Common Misconceptions About Cryptocurrency, NFTs, and More

Which is your crypto of choice?
Which is your crypto of choice? / Chinnapong/Shutterstock

Hearing NFTs explained as “non-fungible tokens” means nothing unless you’re already familiar with the word fungible.

After this episode of Misconceptions, you definitely will be. Mental Floss host Justin Dodd is diving deep into the many myths and misunderstandings surrounding cryptocurrency à la Scrooge McDuck in that giant pool of gold coins.

Speaking of coins: Just because you can’t hold a bitcoin doesn’t mean there’s an infinite supply of them. And just because the U.S. doesn’t recognize cryptocurrency as legal tender doesn’t mean they don’t tax it. In El Salvador, on the other hand, bitcoin is valid legal tender—meaning you can use it to pay off debts. That said, only around one-fifth of businesses there actually accept it.

So what exactly is cryptocurrency? How does it work? And how can you use it to make pools of gold coins to swim through? Press play below for answers to two of those questions (and some others).

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