Does the Federal Reserve regulate cryptocurrency?

No. Cryptocurrency is not backed by the government or insured in the same way deposits are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Association (NCUA). The government is not responsible for any lost funds.

What’s the difference between a centralized and decentralized exchange?

The difference between each type of exchange comes down to how cryptocurrency is being purchased and sold. In a centralized exchange, the exchange serves as a middle-man between buyers and sellers to facilitate transactions, similar to a traditional stock exchange. Decentralized exchanges function as a marketplace where buyers and sellers execute peer-to-peer trades, without the need for a middle-man.

Yes. In the eyes of the IRS, cryptocurrency is treated as property and it becomes taxable when you sell it, spend it, exchange it for another cryptocurrency or are paid with it.

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THE 5 BEST CRYPTOCURRENCY APPS AND EXCHANGES FOR 2023

The 5 best cryptocurrency apps and exchanges for 2023

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