Crypto: 7 On Your Side Investigation into Currency and Confusion

[ad_1]

NEW YORK CITY (WABC) – It’s called cryptocurrency: Mayor-elect Eric Adams wants to be paid there, and he wants it to be taught in schools.

But what is it? And what should you pay attention to?

Some New York City stores accept cryptocurrency as a form of payment, and there are Bitcoin ATMs across the region that turn money into crypto.

At Astro West on the Upper West Side, they sell everything from unique stones and fossils to ancient meteorites. And customers can now pay for older items with the latest form of currency.

“You have to keep changing and adapting or you’re going to have a ‘closed’ sign on your door,” said owner Marc Tanjeloff. “I remember at one point we were writing checks and using American Express cursors. It’s just the future, it’s changing.”

More information 7 By your side survey | Scaffolding and hangars in New York: concern for parents

Unlike cash, crypto is an internet-based currency. Bitcoin is the old form of cryptocurrency.

There isn’t a single person or organization in charge, so instead of banks processing transactions, computers do the work for you.

You can spend it, or you can keep it and take a chance. Its value fluctuates, like the stock market.

After Mayor-elect Eric Adams announced that he wanted his first three Bitcoin paychecks and cryptography education to be taught in tin schools, Patrick Stanley of CityCoins launched NYCCoin, a new way for users to invest and, he says, support the city at the same time.

“The wrong thing to do with Bitcoin is spend your Bitcoin,” he said. “The thing to do is hold onto your Bitcoin … I think from a moral, social, and financial standpoint, (Adams) is doing something very visionary. It takes guts, but history will remember that ‘he did that. “

But for new investors, there are some things to keep in mind.

“It’s risky if you don’t know what you’re doing,” said New York lawyer Max Dilendorf, who specializes in cryptocurrency affairs. “There are a lot of exciting opportunities, but there are also pitfalls.”

More information 7 By your side survey | The 2nd Ave subway extension could soon connect East Harlem

He says there are three main areas of concern to keep in mind.

First, when you are doing a peer-to-peer transaction, you don’t know who you are transacting with. Then the apps that contain your digital wallet can be a target for hackers. And finally, when converting from crypto to cash and depositing money, banks will want to know exactly where that money is coming from.

“My advice would be, as a lawyer, not to venture out,” Dilendorf said.

———- DO YOU NEED AN INVESTIGATED STORY? Dan Krauth and the 7 On Your Side Investigates team at Eyewitness News want to hear from you! Call our confidential advice line 1-877-TIP-NEWS (847-6397) or complete the form BELOW. You can also contact Dan Krauth directly:

Email your questions, issues or story ideas to [email protected]

Facebook: DanKrauth Reports

Twitter: @ DanKrauthABC7

Instagram: @DanKrauth

Copyright © 2021 WABC-TV. All rights reserved.

[ad_2]