“Cryptocurrency isn’t bad or dangerous, but when promoted as an investment, especially one that promises high returns over a short period of time, investors should exercise extreme caution,” said Amanda Senn, chief deputy director of the Alabama Securities Commission and co-chair of NASAA’s enforcement section. “Cryptocurrency transactions aren’t often conducted in a way that comply with laws designed to prevent fraud, and which licensed financial institutions implement as part of their fraud prevention programs. The same red flags of fraud involving fiat currency also signify crypto scams, only they are more attractive to investors due to the publicity and relative newness of cryptocurrency.” Taxes on Cryptocurrency Earnings This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data.

The government produces traditional currency in paper bills and coins you can carry with you or put in a bank. You can use it for purchases and other transactions that require cash. The government backs traditional currency, while cryptocurrency has no government, bank, or financial institution controls. How do people make money with bitcoin You can email the site owner to let them know you were blocked. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page.