Cryptocurrencies and Blockchain 101:: From Bitcoin to NFTs: Learn Everything About the Metaverse and Get Ready to Be Part of the Crypto Revolution

By Goffredo Righi Schwammer

Would you like to learn all about the crypto world easily?

You're about to discover every secret, its real story, and why it could change your life starting today.

The time of the biggest monetary revolution in history is here, and it is essential to make the most out of this moment by understanding why it's happening and what we can do to take advantage of it.

Here is what you'll find inside this guide:
● The history of cryptocurrencies: where they came from and why they have had this huge success,
● Let's learn what the blockchain is and how it works to discover all its secrets,
● NFTs and Metaverse: understanding all about them to becoming part of the digital revolution,
● How will the crypto world evolve in the future? Is it all speculation, or is there really room for profit?

And much more!

Even if you don't know anything about what you just read or it seems too difficult, don't worry: this guide is designed to be extremely easy for anyone to understand!

Click "Buy Now" and discover the digital world!

• Language: English
• Publisher: Lulu.com
• Release date: May 10, 2022
• ISBN: 9781471703447

Book preview

Cryptocurrencies and Blockchain 101

From Bitcoin to NFTs | Learn Everything About the Metaverse and Get Ready to Be Part of the Crypto Revolution

By

GOFFREDO RIGHI SCHWAMMER

© Copyright 2022. All Rights Reserved.

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TABLE OF CONTENTS

INTRODUCTION      5

HISTORY OF  FIAT CURRENCIES      37

PRIMITIVES MONEY      42

HISTORY OF THE FINANCIAL SYSTEM      66

PRECIOUS METAL (MONETARY METAL)      73

WHAT IS DIGITAL MONEY      92

HOW THE BLOCKCHAIN WORKS      100

THE SIBLINGS OF BITCOIN: ALTCOINS      143

WHAT ARE NFTS      157

WHAT IS THE METAVERSE?      172

THE FUTURE OF CRYPTO AND BLOCKCHAIN      180

TOKENIZATION OF PHYSICAL AND DIGITAL ASSETS      205

INTRODUCTION

Money is the most extensively utilized medium of exchange. We think of money as a piece of paper or a coin. On the other hand, money's worth causes us to recognize and accept paper or coins. What makes a piece of paper or a coin important to us is what it will do for us. Since then, we've accepted paper or currency as money and used it as a medium of exchange.

It's usually constructed of the tree, and certainly, those green plants you see all over have a variety of uses. Money, according to Wikipedia, is something that is widely accepted as payment for goods and services, as well as debt repayment.

Individuals used to swap one tangible resource for another, or, in the event of a market environment, numerous people would exchange several tangible resources between themselves, a practice known as bartering. As cultures got more modern, there was a growing need for a measurable medium of exchange.

Our world is built on currency exchange, whether the dollar, pound, rouble, rupee, euro, or yuan, physical or digital. However, trade means have changed dramatically, from barter to banknotes to bitcoin. We now have power over our currency thanks to the introduction of programmable money, with 40% of merchants in the United States already accepting contactless payments. Bitcoin has already garnered nearly a billion dollars in venture capital funding as of 2016.

Money can today be essentially endless in terms of its physical component. People believe money is a physical representation of perceived worth (today, it's paper and coins) that has universal utility and can be exchanged for any items and services. People's faith in money is in the government that creates it, and they trust the government to maintain the currency's value as a medium of exchange. Each country's government owns its currency.

Money is a hot topic of conversation on any given day. The majority of people desire financial gain. Everyone uses money. Money is beneficial in a variety of ways. It makes the person who has it happy. You have the sensation of being prosperous and wealthy. Others feel safe because they have a large amount of cash in their pockets and bank accounts.

THE TYPES OF MONEY WE HAVE (BARTERING TO BITCOIN)

Money is defined as anything that a group of people widely accepts as a means of exchanging products, services, or resources. Every country has its coin and paper money exchange mechanism.

Various types of money have existed throughout history, ranging from seashells and seasonings to banknotes and debit cards. Fiat money is the currency in use right now.

FIAT CURRENCY

Banknotes (paper money) and coins are two examples. Fiat currency is money whose value is determined by an official decision (Fiat) by the governing authority rather than its intrinsic value. It becomes legal tender if the government deems it such, and it must then be accepted as a form of payment everywhere. The Federal Reserve Bank can replace a partially destroyed bill because it has no intrinsic worth. Commodity money, on the other hand, cannot be.

Paper Money and Coins

Around 5000 B.C., metal objects were introduced as money. Metal was chosen because it was inexpensive, easy to work with, and recyclable. Countries began minting their series of coins with certain denominations soon after. Since coins were assigned a monetary value, it became easier to compare the prices of various things. The practice of printing paper money began around 960 AD in China.

COMMODITY MONEY

Precious metals (such as Gold), salt, beads, and alcohol are some examples. Commodity money, unlike fiat cash, has an intrinsic worth derived from the commodity it is made of. It's also the earliest kind of currency. These things are utilized as a medium of exchange, and their value is derived from their scarcity. This sort of money is similar to the barter system, in which products and services are exchanged for similar items. Commodity money, unlike barter, serves as a unit of account that allows you to compare the value of commodities and services.

Commodity Money and Bartering

People used to barter in the beginning. The exchange of products or services for other goods or services is known as bartering. For example, someone might trade a sack of rice for a bag of beans and call it a fair trade; or someone might trade wagon wheel repair for a blanket and some coffee and call it a fair trade. The barter system's lack of a standardized exchange rate was a fundamental flaw. What if the parties couldn't agree on the worth of the products or services being swapped, No way! Humans devised commodity money as a solution to this problem.

A commodity is a common thing that practically everyone in a community uses. Salt, tea, tobacco, cattle, and seeds were once considered commodities and used as money. Using commodities as money, on the other hand, produced complications. Carrying huge bags of salt or pulling stubborn oxen around, for example, could be a logistical headache. Commodities were difficult to store and might be highly perishable; thus, using them for commerce caused other issues. When the traded product was a service, disagreements arose if the service did not meet expectations (realistic or not).

REPRESENTATIVE MONEY

Commodity money evolved into representative money with the advent of paper currency and non-precious Coinage. This meant that the money didn't have to be particularly valuable.

A government or bank promised to swap representative money for a specific amount of Silver or Gold. For example, the ancient British Pound bill, or Pound Sterling, was previously guaranteed to be redeemable for one pound of sterling silver.

Representative money, like fiat currency, has no intrinsic value. It is backed by a commodity, unlike fiat money. It might be traded for precious metals (such as Gold) held in a bank vault as a commodity-backed currency. Certificates, paper money, and token coins are among the examples. It was more convenient to carry a certificate than a chest full of riches.

FIDUCIARY MONEY

Fiduciary money is a term that refers to money that is held in a trust. Checks and bank drafts are two examples. Fiduciary money, which gets its name from the Latin word Fiducia, which means trust, runs on the promise and trust that the bank will exchange it for Fiat or commodities money. Because it is not a government-issued legal tender, people are not obligated to accept it as a means of payment.

COMMERCIAL BANK MONEY

Money in a checking account, for example. A claim against a bank to purchase goods and services is commercial money (also known as demand deposits) (through withdrawing in person, through a check, ATMs, or online banking). It is a bank-created currency based on debt. Only a portion of the money the bank has is held in this account. The remaining 1% is distributed to others in loans, allowing the bank to recoup more money through interest and fees imposed on consumers. They do this through a method known as fractional-reserve banking, which allows them to manufacture more money.

In other words, the bank is lending out the money you deposit to create more money by charging interest on it. Fiat money has taken the place of representative money. The Latin word fiat means let it be done. The value of money is now determined by government fiat or decree, ushering in the era of enforceable legal tender, which implies that refusing to accept legal tender money in exchange for another form of payment is prohibited under the law.

BITCOIN

Bitcoin is a cryptocurrency developed by Satoshi Nakamoto, an unnamed individual (or group of people), and released as open-source software in 2009. Bitcoins are digital assets exchanged for other currencies, goods, and services to complete a