Crypto, Blockchain & NFT's

Yes, there is an explosion that has been in the making for about 10+ years. You've heard of Bitcoin, blockchain and I'm sure by now, NFT's but may not be sure exactly what they are and/or what they may or may not mean to you.

Here's my take...

So much of our financial lives are actually taking place online so crypto is not a farfetched thing to transition to. Essentially, crypto assets like Bitcoin, Litecoin, Ethereum, Ripple, NFT's, or any other digital file or link are on what is called a blockchain. There are different types of blockchains but what is most important to know is the basics of how they work. They work off of what is called a "smart contract".

Smart contracts in one of its simplest forms is even a vending machine. Yup, every time you use a vending machine, you are using blockchain technology. How so? It's a simple contract that you are agreeing to in order to get an asset (or snack). In the example of the vending machine, there is a set price for a bag of chips you want. You supply the vending machine with the money for your selection as an agreement and the machine gives you the bag of chips.

With blockchain, instead of there being just one vending machine, there are usually a series of machines that verify both sides of the process. They verify that the asset (bitcoin, a digital file, or in the case of the vending machine, chips) are actually there and that the purchaser actually has the agreed payment.

This takes up a good amount of power but is seemingly instantaneous and faster than a wire transfer. So in a sense, this makes doing business more efficient and in some ways secure. 

Crypto can be attain in a number of ways as long as you have a computer or smart device. Cashaspp, Coinbase, Kucoin, Metamask, and many others can be used to buy, transfer and sell crypto currencies which will open the door up to you being able to acquire crypto assets like NFT's. Digital art is booming right now, gaming has been making waves and I'm sure music is to follow. There are whole marketplaces you can purchase NFT's to get access to your favorite creatives creations. 

As the world moves further into a digital place, one thing I hope remains is some form of physical currency. It is still a great equalizer and if nothing else, emergency parachute. In a time where negative hacking can turn up as much as a handy time and energy saving life hack, having some physical money in case one of your crypto wallets gets lost can be the difference between groceries paid for and being hungry for a period. Or if someone is on really bad times and is on the street, how do you give to the poor if physical currency becomes obsolete and they do not have a smart device or a safe place to charge it? There are other considerations but this is a big one that I don't hear much talk about.

I am still learning about this whole ecosystem myself but 2 resources I like that break all of these aspects of the new digital life down further are finance academy and Coindesk.

And you know I could not write about this without trying my hand at at least one of each so, I've gotten a small amount of crypto (on the blockchain) and created my first music NFT for the remix to the Rayne Drop favorite Shell Shocked! Check it out the video here and let me know what you think!

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