Benefits of using cryptocurrencies include all of the following EXCEPT_______. A) There is protection from inflation...

Benefits of using cryptocurrencies include all of the following EXCEPT_______.

A) There is protection from inflation

B) it is faster and easier to use than traditional payment methods

C) it is insured by the federal reserve bank

D) it cannot be seized by the government

E) there is no taxes

Expert Solution

The correct answer here is C) it is insured by the federal reserve bank

According to the Federal reserve bank governor in his speech about cryptocurrency said that- '' a typical cryptocurrency would not be a liability of any individual or institution. There is no trusted institution standing behind it. This is in stark contrast to U.S. currency and reserve balances, which are liabilities of the Federal Reserve Banks''.

Therefore Federal reserve bank doesn't insure cryptocurrencies.

EXCEPT for C) it is insured by the federal reserve bank. All other options are benefits of using cryptocurrencies.

jeff jeffy answered 2 years ago

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