-- #Crypto 101 - Beginners guide (Part 1) /1 --
Content in Part 1:
🔹What is a #Cryptocurrency?
🔹How many Cryptocurrencies are there?
🔹Types of Cryptocurrency
🔹What are real world applications of Crypto?
🔹Pros and Cons of Crypto?
🔹Crypto, the future of Finance?
-- What is a #Cryptocurrency? /3 --
🔹A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers
🔹Decentralization allows them to exist outside the control of governments and central authorities
cont...
-- What is a #Cryptocurrency? Cont'd /4 --
🔹Cryptocurrencies have many real word applications, i.e. secure payments online
🔹"Crypto" refers to the various encryption algorithms and cryptographic techniques that safeguard the entries
🔹The most widely known Crypto is #Bitcoin
-- How many #Cryptocurrencies are there? /5 --
🔹More than 6,700 different cryptocurrencies are traded publicly, according to CoinMarketCap.com
🔹Largest cryptos by market capitalization are:
🔸 #Bitcoin $BTC
🔸 #Ethereum $ETH
🔸 #Binance Coin $BNB
🔸 #Ripple $XRP
-- Types of #Cryptocurrency /6 --
🔹Utility / Platform / Governance tokens
🔹Security tokens
🔹Transactional / Currency tokens
🔹Non-Fungible tokens
Details to follow...
-- Utility / Platform / Governance tokens /7 --
🔹Digital asset that is used to finance the network
🔹Delivering decentralized applications (dapps)
🔹Allow stakeholders to collaborate, debate, and vote on how to manage a system
🔹E.g. #Cardano $ADA, #BinanceCoin $BNB
-- Security tokens /8 --
🔹Digital, liquid contracts for fractions of any asset i.e. real estate or stocks
🔹ST's preserve the investors ownership stake on the distributed ledger
🔹#STO s will superseded traditional financial markets in favor of #DLT models
🔹e.g. #StoBox
-- Transactional / Currency tokens /9 --
🔹Used to transact / exchange or store value
🔹They serve as units of account and are exchanged for goods and services
🔹E.g. #Bitcoin $BTC, #Ethereum $ETH, #Litecoin $LTC
-- Non-Fungible tokens /10 --
🔹#NFT s unique tokens that exist on a blockchain and cannot be replicated
🔹Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency
🔹Can be used to represent real-world items like artwork, peoples identities and real-estate
-- Some real world applications of #Crypto /11 --
🔹Supply Chain - transparency makes it easier to audit supply chains, both for efficiency and for accurate reporting
🔹Energy Market - #blockchain makes it possible to buy and sell energy just like many other commodities
-- Some real world applications of #Crypto Cont'd /12 --
🔹Financial Services - providing access to the millions of people around the world who are unbanked
🔹Musician Rights - transform the rights of musicians, providing transparency and preventing theft
#Unbanked #DeFi
-- Some real world applications of #Crypto Cont'd /13 --
🔹Healthcare - make it possible to securely store these medical records in a single spot for all healthcare providers
🔹Voting - a system for electronic voting that ensures anonymity while still allowing for auditing
-- Some real world applications of #Crypto Cont'd /14 --
🔹Asset #Tokenization - assets become easy to trade with others, and to divide up so people can share ownership of an asset. Improves the liquidity of assets & also allows for freer trade & diversification
@StoboxCompany
-- Pros and Cons of #Crypto? /15 --
🔹Pros:
🔸 Unparalleled Transparency
🔸 Instant and 24-hour accessibility
🔸 Protection from inflation
🔸 Self-governed and managed
🔸 Decentralized
🔸 A fast way to transfer funds
🔸 Absolute anonymity
#DeFi #Bitcoin
-- Pros and Cons of #Crypto? Cont'd /16 --
🔹Cons:
🔸 Difficult to comprehend
🔸 Challenges of market fluctuations
🔸 Data losses can cause financial losses
🔸 Can be used for illegal transactions
🔸 Adverse Effects of mining on the environment
🔸 Susceptible to hacks
-- #Crypto, the future of Finance? /17--
🔹Crypto will cause mass disruptions to the future of money
🔹Already replacing old world Finance systems
🔹Banks are already adopting crypto as a means of transacting & settlement
🔹Regulation will ensue, but cryptos will prevail
#Defi
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