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November 17, 2021

Cryptocurrency


Money comes in many forms, but at the moment the most common type of money is fiat money.

They are called fiduciary or paper money, or token money, or unsecured money.

All these are the same national currencies: rubles, dollars, euros, tenge and other papers, issued by central banks of different countries.

Cryptocurrency is an alternative to fiat money. It is backed by the same belief in itself as fiat money. But unlike fiat money, its value does not directly depend on the policies of a particular state.
Therefore, given that faith in state institutions in the world right now is weak, many people are running away from fiat money and investing it in crypto.

Also, unlike regular money - cryptocurrency is both money and payment system in one bottle. Kind of like Visa or Mastercard, but also money.

Therefore, crypto does not need an intermediary to transfer funds, which can be very advantageous, especially for international transfers.

Nevertheless, the value of cryptocurrency now is more speculative and does not reflect the real situation. But answering the question: Is cryptocurrency money? I can say - yes, definitely. But only in those countries, where you can buy goods and services from crypto-currencies without problems with the law, for example, Japan, Europe, USA.

There are a lot of types of cryptocurrencies, with their pros and cons.
Tokens
We learned that blockchain is a distributed registry in which data can be stored securely. For example, cryptocurrency transaction data.

Basically, blockchain is the basis on which you can build. You and I know that you can store other data, too. For example, tokens.

A token is a sign, a symbol, a token.

A token is just a unit of record, a set of numbers stored in a blockchain. And you need a token to reflect your digital balance about an asset.

That is, it is a record that you own something and in what amount. In other words, a token is a kind of analogue of securities in the digital world.

A token is like a document signed by a notary, only instead of a document, we get a record in a blockchain cell, and instead of a notary, we get smart contracts.

So with tokens and smart contracts, you can digitize any valuables of the material world and trade them in cryptocurrency. You can tokenize art, for which there are non-interchangeable tokens or NFTs.

You can tokenize your social network profile and give it back to yourself. Or even your tweets, as Twitter founder Jack Dorsey did and sold his first tweet for $2.9 million.

And how are tokens and blockchain taking off when gaming platforms take over. Gaming funnies turn into real assets... See how it works on the website https://nftotters.com


If blockchain is the basis for building a digital world, tokens are bricks that, unlike paper, cannot be forged.
Posted by      Ted Novack at 11:22 PM AEST | Comments (5)
Tags: token
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