I do not understand cryptocurrency. Are we inventing new money, making a real-life Monopoly game? Here is one definition of cryptocurrency: a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.
Uh, what?
It went on to say, “Decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation.” (At this point, I’m on the floor in the fetal position and weeping.)
What happened to just money? Well, for all the crypto kings out there, May was not a good month for you, with crypto’s value crashing as it did. Instead, it provided a reminder, especially for seniors, to be suspicious about investing your money, retirement money as well, in such volatile currency.
So, what is the attraction?
For crooks, there can be good reasons to use cryptocurrencies. Once something is paid with cryptocurrency, it’s nearly untraceable. Now that retailers are more aware of and savvy about, gift card scams, crooks are looking for new ways to scam, and crypto fits the bill.
According to AARP, their Fraud Watch Helpline contacts involving Bitcoin scams have tripled. Their advice is this: if a stranger or business asked you to use cryptocurrency to make a payment or transfer money, assume it is fraud.
According to Forbes, between…
