{"id":7982,"date":"2023-05-15T12:01:04","date_gmt":"2023-05-15T02:31:04","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/cryptocurrencies\/"},"modified":"2023-05-15T12:01:04","modified_gmt":"2023-05-15T02:31:04","slug":"cryptocurrencies","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/cryptocurrencies\/","title":{"rendered":"Cryptocurrencies"},"content":{"rendered":"<div>\n<p>Crypto-assets (crypto) mean digital assets including cryptocurrencies, coins or tokens. They digitally represent your ownership of a value or rights to something. They may or may not be backed by physical assets.<\/p>\n<p>Crypto is a high-risk investment. The value of crypto is very volatile, often fluctuating by huge amounts within a short period.<\/p>\n<p>More than with any other investment, you must be prepared to lose what you invest.<\/p>\n<p><img decoding=\"async\" loading=\"lazy\" alt=\"\" height=\"300\" src=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/wp-content\/uploads\/2023\/05\/Cryptocurrencies_-_The_risks_of_investing_in_crypto.png\" width=\"570\"><\/p>\n<h3>How crypto works<\/h3>\n<p><strong>What is crypto<\/strong><\/p>\n<p>Crypto-assets (crypto) describe an asset class that includes cryptocurrency, digital tokens and coins. It does not exist physically as coins or notes, but as digital tokens stored in a digital \u201cwallet\u201d. These digital tokens rely on cryptography and technology such as blockchain for security and other features. Crypto may or may not have an actual asset behind it.<\/p>\n<p>The Reserve Bank of Australia\u2019s website explains\u00a0<a class=\"external-link\" href=\"https:\/\/www.rba.gov.au\/education\/resources\/explainers\/cryptocurrencies.html\" target=\"_blank\" rel=\"noopener\">how cryptocurrency and blockchain technology (including mining) works<\/a>.<\/p>\n<p>Crypto is used for payment systems, to execute automated contracts, and run programs.\u00a0<strong>Anyone can create a crypto-asset<\/strong>, so at any time there can be thousands in circulation.<\/p>\n<p><strong>Why crypto is so volatile<\/strong><\/p>\n<p>The price of crypto can fluctuate at extreme levels often based solely on market speculation. Factors that can influence the price of crypto include:<\/p>\n<ul>\n<li>\n<p>media focus<\/p>\n<\/li>\n<li>\n<p>public announcements<\/p>\n<\/li>\n<li>\n<p>individuals with large amounts of a crypto-asset who promote or influence it through social media<\/p>\n<\/li>\n<\/ul>\n<p>So if you buy crypto-assets, be prepared to lose everything that you put in.\u00a0<\/p>\n<p><strong>How crypto is used<\/strong><\/p>\n<p>Cryptocurrencies were first developed as a digital currency to use as money. Some stores accept crypto as payment for goods and services. Some ATMs let you withdraw it as physical money.<\/p>\n<p>But crypto is not legal tender in Australia and is not widely accepted as payment. Most people don\u2019t use it for everyday transactions. It is not the sort of investment to use to build your savings.<\/p>\n<p>Once you invest there are no regulatory restrictions on how your funds are used. In some cases, your funds may be used for other investments, such as loans. This may jeopardise your investment.<\/p>\n<p><strong>Buying and storing crypto<\/strong><\/p>\n<p>You can buy or sell crypto on a trading platform using money. Or buy or sell it directly.<br \/>Crypto is kept in a unique digital or software wallet (hot) or hardware (cold) wallet. Each wallet has private keys (unique codes) that authorise transactions on the blockchain network.<\/p>\n<p>A hardware wallet stores these private keys on a secure device not connected to the internet. This can protect the wallet from hackers.<\/p>\n<p>A software wallet is held by an individual or by a crypto trading platorm on your behalf. This can simplify buying, selling and storing crypto, but is not a regulated service. So you may not be able to recover the crypto if the trading platform fails.<\/p>\n<p><em>Scam alert: an increased number of Australians have reported losing money through\u00a0<a class=\"external-link\" href=\"https:\/\/newshub.asic.gov.au\/scam-alert-asic-sees-a-rise-in-crypto-scams\/\" target=\"_blank\" rel=\"noopener\">crypto-asset or cryptocurrency scams<\/a>.<\/em><\/p>\n<h3>Types of crypto-assets<\/h3>\n<p>Each crypto-asset has different capabilities. Most were not created to be investments.<\/p>\n<p>There are no universally defined categories of crypto-assets. Some common types are listed below, but this does not cover them all. New cryptos are created all the time, but many aren\u2019t well structured and don\u2019t last.<\/p>\n<p><em><strong>Cryptocurrencies<\/strong><\/em><\/p>\n<p><strong>What are they<\/strong><\/p>\n<p>Assets designed to act as a medium of exchange, with transfers enabled on blockchains. Cryptocurrencies have no intrinsic value and are only worth what people are willing to pay for them.<\/p>\n<p><strong>Examples include:<\/strong>\u00a0BTC, ETH, Litecoin<\/p>\n<p><em><strong>Stablecoins<\/strong><\/em><\/p>\n<p>A \u2018Stablecoin\u2019 is a marketing term for crypto that aims to maintain a stable value relative to a specified asset, or basket of assets.<\/p>\n<p>Many aim to track the value of a government issued currency (for example, USD). Some track other assets such as gold, equities, bonds or other crypto.<\/p>\n<p>Stablecoins try to stabilise their market value by:<\/p>\n<ul>\n<li>\n<p>being physically backed 1-for-1 by an external asset, such as government-issued currency, gold or securities<\/p>\n<\/li>\n<li>\n<p>being physically backed by a variety of assets where the value of these assets is intended to be greater than the value of the Stablecoin on issue<\/p>\n<\/li>\n<li>\n<p>using algorithms to control the available demand and supply of the asset, such as minting additional assets or changing an interest rate for holding the asset<\/p>\n<\/li>\n<\/ul>\n<p><strong>Examples include:<\/strong>\u00a0Tether, USDC, TrueAUD, DAI<\/p>\n<p><em><strong>Non-Fungible Tokens (NFTs)<\/strong><\/em><\/p>\n<p><strong>What are they<\/strong><\/p>\n<p>NFTs are tokens which record ownership of an object using blockchains. Each NFT is unique (hence they are not \u2018fungible\u2019). However, owning an NFT may not give you exclusive rights to the underlying asset.<\/p>\n<p><strong>Examples include:<\/strong>\u00a0Board Apes, game tokens<\/p>\n<p><em><strong>DeFi tokens<\/strong><\/em><\/p>\n<p><strong>What are they<\/strong>\u00a0<\/p>\n<p>These are tokens created through participating in decentralised finance (DeFi) protocols. Each token will have unique features based on the DeFi protocol that it relates to.<\/p>\n<p><em><strong>Other token types<\/strong><\/em><\/p>\n<p><strong>What are they<\/strong><\/p>\n<p>There are a broad range of terms for other types of tokens. Some types include:<\/p>\n<ul>\n<li>\n<p>utility tokens \u2014 allow you to undertake certain activities, or perform an action, in a crypto project, such as being exchanged for a service<\/p>\n<\/li>\n<li>\n<p>governance tokens \u2014 these allow you to participate in the running of a crypto project<\/p>\n<\/li>\n<li>\n<p>community (or membership) tokens \u2014 ownership gives you access to the community<\/p>\n<\/li>\n<\/ul>\n<h3>Why investing in crypto is high-risk<\/h3>\n<p><strong>Crypto is largely not regulated<\/strong><\/p>\n<p>Many crypto-assets and other digital assets are not commonly considered to be financial products. Because of this, the platform where you buy and sell crypto\u00a0<strong>may not be regulated by ASIC<\/strong>. So you may not be protected if the platform fails or is hacked.<\/p>\n<p>When a crypto-asset fails, you will most likely lose all the money you put in. In most countries, crypto is not legal tender. You\u2019re only protected to the extent that crypto fits within existing laws.<\/p>\n<p><strong>The value depends largely on popular opinion<\/strong><\/p>\n<p>Investing in crypto-assets is highly speculative. The market value can fluctuate a lot over short periods of time. It is affected by things like media hype and investor opinion.<\/p>\n<p>The price of unbacked crypto may depend on:<\/p>\n<ul>\n<li>\n<p>its popularity at a given time (influenced by factors like the number of people using it)<\/p>\n<\/li>\n<li>\n<p>how easy it is to trade or use<\/p>\n<\/li>\n<li>\n<p>the perceived value of the currency<\/p>\n<\/li>\n<li>\n<p>its underlying blockchain technology<\/p>\n<\/li>\n<\/ul>\n<p><strong>Your money could be stolen<\/strong><\/p>\n<p>Be aware that a hacker can potentially steal the contents of your digital wallet.<\/p>\n<p>Crypto systems allow users to stay relatively anonymous and there is no central data bank. So if a hacker steals your crypto, you have little hope of getting it back.<\/p>\n<p>Using a wallet held offline, a \u2018hardware wallet\u2019 or \u2018cold storage\u2019, may offer more protection.<\/p>\n<p><strong>Technically complex<\/strong><\/p>\n<p>Crypto-assets can be hard to understand.<\/p>\n<p>There is usually no product disclosure statement or prospectus that explains clearly how the crypto works. Developers may issue a \u2018whitepaper\u2019 to describe it, but these can vary in format and information.<\/p>\n<p>A crypto-asset\u2019s code may not be available to review. Or it may be written in obscure computing language. The underlying code of the crypto may also change over time.<\/p>\n<p>To access a crypto network, you may need special software and need to know how transaction fees operate. Unfamiliar users run the risk of:<\/p>\n<ul>\n<li>\n<p>sending a transaction to an incorrect address<\/p>\n<\/li>\n<li>\n<p>over-paying on transaction fees called \u2018gas\u2019 (sometimes by thousands of dollars)<\/p>\n<\/li>\n<li>\n<p>not paying enough for a transaction fee (and so losing the fee and transaction)<\/p>\n<\/li>\n<\/ul>\n<p><strong>Crypto scams are increasing<\/strong><\/p>\n<p>Scammers use crypto because transactions are not easy to recover and have limited oversight. Money can quickly be sent overseas and is very hard to trace.<\/p>\n<p><strong>CASE STUDY\u00a0<\/strong><\/p>\n<p>Rhett is scammed $97,000 by a fake endorsement<\/p>\n<p>Rhett saw an article on a news website about \u2018The biggest deal in Shark Tank history, that can make YOU rich in just 7 days! (Seriously)\u2019<\/p>\n<p>The news article was really an advertisement. It took Rhett to a website that included endorsements from Shark Tank judges for Bitcoin trading software. The endorsements were fake.<\/p>\n<p>Rhett was interested in trading bitcoin, so he provided his contact details. Soon, an Account Manager named Max began calling Rhett. Max called often, pressuring Rhett to open a trading account and make a deposit. By depositing between $40,000 and $50,000 upfront, Max promised Rhett he could earn at least $15,000 per month.<\/p>\n<p>Max promised Rhett that the money he deposited would be safe because he would have total control of the account. \u201cIt\u2019s more or less moving your money in your left pocket from your right pocket,\u201d Max said. Max promised Rhett that he could withdraw his money whenever he wanted to.<\/p>\n<p>Max eventually convinced Rhett to open an account and deposit $40,000. Rhett started trading bitcoin, but things didn\u2019t go to plan, and Rhett started losing money. Max encouraged Rhett to deposit more money and promised Rhett that he would be able to withdraw the money he needed in a week.<\/p>\n<p>Rhett deposited more money in the hope he could recoup his losses. Rhett ended up depositing and losing a total of $97,000.<\/p>\n<p><span><span style=\"font-size: 10px\">Source:<br \/>Reproduced with the permission of ASIC\u2019s MoneySmart Team. This article was originally published at\u00a0https:\/\/moneysmart.gov.au\/investment-warnings\/cryptocurrencies<\/span><span><\/span><\/span><\/p>\n<p><span style=\"font-size: 10px\">Important note: This provides general information and hasn\u2019t taken your circumstances into account.\u00a0 It\u2019s important to consider your particular circumstances before deciding what\u2019s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete.\u00a0You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.\u00a0 Past performance is not a reliable guide to future returns.<\/span><\/p>\n<p><span style=\"font-size: 10px\">Important<\/span><br \/><span style=\"font-size: 10px\">Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.<\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/latest-articles\/cryptocurrencies\">Cryptocurrencies<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/\">MLC Contemporary<\/a>.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto-assets (crypto) mean digital assets including cryptocurrencies, coins or tokens. They digitally represent your ownership of a value or rights&#8230;<\/p>\n","protected":false},"author":4,"featured_media":7983,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cryptocurrencies - Adelaide Private Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/adelaideprivatewealth.com.au\/cryptocurrencies\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"asim_stellar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/adelaideprivatewealth.com.au\/cryptocurrencies\/\",\"url\":\"https:\/\/adelaideprivatewealth.com.au\/cryptocurrencies\/\",\"name\":\"Cryptocurrencies - 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