Cryptocurrency, NFTs, Blockchain…these are words we are hearing more and more every day if you follow tech news, and well…they even started leaning into mainstream media as well. So you might ask, what are they and why do I care?
Put in simple words, cryptocurrency is a type of currency that uses digital files as money. It started gaining popularity with the rise of Bitcoin in the early 2010s, although within the past year it has EXPLODED in popularity forming thousands of smaller cryptocurrencies to be formed. Some of these other popular cryptocurrencies are Ethereum Coin, Doge Coin, Lite Coin, etc.
One of the surprising things is that with the rise of crypto, it’s built many communities based around investing, and has created it’s own culture. What has made it so popular though? Crypto has gained attraction mostly for the investment aspect, people “play” crypto like the stock market, and thats due to how volatile it is. For example, Elon Musk made a tweet about DogeCoin and the price went up 20% in under 24 hours. While crypto can gain traction very fast, it can lose all of its value almost overnight. So invest at your own risk.
Next, let’s discuss one of the newest trends…NFTs. Non-Fungible Tokens are very similar to crypto, but they aren’t a currency. An example of what they are would be Just Bricks NFT. There’s a website selling a limited number of digital photos of different bricks. Why are people buying them? Well because they are a limited quantity meaning that you buy it, you own it, even though it’s just a photo. Another good example of an NFT would be like the Earth 2 website in last weeks metaverse blog. Here’s an explanation of NFTs.