and sellers, and they usually take a small fee for their services.
The price of a cryptocurrency is determined by the supply and demand of the market. Explains Babb, When there are more buyers than sellers, the price goes up. When there are more sellers than buyers, the price goes down.
Cryptocurrencies can be volatile, meaning their prices can change rapidly. This is because the market is still young and relatively small. As more people start using and investing in cryptocurrencies, the market will become more stable.
Cryptocurrency, also known as digital currency, is a type of money that exists only in electronic form. Currently, it isnt regulated by any government or financial institution, and its value is determined by market forces. Cryptocurrencies can be used as an investment, but they also work like money for the purchase of goods and services.
There are many benefits of cryptocurrency, including the fact that it is decentralized, meaning that it is not subject to the control of any one entity. This makes it very resistant to fraud and theft, as there is no central point of failure. Cryptocurrencies are also global, meaning that they can be used by anyone in any country. Additionally, cryptocurrencies are often anonymous, meaning that users can maintain a high degree of privacy when using them.
Finally, cryptocurrencies tend to be very volatile, meaning that their value can fluctuate dramatically over short periods of time. While this may be a downside for some investors, others view it as an opportunity to make quick profits.
Cryptocurrency can be used as money online and in brick-and-mortar stores. For example, Bitcoin can be used to book hotels on Expedia, shop at Overstock.com, or buy Xbox games. Ethereum is also accepted by a number of online retailers, including Newegg and Shopify. In addition, cryptocurrency can be used to purchase gift cards from Gyft or eGifter.
Some physical stores also accept cryptocurrency payments. For example, Bitcoin can be used to pay for coffee at cafes like cafs in Austin or Seattle. Ethereum and certain other digital currencies are also accepted by some brick-and-mortar businesses, such as the vegetarian restaurant Blossom in New York City.
Learning about cryptocurrencies can be a great way to help you understand the world of finance and how it works. With cryptocurrencies, you gain insight into technology that is revolutionizing the financial sector, giving you a better understanding of both traditional investment options and digital payment systems. Whether or not you decide to invest in cryptocurrency in the future, having an understanding of what it is and how it works will put you one step closer to making informed decisions regarding your own finances.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
San José, Costa Rica – WEBWIRE – Saturday, December 3, 2022 There have been individuals throughout the history of money. This includes the first currency used. The same results have been observed each time a new currency was introduced. It is because of this that regulations were needed to stop currency being used for illegal or illicit activities. Due to its association with illegal activity, cryptocurrency was initially a controversial topic. However, digital currency is gaining more prominence in the financial markets, and more countries are implementing regulations to allow its use. Angelo Babb is a FinTech and cryptocurrency expert, and discusses the legal and regulatory frameworks that are being established in different countries for digital currencies, and what it means for the global financial system.
One day, digital currencies will all be referred to as one group using a common terminology. At the moment, cryptocurrencies are used in different countries. Others refer to digital currencies, while others use virtual commodities.
The underlying regulations that support the assets are the exact same and all are designed to give cryptocurrency a legal foundation as a financial solution. Babb asserts, Money has been a topic that requires a lot of attention. Although currency has been around for thousands of years, it wasnt until the 20th century that a global, unifying approach to the issue was developed. The way money is valued changes almost daily.
The core of regulation is the common thread that runs through all developed countries in the world. It is a law that money cannot be created or distributed by the government. This has made it difficult to accept cryptocurrency as legitimate money.
Since 2018, however, countries have been working to establish regulations to clarify the status of cryptocurrency. Many are now accepting it as an acceptable and viable alternative to fiat.
More than 130 countries have already addressed cryptocurrency legislation. Most of these have created positive regulations to support the emerging ecosystem. Some countries, mainly in the Middle East, have implemented an implicit ban on digital currencies.
Babb adds, The US dollar was initially not well received when it was introduced. It took nearly 100 years for it to be recognized as a valid form of currency. Until then, it was treated in the same manner as Monopoly money, which has all the physical characteristics and no value. In just a few short years, cryptocurrency has experienced a significant increase in government support. Today, more countries recognize digital currency as equal to national currencies.
Taxes remain one of the most contentious aspects of digital currency. All countries that have legitimized cryptocurrency are not sure how to deal with tax obligations. For example, Israel taxed it in 2018 as an asset, but changed its position to clarify the different tax holdings.
It was initially taxed as a foreign currency in Switzerland, which was one of the first countries that adopted digital currency. The UK requires that individuals pay a capital gains income tax on any holdings. The US has many tax regulations, ranging from the federal to the local level.
The Financial Crimes Enforcement Network (FinCEN), which is leading the effort to regulate digital currencies as currency, has been a key player in the creation of the rules. Babb highlights that FinCEN doesnt have the legal authority to create financial regulations.
However, its position gives it the ability to make recommendations that have been historically accepted by all developed countries. It has been involved in the development of cryptocurrency policies for the past 24 months and it is expected that digital currencies will soon be comparable to government-issued currency in many other countries.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
San José, Costa Rica – WEBWIRE – Wednesday, November 23, 2022 The explosion of Bitcoin in 2017 sparked huge interest. However, the majority of payment solution giants such as PayPal, MasterCard, Visa and MasterCard werent impressed. They attempted to downplay the importance and even banned their cards and users being connected to digital currency. A few years later, they have changed their mind and now embrace cryptocurrency. Angelo Babb is a FinTech and cryptocurrency expert who discusses why these announcements are important for cryptocurrencys future growth.
2018 was a year in which Visa was clear about its position that no Visa cards or payment solutions could be used for buying or selling digital currency. It refused to negotiate a refund and shut down many low-level financial institutions and banks that attempted to offer cryptocurrency solutions.
Two years after it banned digital currency, this changed. Subsequently, the company explained that digital currency (or a digital form of cash controlled with a private key) was first created over ten years ago with the launch of Bitcoin. It added that it believed that digital currencies could increase the value and accessibility of digital payments to more people and places. We are committed to supporting and shaping the future role of digital currencies in the world of money.
PayPal, which previously had a cautious approach to cryptocurrency, changed its mind, as well. It now allows its users to sell and buy Bitcoin through their PayPal accounts. The giant payment processor is currently working to open up the possibility for its users to purchase cryptocurrency directly through their PayPal accounts. Babb explains, This is an enormous indicator of how far cryptocurrency has come. PayPal has over 325 million active users worldwide. This payment method is accepted by thousands across the globe. Its embrace of digital currency will have a profound impact on cryptocurrencys status as a fiat option.
Its fluctuating prices have been a long-standing problem when accepting cryptocurrency as a payment method. Despite recent rallies, Bitcoins prices have not seen any significant rises or falls. Additionally, there are solutions that allow cryptocurrency payments to be converted immediately into fiat. This guarantees that the payment price will not change after the transaction.
Cryptocurrency was initially created as a peer-to-peer payment system. It allows individuals to manage their own money and not need to use a bank or intermediary. The same purpose of digital currency is to allow the worlds unbanked to access banking solutions.
Babb Simon notes that the possibilities of cryptocurrency are endless, stating, Near-immediate transfer of funds between people at a fraction of the price and the ability to interact with traditional banking solutions makes it significantly more powerful than traditional fiat options.
Bitcoins global acceptance has grown faster than that of the US dollar, in comparison. Since the creation of the US dollar, it has taken over 100 years to make it a recognized, legal currency. Bitcoin, on the other hand, has only been around for 12 years and is already widely accepted. The support of PayPal and Visa, as well as MasterCard and others, will allow cryptocurrency to move at a much faster pace.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
San José, Costa Rica – WEBWIRE – Tuesday, November 1, 2022 Cryptocurrencies take a leading role as a source of savings and understanding how to store them becomes a necessity. As the years go by, the use of cryptocurrencies is becoming more and more common. Angelo Babb, an expert in cryptocurrency, offers the best methods to store digital assets.
There are various reasons why cryptocurrencies are becoming more common. One of them is that there is a loss of confidence in the banks, since, on certain occasions, in times of crisis, they failed to give people the money they owed.
Another important factor is that the value of the currencies issued by central banks, such as the peso or the dollar, is often negatively affected by an issue without backing due to the needs of the context. On the other hand, many people no longer feel safe keeping dollars in their homes in the face of the possibility of being robbed.
Faced with these problems, cryptocurrencies present an excellent alternative. Among the advantages of saving on these assets, it can be highlighted that many have decentralized protocols. This means that the broadcast does not depend on a single entity, but rather on everyone who wishes to contribute to the maintenance of the network.
In addition, it is known in advance how the issuance process will be and what will be the maximum total amount of money in circulation. An important fact is that people have the possibility of storing and accessing their assets without the need for intermediaries.
One possibility offered by the market is exchanges. An exchange works like a foreign exchange house. One can enter money issued by a central bank, such as pesos or dollars, and exchange it for digital currencies.
You can also conduct transactions between cryptocurrencies. This option is ideal if you need to conduct transactions quickly or with low amounts. Fixed commissions can make it expensive to move money between places in the digital world.
Some platforms also offer the opportunity to earn interest on cryptocurrencies stored there. This allows you to make even more money by simply keeping your crypto assets in custody.
This option is ideal for new users in the crypto world whose knowledge of the ecosystem is still incipient, and in this case, it may be safer for the assets to be guarded by an entity and not by oneself, so the risk would be equivalent to when money is left in a bank.
Another alternative is to transfer the cryptocurrencies to a non-custodial wallet, that is, where one manages the custody. A non-custodial wallet is software that, through a seed phrase, allows you to store, send and receive cryptocurrencies.
Explains Babb, The seed phrase, which is usually 12 words in English, is displayed when creating the address where the assets will be stored. It is of utmost importance not to lose it since, without it, you will not be able to access them.
You can print out the seed phrase, or write it down on paper and keep multiple copies in different places to make sure you dont lose it. There are also devices the size of a flash drive that store the seed phrase, and when linked to a computer, they generate the connection with the wallet.
The advantage of saving the assets in this way is that you have full ownership over them and the security is maximum as long as the seed phrase is not shared. Among the disadvantages, it can be mentioned that the costs when transacting between different cryptocurrencies are higher and also that in case of losing the seed phrase, there will be no entity to claim, so the capital will be lost without the possibility of recovering it.
If the investors objective is to bet long-term on a cryptocurrency project, and his idea is to prioritize security, the ideal would be to store the capital in a non-custodial wallet. While if the intention is to be able to operate easily and take advantage of short-term price variations, or earn interest on some cryptocurrency, then it will be convenient to store it in an exchange to save transaction costs and take advantage of interest payments.
Regarding the technical level, if the user does not fully understand the process for the use of a non-custodial wallet, it is not recommended that he manage the security of his cryptocurrencies, since it is possible that by making a mistake he could lose all of his assets. However, if the user has an advanced technical level, it is best to manage the custody and security of their assets with a non-custodial wallet when they deem it convenient.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
San José, Costa Rica – WEBWIRE – Sunday, September 25, 2022 It is easy to create your own digital currency today. Despite the potential benefits and risks, there is still confusion around the terminology of money. Angelo Babb is a specialist in cryptocurrencies and clarifies the differences between virtual money, digital money and cryptocurrency.
Although digital money, virtual currency and cryptocurrency are often used interchangeably, these terms are not interchangeable. It is important that you understand that a cryptocurrency is not always a crypto currency, and vice versa, that virtual currencies and cryptocurrencies are always digital currencies.
Digital currency is created and controlled by its developers. It can be used and accepted by members of any community that recognizes it as valid. You can use digital currencies to purchase gift vouchers, airline rewards points and cashback for your credit card purchases.
Babb clarifies that these digital monies share the same trait in that they operate as a medium for exchange that functions as a currency within their own context. However, they dont have the attributes that a real currency unless they are issued by a central banking institution such as the Ecuadorian dollar digital currency.
It is interesting to note that cash only represents 8% of all money in circulation. Therefore, everything else is almost identical to digital money. Virtual currency, on the other hand, is the term for virtual currencies that are used in online games like Clash Royale and League of Legends. These coins have no value outside of the game. They are an incentive to play more so you can make in-app purchases or exchange them with other players.
These currencies can be used to exchange money in a virtual world. Babb explains that they can also be associated with Internet platforms in certain instances and are limited to members of a particular virtual community. Exito Points and RappiCreditos are two examples. These virtual currencies are worth something, but they are linked to a virtual economy platform. They do not exist in physical form.
A cryptocurrency is built on cryptography principles to offer a secure medium for exchange. This cryptocurrency is generally not supported by any central bank, government or commodity. However, because it is based on Blockchain technology, it can be used to store and exchange value as well as a currency.
These are often established on a peer-to-peer network of people and are best illustrated by Bitcoin (BTC). Although cryptocurrencies can be considered a type of digital currency, they differ from traditional currencies in that they do not have an official currency. They are also not subject to central control as virtual currencies.
While virtual and digital money have been around for many decades, cryptocurrencies are relatively new. BTC is a cryptocurrency, which does not have an issuer and can be cryptographically protected. In principle, their consistency can also be protected through a large and distributed verification of users.
Cryptocurrencies are digital and virtual money. They are distributed and not controlled by a central authority like other virtual currencies. Instead, they are decentralized and based upon cryptography to protect against manipulation by their members.
All cryptocurrencies can be referred to as virtual and digital money. However, this is not true for vice versa. Digital money can refer to any currency around the globe (including the euro and dollar), but virtual currency may be referring to a currency that has a specific issuer. It is important that terms are understood and used correctly in the future.
About Angelo Babb
Angelo Babb is a legal cryptocurrency and blockchain consultant who helps new and established organizations strengthen their interaction with digital assets. A certified lawyer and Scrum Master, he works with all categories of enterprises to ensure cryptocurrency endeavors substantially fulfill their obligations. When hes not reinforcing his education in the cryptocurrency and blockchain spaces, Babb enjoys relaxing on the beach with his family.
Angelo Babb provides insight into how global cryptocurrency regulations are changing
Cryptocurrency expert Angelo Babb offers insight into the changing regulatory environment of cryptocurrency and whats in store for the future.
Angelo Babb explains why the entrance of financial leaders in cryptocurrency is important
Cryptocurrency expert Angelo Babb explains why the acceptance of cryptocurrency by payment companies like Visa and PayPal is a huge step forward for the legitimacy of digital currencies.
Angelo Babb discusses the best ways to save crypto assets
Cryptocurrency expert Angelo Babb discusses why digital currency continues to become more popular and where users can securely store their assets to keep them safe.
Angelo Babb explains the different type of digital currencies available to consumers
Cryptocurrency expert Angelo Babb offers insight into the difference between digital currencies and cryptocurrencies, and the roles they play in consumer finance.
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