A few years ago, crypto, like funfair wallet, was a cool and interesting thing. You could make money with mining it, you could trade it, hold it, read about it and it was fun. At one moment people start to dislike the idea of mining since a lot of energy is used for mining crypto. I agree with them, in some point, I didn’t like that idea also, but looks like technology goes in one way only, and that is forward.
We still have “Pow” which is “Proof of work” where miners need to have turned on the computers and mine to confirm transactions and make the network safe. Now we also have “Pos” what is “Proof of stake” where people delegate their tokens to delegate pools and there validates transactions. For that delegates get tokens and in that way earn passive income. So mining is not anymore the most important thing around Crypto. We still have miners and they are pretty active, but in the future Crypto will be without mining. Well, at least when Bitcoin will be mined completely.
Beginning or the end?
There are still some people thinking that we came to the end of Crypto, but those people are not informed well or they have some other interest. It happens many times that people which got big influence in the world of finance talking how crypto is bad and it will not work out. At the same time they buy Bitcoin. This kind of manipulation will be less and less because by the time I write this blog post we are at the beginning of crypto story. Still only 2% people in the world are involved in crypto. That is really, really small number. However more people will be involved in crypto and the whole market will be different than now. In any case we got some new very exciting stuff in crypto world. If you’re planning to invest in cryptocurrency, an Online Cryptocurrency Consultant can give you some advice so you can make better decisions.
One of the most important thing happened in the last years is DEFI.
DEFI means decentralized finance. What means that we will not need banks anymore. Because you can easily get loan by giving your collateral in crypto and get a nice loan on much better terms than in a bank. Yes, banks will not exist in a way like they exist now. Except loans you can do a lot of other things on DEFI platforms. You can provide liquidation with your tokens and earn passive income, you can supply your tokens for borrowing and again earn passive income. There are a lot of ways how you can interact with DEFI and earn. I will write down about it in more details in the next blog posts because this will be for sure game-changing in the world which we know.
What is NFT? That is really cool new thing with a full name None-fungible token. That is something really new and very exciting. Every digital image can be NFT, every digital thing can be NFT, so now from everything digital you can create something what got value. Also with NFT, we solved problems with copyright. IF you made NFT nobody can claim that is his and also you can set up that every time somebody sell your item somewhere on the marketplace you earn interest on it.
Now with NFT all video games can change way of working. Until now video game developers made the game and people could buy skins and other in-game items. That was cool only for video game developers, since when you finished playing video games you could not sell those times or skins. Now with NFT every video game can give ownership of items to the player. So, games now become a play-to-earn games. Now you can earn NFT in the game and sell it at the market place. Not only that you play the game and have fun you are earning money with playing games.
NFT is not only useful in video games, but it can be used in any industry. The possibilities are endless and I am sure that it will change the world as we know it. Well, for sure it will in a digital sense.
I hope that my text will bring you closer to the Crypto world as you can see it goes closer to you in any way.
If you have something to add on this text please be free to write a comment.