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Cryptocurrency Finds its Place in Central New York Cryptocurrency Finds its Place in Central New York

By Mikhala Armstrong

MIKHALA ARMSTRONG: In a world of debit and credit cards and digital wallets on your phone, store clerk Zabiuwlah Nasir says the way people pay is changing.
ZABIUWLAH NASIR: People are not carrying cash anymore… not that much.
ARMSTRONG: Which is why cryptocurrency is going mainstream with stars like Megan Thee Stallion…
MEGAN THEE STALLION: Bitcoin is the new kind of money
LEBRON JAMES: We’re going to the league
ARMSTRONG: and Larry David pushing crypto in sponsorships…
ARMSTRONG: so, what is cryptocurrency?
Digital money that is bought and sold online. There is bitcoin, litecoin, and ethereum.
Let’s say I bought a hat from sally and used bitcoin for my choice of cryptocurrency. With a normal transaction, both banks take record of money being sent from one account and added to another. For cryptocurrency, there is no middleman like governments and banks. Instead, crypto replaces them with a decentralized account of all transactions. And this is global unlike banks that are centralized by governments. but without middlemen like banks or governments. If you lose your password or get hacked, you’re probably not getting your money back.
Which is why SUNY Oswego economics professor Elizabeth Schmitt says that bitcoin still has a long way to go.
ELIZABETH SCHMITT: Cryptocurrency isn’t there yet, it’s not there as functioning as money. some people are
getting into cryptocurrency because they are seeing its value rise, they assume its value is going to continue to rise, and they want to get in on this increase in value
ARMSTRONG: However, cryptocurrency is sweeping the nation, and bitcoin users can find local atm machines in central New York. The machines are connected to the internet and allow users to send and receive bitcoin to their digital wallets. And Schmitt says over time these atm machines could increase.
SCHMITT: I think when something is new and potentially revolutionary people get on the bandwagon
ARMSTRONG: According to pew research, nearly 16 percent of Americans have invested in cryptocurrency. And in march of 2022, President Joe Biden signed an executive order directing federal agencies to implement a strategy for regulations on cryptocurrency. Which Schmitt says helped cryptocurrency but did not guarantee it as a financial option for all Americans in the future.
SCHMITT: It is not the same as pennies in a jar or dollars bills in your wallet, and so the
infrastructure and equipment required to access this payment mechanism of cryptocurrency is not universally available
ARMSTRONG: Schmitt suggests entering the cryptocurrency world lightly, and with money you can afford to lose.
For NCC news, I’m Mikhala Armstrong.

SYRACUSE, N.Y. (NCC News) — As technology continues to revolutionize how we work, live, and spend, cryptocurrency is becoming increasingly popular in the shift towards digital payment.

Cryptocurrency or “crypto” is a digital asset you can use to buy regular goods and services or invest in stocks. Cryptocurrency is a decentralized and encrypted medium of exchange. Unlike the U.S. dollar or the euro, where the government and banks’ have “centralized” authority, there is no central monetary authority to manage or maintain the value of a cryptocurrency. Instead, a blockchain system accounts for each transaction and keeps track of who owns what. With over 18,000 cryptocurrencies in existence, only some find immense popularity.

Types of Cryptocurrencies:

  • Bitcoin
  • Litecoin
  • Ethereum

According to Pew Research, with the number of crypto enthusiasts multiplying, nearly 16% of Americans have invested in cryptocurrency. In addition, celebrities like Megan thee Stallion, Lebron James, and Larry David are pushing crypto in their sponsorships. In March, the spread of cryptocurrency caused President Joe Biden to sign an executive order on ensuring responsible development of digital assets. The order directs federal agencies to examine the risks and benefits of cryptocurrency. 

Central New York is embracing the digital asset and installing several ATM machines that now include Bitcoin as an option to withdraw payment. Toomey Abbott Market in Syracuse is one of many that currently offer the ATM.

Toomey Abbott Market store clerk Zabiuwlah Nasir said this is because the way we pay is changing, “people are not carrying cash, not that much.”

However, SUNY Oswego economics professor Elizabeth Schmitt does not believe cryptocurrency is a rock-solid financial asset.

Despite its increasing popularity, Schmitt said, “cryptocurrency isn’t there yet, it’s not there as functioning as money.” Yet, Schmitt said the biggest draw for people to cryptocurrency is “seeing its value rise, they assume its value is going to continue to rise, and they want to get in on this increase in value.”

Schmitt suggests when considering entering the world of cryptocurrency to do your research because Schmitt said, “it is not the same as pennies in a jar or dollar bills in your wallet.”

But, most importantly, Schmitt said invest in cryptocurrency with money you can afford to lose.

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