New York Gets Cryptic About Cryptocurrency
With the state of New York currently considering a bill to establish cryptocurrency as a form of payment for state agencies, it’s clear that the Big Apple isn’t so big on the old-fashioned $ssiqué.
What is Cryptocurrency?
Cryptocurrency, or crypto for short, is a digital form of money that exists online and typically operates on a decentralized network of computers connected through the internet. Unlike traditional money, it is not backed or regulated by any government or financial institution, which makes it a mostly unregulated asset and a potential breeding ground for potential scams.
New York Gets Cryptic
So what do New Yorkers know about crypto? Well, apparently enough to think it’s worth exploring. As part of the proposed bill, state agencies would be able to accept cryptocurrency as payment for goods and services, and would be required to convert the payments into USD or other forms of currency within 24 hours.
Wait, Crypto Is A Thing Now?
Let’s be real, when many of us heard the words “cryptocurrency” a couple of years ago, we thought it was something straight out of The Matrix. But in reality, businesses have been using it for some time, and the value of the crypto market is estimated to reach $1.4 trillion by 2024.
What Could This Mean for New Yorkers?
It’s too early to tell, of course, but if the bill passes, it could mean a lot for people living in New York. For starters, it could potentially open up new forms of investment and payment options. And given the volatility of crypto, it could provide an opportunity for savvy investors to make a buck.
Ready or Not, the Future is Cryptic!
Whether or not you believe in the power of cryptocurrency, it’s hard to ignore the fact that it’s here to stay. This proposed bill is evidence of that fact, and points to the ever-growing presence of crypto in our lives. So if you haven’t started learning about crypto, it might be time to get on board – the future is now, and it’s getting a little bit more cryptic every day!
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