Crypto, crypto, crypto. No matter which way we seem to focus our attention nowadays, the digital coins have wiggled their way into the picture. From sports podcasts to cooking shows, crypto has begun to swallow up our world.
Our favorite streaming platforms seem to point us towards crypto with advertisements between shows. It has built to the point where even the most uninformed person is at least somewhat familiar with buzzwords such as blockchain, crypto NFT, or Elon Musk. With this being the case, it seems necessary to have a deeper knowledge of the technology and everything either associated with it or developing around it.
To gain a deeper understanding of any subject, you should have a firm grasp of the basics before attempting to inundate yourself with complicated ideas. So, without further ado, here is your introduction to the world of crypto.
What Is Crypto?
For many, this is the big question. The novelty and unique aspects of crypto are two of the driving reasons behind the technology’s growth but those same characteristics bring about some lack of understanding. To put it simply and to get this confusion out of the way, crypto is like other forms of money in that it holds value and said value fluctuates.
The key difference between the two is that cryptocurrency’s entire existence hinges on the existence of something else – a computer network. Computers across the globe regularly confirm the authenticity of each coin and the code supporting said coin is secured in such a way that changes can never be made. While all of this is not necessarily the case for every cryptocurrency, it is true of most. The crypto NFT outliers are somewhat indicative of its widespread recognition.
Why Is It Popular?
One of the bigger draws to crypto is the potential power it offers to both creators and users alike. Like the internet it lives on, crypto technology has this sandbox-like quality where it seems the only true limitation is one’s creativity. This right here is why digital currencies are so popular. The American dollar is what it is. Its functionality and usefulness will likely never change.
The same cannot be said about crypto which is its brilliance. Take Bitcoin for example. One of the issues the creators of the currency had with our modern financial system was inflation. Their solution was to create a currency which mathematically cannot have levels of inflation the dollar has had once the currency reaches maturation. An idea like this only begins to show the lengths people have pushed crypto NFT to.
How Is It Used?
Honestly, we could spend the entirety of this article going over the variety of ways crypto is being used. Do you want to own a coin simply because it’s funny? Or do you want to pay for your concessions next time you’re at a sporting event? Alternatively, you could hold a coin just because you believe in the store of value being offered or the potential you see in it.
Basically, if people have dreamt of something pertaining to crypto, there’s a solid chance that it’s been created. However, up until now, there does not seem to be a shortage of new crypto NFT ideas being floated across social media daily. It’s a bit like an ice cream parlor in that there’s a flavor for everyone.
Who Uses It?
If you’ve been reading closely, you’ll know that we’ve already addressed this question. A few times. The long and short of it is that everyone, or at least people from every walk of life, is using crypto consistently in some manner.
Musicians, actors, hourly-wage workers, and shockingly, children, have all participated in the recent crypto NFT craze. Just look at what basketball superstar Michael Jordan is doing – six months ago, he launched an NFT platform dedicated to bridging the gap between professional athletes and their fans. Slightly similarly, rapper Eminem has his own NFT collection which has put together multiple million dollars’ worth of revenue.
To sum this up, all types of people, regardless of social status, have begun to use crypto NFT in numerous capacities seemingly impossible to keep track of completely. Crypto was built for everyone and is being used by everyone.
There you have it. The barebones introduction to the world of crypto. It’s very possible that you have a shopping lists’ worth of questions about what was presented to you above. This is normal and expected because of the immensity of the topic.
It’s important to remember this introduction is in no way meant to be an all-encompassing education on crypto. That being said, the hope is the information provided will allow you to build a foundational knowledge of crypto. Considering all that was presented above, doing so may be wise. Afterall, the power of crypto belongs to those who hold it, just as the power of information does.