For now, it seems strange, but crypto could become the way that most people will conduct business in the future. Even now, I’m happy to accept crypto for my services. For a flat rate labor charge of 52,000 satoshis (one satoshi is 0.00000001 of a Bitcoin), I can fix your cracked laptop case and optimize it for speed.
It’s not really easy to even define the term cryptocurrency, but here are a few things to know:
(1) There is no central authority like a bank that facilitates the transfer of crypto from one person to another. Bitcoin, for example, is based on a shared public ledger that is distributed across a large number of networked computers. The ledger keeps track of every transaction. If Bob paid Mary .0002 of a Bitcoin, it’s in the ledger and the ledger is immutable.
(3) Many crypto currency networks have special functions. The Ethereum network, for example, is the home of smart contracts which are contracts written in computer code that do not require a middleman to execute. Ethereum is often used as ‘gas’ to pay for a transaction or to execute a contract. You can store data on the Ethereum network. Artworks known as NFTs (non-fungible tokens) reside on the Ethereum blockchain.
(4) You can also store various crypto currencies in an electronic wallet on your phone, iPad, desktop computer, etc. Incredibly, if you were to lose your phone, iPad, etc., you can recreate your wallet on another computer often by using a sequence of 12 words that you had received for just such a case.
(5) eToro is a fun way to trade crypto similar to the way people trade stocks. You can set a stop loss value and also a value to take profits.
(6) You can send money to anyone with a smartphone – anyone in the world. See Celo.
(7) There’s so much more.
Digital Depot is located at 104 East Century Road, Suite H in Leesburg, Georgia and is open from 5:30 PM to midnight Monday through Saturday. We can be reached at 229-883-3996.