What is Cryptocurrency?
What is Cryptocurrency? Cryptocurrency is a digital currency that has the same purpose as physical currency, which is to act as a medium of exchange. Therefore, people can use cryptocurrency where allowed to pay for goods and services. However, it is widely recognized and known as a speculative type of investment asset. Most investors have probably heard of cryptocurrency or know a little about it.
Cryptocurrency, also known as “crypto,” uses blockchain technology to record transactions in a ledger system. The most important aspect of this technology is that it can be viewed publicly, but cannot be exchanged or controlled by any single entity, making cryptocurrency safe for online transactions and almost impossible to counterfeit. In English, it is cryptocurrency.
Blockchain can be defined as a digital ledger of transactions that uses cryptography, a computer network, and electricity to create blocks of data. This system of records makes it difficult or impossible to change or manipulate data. How Many Cryptocurrencies Are There?
How Many Cryptocurrencies Are There? While many of them continue to hit the market, there are thousands of cryptocurrencies traded publicly today. Most of these cryptocurrencies are not well known, are not recognized, and do not have much trading volume.
Examples of popular, widely traded cryptocurrencies include Bitcoin (BTC-USD), Ethereum (ETH-USD), Litecoin (LTC-USD), and Bitcoin Cash (BCH-USD). Is Cryptocurrency Legal?
Is Cryptocurrency Legal? Cryptocurrency is legal in most developed market countries such as America and the UK, Germany and Japan. Some countries have either banned it or restricted its use. For example, China has largely restricted the use of Bitcoin, but has not made it illegal to hold bitcoin.
Turkey is the fourth in the world in terms of trading volume on crypto money exchanges. In Europe, it ranks first. But its use as a cryptocurrency in real life is among the restricted countries. With the latest Central Bank decree, it was announced that crypto assets cannot be used as a direct means of payment for purchases in any way. Apart from this, crypto asset trading transfer transactions can still be made legally through the platforms.
Since fraud is seen as open-front, legal regulations are the subject of discussion. In our country, regulations on crypto money exchanges are still continuing. A new draft is about to be submitted to the parliament. According to this draft; Organizations that will operate as crypto asset service providers will need to obtain permission from the Capital Markets Board. At the same time, these corporations will be subject to taxation. Those who make unauthorized transactions can be sentenced to imprisonment from 3 to 5 years and a fine of not less than 20 thousand liras.
The Capital Markets Board will be authorized to make arrangements for the determination of crypto assets to be traded on the platforms, the termination of trading, and the disposal of crypto assets that have been terminated from trading. How is Crypto Money different from NFT?
How is Cryptocurrency different from NFT? If we compare the difference between Bitcoin, which is the most popular as a cryptocurrency, and NFT: Bitcoin currently has a store of value with about 80 million users that cannot be eliminated by the decisions of central banks. If we think of Bitcoin as the simplest definition of digital gold, NFTs are a new trend towards placing art and collectible items on the blockchain.
Bitcoin can be used to buy NFTs, but more commonly, Ethereum is used as the underlying infrastructure to make purchases and sales. Also, keep in mind that NFTs are an offshoot of the crypto world, but not a cryptocurrency in their own right.
Some of the use cases of NFTs are pretty cool. NBA Topshot, for example, is creating an online marketplace for basketball fans around the world where they can buy and sell their favorite moments. Others seem to be an extension of traditional art such as Beeple’s work. Technology has certainly exploded in the last few weeks — and Winkelmann, more than anyone else, has been at the forefront of its rapid rise. Crypto Money is NFTs Artwork
Crypto Money is NFTs Artwork. Digital artist Mike Winkelmann, known as Beeple, sold NFT for $69 million. According to the auction house, the sale positions him “among the three most valuable living artists.” The record-breaking NFT sale comes after months of soaring value-packed auctions.
In October, Winkelmann sold his first NFT series, raising a pair for $66,666.66. In December, he sold a number of works for a total of $3.5 million. And last month, one of the NFTs, which initially sold for $66,666.66, was resold for $6.6 million.
The person who bought a Beeple NFT piece for $66,666 and resold it 100 times just four months later: Collector Pablo Rodriguez-Fraile started collecting digital art a year ago and founded the Crypto Art Museum in part to showcase his growing collection. He sees Winkelmann’s rising selling prices as a way to prove to the public that technology matters. Here’s how the aforementioned NFT looks as a picture.
