Beyond Bitcoin: The Face of Blockchain Technology
Cryptocurrency and NFTs — The basics of digital currency explained
There’s been much buzz about cryptocurrency as digital currency. And you’ve probably heard of bitcoin, blockchain, and cryptocurrency until your earlobes wanted to curl inward. However, the universe of digital currency is always evolving.
Also, there’s talk about not having an intermediary, such as a bank to purchase a home. Some have boasted how they’ve made thousands of dollars daily, and have amassed wealth.
So, what’s the REAL deal?
For anyone whose been following the cryptocurrency phenomenon, this will be perhaps redundant and possibly boring. Anyone who hasn’t been following this virtual financial trend, here’s a bit of info to bring you up-to-speed:
What is Blockchain?
According to Investopedia, “Blockchain is a type of shared database that differs from a typical database in the way that it stores information; blockchains store data in blocks that are then linked together.”
On the other hand, a typical “database is stored as a file or set of files,” according to Brittanica.com.
Cryptocurrency. What is it?
A digital form of payment that can be spent freely, without the banks or government oversight (decentralization). A digital form of currency, which can be used to buy, sell, or trade within a cryptographic environment.
PayPal, Visa, MasterCard are also digital forms of currency. But they are the opposite of cryptocurrency because they are centralized (meaning that they must have the interception of banks to digitally transfer funds). In turn, the banks also have government oversight on these financial platforms, as well.
So, what is Bitcoin?
Bitcoin, to date, is (the face of crypto, the face of blockchain technology) one aspect and the most popular digital currency.
According to Bitcoin.com, “Bitcoin is an innovative payment network and a new kind of money.”
Check out the video, which explains the basics of “What is Bitcoin?”
But, what about NFTs?
Also, there’s NFTs, which are non-fungible tokens. NFTs are earmarked (my term) as an exchange for a specific item of value, unlike U.S. currency, which can be exchanged for anything worth the value (or denomination) of the currency to be exchanged.
In my next post, I will discuss various types of NFTs, and how they function in the cryptocurrency world.
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