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A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs)

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Introduction

The creation of Bitcoin introduced the concept of trustless, digital scarcity. Before it, the cost of digitally copying something was next to nothing. With the advent of blockchain technology, programmable digital scarcity has become possible – letting us map the digital world to the real world.

Non-fungible tokens (NFTs), often referred to as crypto collectibles, expand this idea. Unlike cryptocurrencies, where each token is equal, non-fungible tokens are unique and limited in quantity.

NFTs are a key building block in a new, blockchain-powered digital economy. Numerous projects have experimented with NFTs in a variety of use cases, including gaming, digital identity, licensing, certificates and fine art. What’s more, NFTs even allow for fractional ownership of high-value items.

NFTs have become much easier to issue, and we’re seeing increasing amounts minted daily. This article will dive into what NFTs are, what they can be used for, and how a game called CryptoKitties congested the Ethereum blockchain in late 2017.

What is a non-fungible token (NFT)?

A non-fungible token (NFT) is a type of cryptographic token on a blockchain that represents a unique asset. These can either be entirely digital assets or tokenized versions of real-world assets. As NFTs aren’t interchangeable with each other, they may function as proof of authenticity and ownership within the digital realm.

Fungibility means that an asset’s individual units are interchangeable and essentially indistinguishable from each other. For example, fiat currencies are fungible because each unit is interchangeable with any other equivalent individual unit. A ten-dollar bill is interchangeable with any other genuine ten-dollar bill. This is imperative for an asset that aims to act as a medium of exchange.

Fungibility is a desirable property for currency because it enables free exchange, and theoretically, there is no way to know the history of each individual unit. However, that isn’t a beneficial trait for collectible items.

What if we could create digital assets similar to Bitcoin but instead add a unique identifier to each unit? This would make each of them different from all the other units (i.e., non-fungible). Essentially, this is what an NFT is.

crypto stamp nft

How do NFTs work?

There are various frameworks for the creation and issuance of NFTs. The most prominent of these is ERC-721, a standard for the issuance and trading of non-fungible assets on the Ethereum blockchain.

A more recent, improved standard is ERC-1155. It enables a single contract to contain both fungible and non-fungible tokens, opening up a whole new range of possibilities. The standardization of the issuance of NFTs allows a higher degree of interoperability, which ultimately benefits the users. It basically means that unique assets can be transferred between different applications with relative ease.

Binance Smart Chain (BSC) has its own NFT standards: BEP-721 and BEP-1155. These two provide similar functionality to the previously mentioned Ethereum standards. Both have become attractive for creators looking to mint NFTs as the cost is substantially lower than Ethereum.

If you are looking to store and gaze upon the beauty of your NFTs, you can do that in Trust Wallet. Just like other blockchain tokens, your NFT will exist on an address. It’s worth noting that NFTs can’t be replicated or transferred without the owner’s permission – even by the issuer of the NFT.

NFTs can be traded in open marketplaces, including Treasureland, BakerySwap, Juggerworld on BSC, and OpenSea on Ethereum. These markets connect buyers with sellers, and the value of each token is unique. Naturally, NFTs are prone to price changes in response to market supply and demand.

But how can such things have value? Just like with any other valuable item, the value isn’t inherent to the object itself but is rather assigned by people who deem it valuable. In essence, value is a shared belief. It doesn’t matter if it’s fiat money, precious metals, or a vehicle – these things have value because people believe they do. This is how every valuable item becomes valuable, so why not digital collectibles?

What can NFTs be used for?

NFTs can be used by decentralized applications (DApps) to issue unique digital items and crypto-collectibles. These tokens can either be a collectible item, an investment product, or something else.

Gaming economies are nothing new. And since many online games have already had their own economies, using blockchain to tokenize gaming assets is taking only a step further. In fact, the use of NFTs could potentially solve or mitigate the common problem of inflation that many games have.

While virtual worlds are already flourishing, another exciting use of NFTs is the tokenization of real-world assets. These NFTs can represent fractions of real-world assets that can be stored and traded as tokens on a blockchain. This could introduce some well-needed liquidity to many markets that otherwise wouldn’t have much, such as fine art, real estate, rare collectible items, and many more.

Digital identity is also a sector that can benefit from the properties of NFTs. Storing identification and ownership data on the blockchain would increase privacy and data integrity for many people around the world. At the same time, easy and trustless transfers of these assets could reduce friction in the global economy.

How do I make NFTs?

Creating your own NFTs on either BSC or Ethereum is a simple process offered by numerous platforms and NFT exchanges. All you need to get started is some crypto to pay your minting fee and something to turn into an NFT. You’ll also need to choose between minting your NFT on Ethereum or Binance Smart Chain.

Ethereum has traditionally been the home of NFTs and their development. It has a large user base and well established NFT community, but transaction fees are very costly. This makes small purchases, sales, and transactions costly for users. BSC is a newer blockchain but has already seen a lot of growth in its NFT markets. Transactions are also much cheaper.

How do I buy NFTs?

As we mentioned, NFT marketplaces are the first place you should look if you want to buy non-fungible tokens. But that’s not all the information you need. You can’t just buy NFTs with a credit card or PayPal. A crypto wallet and some crypto are essential to the process.

For Binance Smart Chain NFTs, prices will almost always be in BNB. Ethereum NFTs will typically use ether (ETH). Both of these cryptocurrencies are available to buy on the Binance exchange. Once you’ve purchased your chosen crypto, move the funds to a wallet that can interact with NFT marketplaces.

Binance Chain Wallet and MetaMask are good options for browser extension wallets. Both can be connected to an NFT marketplace. You just need to transfer your crypto from Binance to your wallet, go to the marketplace’s website and connect your wallet (the connect button is usually in the top right corner). Be careful with fake or suspicious websites. Double-check the URL and consider bookmarking if you use it often.

If you prefer a mobile experience, take a look at Trust Wallet. It’s available for both iOS and Android and also supports multiple blockchains. Don’t forget that interacting with Ethereum and BSC isn’t free! It’s always worth having some extra crypto for paying transaction fees.

The story of CryptoKitties and Ethereum

One of the first NFT projects to gain significant traction was CryptoKitties, a game built on Ethereum that allows players to collect, breed, and exchange virtual cats.

Cryptokitty

Each CryptoKitty can have a combination of several different properties, such as age, breed, or color. As such, each of them is unique, and they can’t be interchanged with each other. Also, they are indivisible, meaning that there’s no way to divide a CryptoKitty token into smaller parts (such as the gwei for ether).

CryptoKitties gained some notoriety after it congested the Ethereum blockchain due to the high activity it stirred up on the network. An estimated 25% of Ethereum’s traffic in December 2017 was related to these collectible cats. It’s clear that the game caused a big impact on the Ethereum network, but other factors also contributed to it, including the Initial Coin Offering (ICO) boom.

CryptoKitties is an early example of a blockchain use case that isn’t a currency, but something used for recreation and leisure. Collectively, these virtual cats moved millions of dollars, and some of the rare units were sold for hundreds of thousands of dollars each.

Many different projects already use NFTs as collectible and tradable items. Let’s go through a selection of some of the most popular ones.

Decentraland

Decentraland is a decentralized virtual reality world where players can own and exchange pieces of virtual land and other in-game NFT items. Cryptovoxels is a similar game where players can build, develop, and exchange virtual property.

decentraland-img

PancakeSwap

PancakeSwap is BSC’s most used automated market maker by volume, and it has one of the most popular NFTs. The project releases collectible bunnies in giveaways and competitions to the platform’s users. Some are purely decorative, and others are exchangeable for CAKE, the platform’s native token.

pancakeswap-img

Gods Unchained

Gods Unchained is a digital collectible card game where cards are issued as NFTs on the blockchain. Since each digital card is unique, players can own and trade them with the same level of ownership as if they were physical cards.

Gods unchained card Greed Banestrider on Opensea

Cryptopunks

Cryptopunks are collectible pieces of digital art, each one depicting a unique, 8-bit-style NFT character. The project was an inspiration for the ERC-721 token standard and was one of the first examples of a crypto art craze. CryptoPunks have since sold for millions of dollars and inspired many similar projects around the world.

cryptopunks

Binance Collectibles & NFTs

Binance gives out NFTs in special giveaways, as well as to users based on their Binance activity. From rading futures to Pizza Day NFTs, you can regularly get your hands on Binance collectibles that are also tradeable.

binance-collectibles

Binance Collectibles is another example. These are NFTs issued in collaboration with Enjin. If you’d like to get your hands on one, make sure to follow Binance on Twitter and look for the next giveaways! If you’d like to participate in an NFT giveaway, follow these short steps:

  1. Download a wallet that supports Ethereum, such as Trust Wallet.

  2. Copy your Ethereum address and provide it according to the giveaway rules. You might have to submit it through a form or leave it as a Twitter comment. Be sure to double-check the rules to know what you need to do to enter.

  3. If you’ve won an NFT and it’s been distributed, you’ll see it under the Collectibles tab in Trust Wallet. From then on, you can choose to either HODL or sell at a P2P marketplace.

binance-collectibles-nfts

The Binance NFT Marketplace allows users to mint and trade NFTs of their own creation. It includes exclusive NFTs from famous creatives around the world, such as the musician Lewis Capaldi and crypto artist Trevor Jones. The platform also offers royalties to creators for any subsequent sales through the marketplace.

Crypto Stamps

Crypto Stamps are issued by the Austrian Postal Service and connect the digital world to the real world. These stamps are used to transport mail like any other stamp. But, they are also saved as digital images on the Ethereum blockchain, making them a tradable digital collectible.

crypto-stamps

Closing thoughts

Digital collectibles open up blockchain technology to whole new avenues outside of conventional financial applications. By representing physical assets in the digital world, NFTs can be a vital part of the blockchain ecosystem and the wider economy.

The use cases are vast, and it’s quite likely that many developers will come up with new and exciting innovations for this promising technology.

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You could think of an automated market maker as a robot that’s always willing to quote you a price between two assets. Some use a simple formula like Uniswap, while Curve, Balancer and others use more complicated ones.
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A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs)

A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs)
The creation of Bitcoin introduced the concept of trustless, digital scarcity. Before it, the cost of digitally copying something was next to nothing. With the advent of blockchain technology, programmable digital scarcity has become possible – letting us map the digital world to the real world. Non-fungible tokens (NFTs), often referred to as crypto collectibles, expand this idea. Unlike cryptocurrencies, where each token is equal, non-fungible tokens are unique and limited in quantity.
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Decentralized Autonomous Organizations (DAOs) Explained

Decentralized Autonomous Organizations (DAOs) Explained
Blockchains are already radically transforming our financial system. However, properties such as trustlessness and immutability aren’t only useful in monetary applications. Another potential candidate ripe for disruption by this technology is governance. Blockchains could enable entirely new types of organizations that can run autonomously without the need for coordination by a central entity. This article will give an introduction to what these organizations might look like.
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A Beginner's Introduction to Cryptoeconomics

A Beginner's Introduction to Cryptoeconomics
In simple terms, cryptoeconomics provides a way to coordinate the behavior of network participants by combining cryptography with economics. More specifically, cryptoeconomics is an area of computer science that attempts to solve participant coordination problems in digital ecosystems through cryptography and economic incentives.
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Pyramid and Ponzi Schemes

Pyramid and Ponzi Schemes
Most individuals that invest in Bitcoin – or that participate in Initial Coin Offering (ICO) events – are usually concerned about two things. First, the Return of Investment (ROI), which represents the profits they will eventually make from the initial investment. Then, there is a second concern, which is related to the amount of risk involved with the investment. When the risks are too high, investors are more likely to lose their initial investment (in parts or completely), which would result in a negative ROI.
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What is Public Key Cryptography?

What is Public Key Cryptography?
Public key cryptography (PKC), also known as asymmetric cryptography, is a framework that uses both a private and a public key, as opposed to the single key used in symmetric cryptography. The use of key pairs gives PKC a unique set of characteristics and capabilities that can be utilized to solve challenges inherent in other cryptographic techniques. This form of cryptography has become an important element of modern computer security, as well as a critical component of the growing cryptocurrency ecosystem.
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History of Cryptography

History of Cryptography
Cryptography, the science of writing codes and ciphers for secure communication, is one of the most important elements that goes into making modern cryptocurrencies and blockchains possible. The cryptographic techniques used today, however, are the result of an incredibly long history of development. Since ancient times, people have used cryptography to transmit information in a secure manner. Following is the fascinating history of cryptography that has led up to the advanced and sophisticated methods used for modern digital encryption.
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What Is Axie Infinity (AXS)?

What Is Axie Infinity (AXS)?
It’s 2021, and that means you can earn money by playing games and breeding virtual pets. An easy way to think of Axie Infinity is to imagine a blockchain game that combines Pokémon, CryptoKitties, and card game elements.
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Is Bitcoin a Store of Value?

When you think of a safe-haven asset, precious metals like gold or silver probably come to mind. They’re investments that individuals flock to as hedges against turmoil in traditional markets. The debate over whether Bitcoin follows in the footsteps of these assets rages on. In this article, we’ll look at some of the main arguments for and against Bitcoin being a store of value.
When you think of a safe-haven asset, precious metals like gold or silver probably come to mind. They’re investments that individuals flock to as hedges against turmoil in traditional markets. The debate over whether Bitcoin follows in the footsteps of these assets rages on. In this article, we’ll look at some of the main arguments for and against Bitcoin being a store of value.
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What Is VeChain (VET)?

What Is VeChain (VET)?
VeChain provides blockchain solutions for businesses around the globe. With plenty of existing industry blockchain applications from supply chain management to anti-counterfeiting and carbon credits, their systems have been proven in the real world. VET is the coin that underpins VeChain, where VTHO is the gas token that’s used for transactions on the VeChainThor blockchain (like Ethereum’s gas).
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Приготовьтесь! Биткойн будут сливать, но это не точно

Приготовьтесь! Биткойн будут сливать, но это не точно
Только что в Twitter наткнулся на пост от Jacob Canfield, якобы есть инсайдерская информация, о том что Bitcoin планируют сливать, дабы выбить некоторых конкурентов, потом обратно откупить, подняв стоимость до $70к.
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More about the Crypto Fans club

More about the Crypto Fans club
Now I will tell you what our club is, how it works and what advantages it has. A minimum of water, a maximum of specifics. The club is a kind of trust fund, which consists of a team of Asset Managers, on the one hand, who invest in the crypto market, and Investors, on the other. I will not describe in this article what cryptocurrency is, why it is growing, and what are its advantages, this topic is worthy of a separate article. You can google all this, or go to coinmarketcap.com and see how the value of a particular cryptocurrency has grown at least this year, and doubts about investing in cryptocurrency should disappear.
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What Is The Sandbox (SAND)?

What Is The Sandbox (SAND)?
The Sandbox is a play-to-earn game that combines blockchain technology, DeFi, and NFTs in a 3D metaverse. Its virtual world allows players to create and customize their games and digital assets with free design tools. The virtual goods created can then be monetized as NFTs and sold for SAND tokens on The Sandbox Marketplace.
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What Is Tether (USDT)?

What Is Tether (USDT)?
Tether (USDT) is one of the most popular stablecoins out there. It was designed to hold a one-to-one value with the US dollar. The coin exists on many different blockchains and has experienced rising trading volumes and improved liquidity over the past few years.
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What Is Solana (SOL)?

What Is Solana (SOL)?
Solana is a blockchain network focused on fast transactions and high throughput. It uses a unique method of ordering transactions to improve its speed. Users can pay their transaction fees and interact with smart contracts with SOL, the network’s native cryptocurrency.
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What Is Polkadot (DOT)?

What Is Polkadot (DOT)?
Polkadot positions itself as the next-generation blockchain protocol, capable of connecting multiple specialized chains into one universal network. With a strong focus on building infrastructure for Web 3.0 – and founded by the Web3 Foundation – Polkadot aims to disrupt Internet monopolies and empower individual users.
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What Is Harmony (ONE)?

What Is Harmony (ONE)?
Harmony is a layer-1 blockchain using sharding and Effective Proof of Stake to achieve scalability, security, and decentralization. The network was launched in 2019 and features trustless cross-chain bridges and four shards, which process transactions in parallel. Effective Proof of Stake encourages decentralization of validators, and sharding shares the network's load among validators, delegators, and users.
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What Is Filecoin (FIL)?

What Is Filecoin (FIL)?
FFilecoin is a decentralized, peer-to-peer digital storage marketplace using blockchain technology. It’s built on top of InterPlanetary File System (IPFS) and allows users to rent unused hard disk space and earn FIL tokens in return. Let’s see how Filecoin aims to shake up the online storage space.
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What Is Decentraland (MANA)?

What Is Decentraland (MANA)?
Decentraland is a virtual world and community based on blockchain technology. Users develop and own plots of land, artwork, and Non-Fungible Tokens (NFT). Members also participate in the platform’s Decentralized Autonomous Organization (DAO).
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What Is Ethereum 2.0 And Why Does It Matter?

What Is Ethereum 2.0 And Why Does It Matter?
Ethereum 2.0 is a long-awaited upgrade to the Ethereum (ETH) network that’s promised significant improvements to the functionality and experience of the network as a whole. Some of the more notable upgrades include a shift to Proof of Stake (PoS), shard chains, and a new blockchain at the core called the beacon chain. All of this and more is expected to be phased in through a carefully planned roadmap.
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What Is BUSD?

What Is BUSD?
BUSD is a regulated, fiat-backed stablecoin pegged to the U.S. dollar. For every unit of BUSD, there is one U.S. dollar held in reserve. In other words, the supply of BUSD is pegged to the U.S. dollar at a 1:1 ratio. Holders can swap their tokens for fiat and vice versa. Paxos, the token’s issuer, releases monthly attestations of BUSD’s reserves.
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What Is Avalanche (AVAX)?

What Is Avalanche (AVAX)?
Avalanche attempts to improve scalability without compromising speed or decentralization. Three blockchains make up its core platform - the Exchange Chain (X-Chain), Contract Chain (C-Chain), and Platform Chain (P-Chain). The X-Chain is used for creating and trading assets. The C-Chain is for smart contract creation. The P-Chain is for coordinating validators and Subnets.
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What Are Wrapped Tokens?

What Are Wrapped Tokens?
A wrapped token is a cryptocurrency token pegged to the value of another crypto. It’s called a wrapped token because the original asset is put in a wrapper, a kind of digital vault that allows the wrapped version to be created on another blockchain.
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What Is a Stablecoin?

What Is a Stablecoin?
A stablecoin is a cryptoasset pegged to another asset, such as fiat currencies or precious metals. Stablecoins are designed to maintain a relatively stable price so that users can avoid the volatility risks common in the crypto markets.
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Tokenized Bitcoin on Ethereum Explained

Tokenized Bitcoin on Ethereum Explained
Tokenized Bitcoin is a way to use bitcoin on other blockchains. But wait, isn’t Bitcoin great already? Indeed it is! It has a solid use case, and it already acts as a kind of public good. At the same time, its purposely limited features leave little room for further innovation.
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How to Use WalletConnect

WalletConnect is a protocol used by many crypto wallets that allows you to easily connect with the many DApps of decentralized finance (DeFi). Simply find the DApp you want to interact with, connect with a QR code or deep link, and you’re good to go. Always remember to disconnect at the end of any session for maximum security
WalletConnect is a protocol used by many crypto wallets that allows you to easily connect with the many DApps of decentralized finance (DeFi). Simply find the DApp you want to interact with, connect with a QR code or deep link, and you’re good to go. Always remember to disconnect at the end of any session for maximum security
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What Is Ethereum? (ETH)

Ethereum is a decentralized computing platform. You can think of it like a laptop or PC, but it doesn't run on a single device. Instead, it simultaneously runs on thousands of machines around the world, meaning that it has no owner.
Ethereum is a decentralized computing platform. You can think of it like a laptop or PC, but it doesn't run on a single device. Instead, it simultaneously runs on thousands of machines around the world, meaning that it has no owner.
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What Is Bitcoin (BTC)

Bitcoin is a digital form of cash. But unlike the fiat currencies you’re used to, there is no central bank controlling it.
Bitcoin is a digital form of cash. But unlike the fiat currencies you’re used to, there is no central bank controlling it. Instead, the financial system in Bitcoin is run by thousands of computers distributed around the world. Anyone can participate in the ecosystem by downloading open-source software.
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How to Use MetaMask

If you’re interested in the Ethereum ecosystem, you need an application like MetaMask. Far more than a simple wallet, it allows you to interact with websites that integrate Ethereum.
If you’re interested in the Ethereum ecosystem, you need an application like MetaMask. Far more than a simple wallet, it allows you to interact with websites that integrate Ethereum.
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A Beginner's Guide to Bitcoin's Lightning Network

A Beginner's Guide to Bitcoin's Lightning Network
Cryptocurrencies have some pretty unique properties. They can’t be hacked or shut down easily, and anyone can use them to transmit value around the globe without a third party’s intervention. To ensure that these features remain, significant trade-offs must be made. Since many nodes are responsible for running a cryptocurrency network, throughput is limited. As a result, the number of transactions per second (TPS) a blockchain network can process is relatively low for a technology that aims to be adopted by the masses.
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What is Fundamental Analysis (FA)?

What is Fundamental Analysis (FA)?
When it comes to trading – whether you’re dealing with century-old stocks or nascent cryptocurrencies – there’s no exact science involved. Or, if there is, Wall Street’s top players ensure that the formula remains a well-kept secret.
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History of Blockchain

The underlying technology behind cryptocurrencies is the blockchain. It allows every client in the network to reach consensus without ever having to trust each other.
The underlying technology behind cryptocurrencies is the blockchain. It allows every client in the network to reach consensus without ever having to trust each other.
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How Does Blockchain Work?

In short, a blockchain is a list of data records that works as a decentralized digital ledger. The data is organized into blocks, which are chronologically arranged and secured by cryptography.
In short, a blockchain is a list of data records that works as a decentralized digital ledger. The data is organized into blocks, which are chronologically arranged and secured by cryptography.
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What Is MakerDAO (DAI)?

What Is MakerDAO (DAI)?
MakerDAO is a Decentralized Finance (DeFi) project with a crypto-collateralized, stablecoin DAI pegged to the US dollar. Its community manages the coin via a Decentralized Autonomous Organization (DAO). Users generate DAI by locking cryptocurrency in a Maker Vault at a certain Liquidation Ratio. For example, a 125% Liquidation Ratio requires $1.25 of crypto collateral value for each $1 of DAI.
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What Is a Crypto Wallet?

In short, a crypto wallet is a tool that you can use to interact with a blockchain network. There are various crypto wallet types, which can be divided into three groups - software, hardware, and paper wallets. Depending on their working mechanisms, they may also be referred to as hot or cold wallets.
In short, a crypto wallet is a tool that you can use to interact with a blockchain network. There are various crypto wallet types, which can be divided into three groups - software, hardware, and paper wallets. Depending on their working mechanisms, they may also be referred to as hot or cold wallets.
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What Is Tulip Mania?

The Tulip Mania is considered by many as the first recorded story of a financial bubble, which supposedly occurred in the 1600s. Before discussing if the Tulip Mania was really a financial bubble or not, let’s go through the most common narrative that considers it to be a real bubble.
The Tulip Mania is considered by many as the first recorded story of a financial bubble, which supposedly occurred in the 1600s. Before discussing if the Tulip Mania was really a financial bubble or not, let’s go through the most common narrative that considers it to be a real bubble.
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What Is Technical Analysis?

What Is Technical Analysis?
Technical analysis (TA), often referred to as charting, is a type of analysis that aims to predict future market behavior based on previous price action and volume data. The TA approach is extensively applied to stocks and other assets in traditional financial markets, but it is also an integral component of trading digital currencies in the cryptocurrency market.
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What Is Staking?

What Is Staking?
You may think of staking as a less resource-intensive alternative to mining. It involves holding funds in a cryptocurrency wallet to support the security and operations of a blockchain network. Simply put, staking is the act of locking cryptocurrencies to receive rewards.
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What Is Phishing?

What Is Phishing?
Phishing is a type of cyber attack where a malicious actor poses as a reputable entity or business in order to deceive people and collect their sensitive information - such as credit card details, usernames, passwords, and so forth. Since phishing involves psychological manipulation and relies on human failures (instead of hardware or software) it is considered a type of social engineering attack.
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What Is Inflation?

Ever hear your grandmother talk about how everything was cheaper when she was younger? That’s because of inflation. It’s caused by irregularities in supply and demand for products and services, leading to an increase in prices.
Ever hear your grandmother talk about how everything was cheaper when she was younger? That’s because of inflation. It’s caused by irregularities in supply and demand for products and services, leading to an increase in prices.
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What Is Hyperinflation?

All economies experience some level of inflation, which occurs when the average price of goods increases, as the purchasing power of that currency decreases. Usually, governments and financial institutions work together to ensure inflation occurs at a smooth and gradual rate. However, there have been many instances in history where inflation rates have accelerated at such an unprecedented degree that it caused the real value of that country's currency to be diminished in alarming proportions. This accelerated rate of inflation is what we call hyperinflation.
All economies experience some level of inflation, which occurs when the average price of goods increases, as the purchasing power of that currency decreases. Usually, governments and financial institutions work together to ensure inflation occurs at a smooth and gradual rate. However, there have been many instances in history where inflation rates have accelerated at such an unprecedented degree that it caused the real value of that country's currency to be diminished in alarming proportions. This accelerated rate of inflation is what we call hyperinflation.
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What Is Hashing?

What Is Hashing?
Hashing refers to the process of generating a fixed-size output from an input of variable size. This is done through the use of mathematical formulas known as hash functions (implemented as hashing algorithms).
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What Is Fiat Currency?

Simply put, fiat currency is legal tender that derives its value from its issuing government rather than a physical good or commodity. The strength of the government that establishes the value of fiat currency is key in this type of money. Most countries around the world use the fiat currency system to purchase goods and services, invest, and save. Fiat currency replaced the gold standard and other commodity-based systems in establishing the value of legal tender.
Simply put, fiat currency is legal tender that derives its value from its issuing government rather than a physical good or commodity. The strength of the government that establishes the value of fiat currency is key in this type of money. Most countries around the world use the fiat currency system to purchase goods and services, invest, and save. Fiat currency replaced the gold standard and other commodity-based systems in establishing the value of legal tender.
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What Is Cryptojacking?

What Is Cryptojacking?
Cryptojacking is a malicious activity, in which an infected device is used to secretly mine for cryptocurrencies. In order to do so, the attacker makes use of the victims’ processing power and bandwidth (in most cases this is done without their awareness or consent).
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What Is Arbitrage Trading?

What Is Arbitrage Trading?
Arbitrage trading is a relatively low-risk trading strategy that takes advantage of price differences across markets. Most of the time, this involves buying and selling the same asset (like Bitcoin) on different exchanges. Since the price of Bitcoin should, in theory, be equal on Binance and on another exchange, any difference between the two is likely an arbitrage opportunity.
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What Is a Multisig Wallet?

What Is a Multisig Wallet?
Multisig stands for multi-signature, which is a specific type of digital signature that makes it possible for two or more users to sign documents as a group. Therefore, a multi-signature is produced through the combination of multiple unique signatures. Multisig technology has been extant within the world of cryptocurrencies, but the principle is one that existed long before the creation of Bitcoin.
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What Is a Dusting Attack?

What Is a Dusting Attack?
A dusting attack refers to a relatively new kind of malicious activity where hackers and scammers try and break the privacy of Bitcoin and cryptocurrency users by sending tiny amounts of coins to their wallets. The transactional activity of these wallets is then tracked down by the attackers, who perform a combined analysis of different addresses to deanonymize the person or company behind each wallet.
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What Is Web 3.0 and Why Does It Matter?

What Is Web 3.0 and Why Does It Matter?
The Internet is a constantly evolving technology that continues to innovate. So far, we’ve experienced Web 1.0 and 2.0, and there’s much discussion of what to expect from Web 3.0. Web 1.0 provided a static experience for users without the ability to create the content-rich sites we have today. Web 2.0 brought us together with social media and dynamic websites, but at the cost of centralization.
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A Guide to Cryptocurrency Fundamental Analysis

A Guide to Cryptocurrency Fundamental Analysis
Crypto fundamental analysis involves taking a deep dive into the available information about a financial asset. For instance, you might look at its use cases, the number of people using it, or the team behind the project.
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