Common questions
To help you make an informed decision, we've compiled a list of our frequently asked questions related to the services listed on this page.
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This is a seemingly simple question, but since most people answer about what they think, hope, or want cryptocurrencies to be, it is a confusing one. Cryptocurrencies are a digital asset that started as a medium of exchange for people to buy goods and services. Over time, their functionality has expanded.
Cryptocurrency transactions are recorded on a shared, digital ledger called a blockchain. This is decentralized technology, spread across many computers, that records every transaction.
No. Blockchain is the technology that allows for cryptocurrencies to work. It is a decentralized and digital ledger of transactions used for cryptocurrencies and other assets/functions. It is important to separate the technology behind cryptocurrencies from the actual cryptocurrencies.
Cryptocurrency taxes depend on how each government envisions the function of the crypto market in the country’s financial economy. Some cryptos are taxable, like in the US, where the IRS considers cryptos as properties, and hence, holders are subjected to certain property taxes. Many companies have emerged that aim to manage crypto-filling activities for investors, but they should be wary of such companies because ultimately the responsibility lies on them.
The most popular and widely heard of cryptocurrency is Bitcoin. As of early January 2021, the total cryptocurrency market is over $1 trillion, and Bitcoin is around $700 billion. Believe it or not, there are over 7,800 cryptocurrencies in existence and growing. The top five, with over 80 percent of the market value, are Bitcoin, Ethereum, XRP, Tether, and Litecoin. (footnote 2)
