WELCOME TO THE CRYPTOCURRENCY INFORMATION CENTER!
There is no doubt that by now you have heard the terms: Cryptocurrency, Blockchain, NFT’s.
These terms have become common jargon in today’s ever-changing landscape of digital consumer behavior. You undoubtedly have questions about these terms; what they are, how they work, and what the opportunities are surrounding them.
Currently, Labor CU does not offer these products or services. However, it is our goal to help keep you informed and educated when it comes to all things “financial”. This page is dedicated to helping you understand what these products are, what some of the risks of use are, and how they can be used. Be sure to visit this page often for updates on what is happening in this particular segment of financial markets.
The following links to videos, articles, and information relating to Crypto Currencies does not reflect Labor CU’s own beliefs or opinions relating to Cryptocurrency. The links, videos, and articles are compilations of independent sites or authors, and are intended solely for educational purposes.
Cryptocurrencies are digital assets that are designed to serve as a form of currency that can be stored, traded, or used as an exchange during a transaction. Cryptocurrencies do not have a central issuing or regulating authority (as the U.S. Dollar does), and instead uses a decentralized system to record transactions and issue new units.
What is Bitcoin?
Bitcoin is a form of cryptocurrency. It is one of many forms of digital currency that operates free of any central control or the oversight of banks and governments. It can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
Read more articles on what Bitcoin is:
1What Is Bitcoin & Is It Safe? YouTube - Kaspersky
2What is Bitcoin? Coinbase
3What Is Bitcoin Mining? U.S. News – Wayne Duggan
What are NFT’s?
NFT’s are ‘non-fungible tokens’, that are a unique form of digital assets. An NFT is a non-interchangeable unit of data that is stored on a blockchain and can be sold or traded. They are usually digital or graphical representations of real-world items like art, video clips, music, and more. They are not a form of digital currency, known as cryptocurrency.
Read more articles on NFT:
1What Are NFT’s? YouTube – The Economist
2Non-Fungible Tokens (NFT) Ethereum.org
What is Blockchain?
Blockchain is a system of recording information in a way that makes it difficult, or impossible, to change, hack, or cheat the system of record for ownership and transaction history. It is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems that operate on blockchain.
Read more articles on blockchain:
YouTube – Simply Explained
Still have questions? Check out these articles!
15 Top Crypto Scams to Watch in 2022 From the "pig butchering" crypto scam to the classic pump and dump, watch out for these schemes. John Divine, March 22, 2022
2Is Bitcoin Worth Investing In? More people are investing in Bitcoin despite its volatility. Should you? Paulina Likos and Tim Lawson, March 11, 2022
3Biden Signs Executive Order on cryptocurrencies CNBC: Ryan Browne, March 9, 2022
48 Pros and Cons of NFTs & How They Compare to Traditional Investments (annuity.org) Thomas Brock, CFA, January 14, 2022