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Is Bitcoin Safe? What You Need to Know About Cryptocurrencies

Cryptocurrencies are a new form of digital currencies. Unlike regular fiat currencies, digital currencies are completely online and on a public ledger called a blockchain.

What is a cryptocurrency

A cryptocurrency is a piece of computer code with some other features added to it. The Bitcoin cryptocurrency is perhaps the most famous and most widely used cryptocurrency. Cryptocurrencies are just a new form of digital currency, and are distinct from “virtual money.” Instead, they are more like digital assets that have real-world value. What are cryptocurrencies and how do they work? Bitcoins have been around since 2009. They are used for many of the same reasons as regular money. They are used to buy and sell goods and services. They are also being used in the launch of new businesses. These include Bitcoin ATMs, cryptocurrency debit cards, and bitcoin wallets. The Bitcoin blockchain and cryptocurrency The Bitcoin blockchain uses a technology called proof of work.

How does a cryptocurrency work

There are a lot of companies and individuals creating new cryptocurrencies. To give you an idea of the potential size of the cryptocurrency market, there are now around 1,200 with a market value of more than $100 billion, according to CoinMarketCap. What are the key differences between Bitcoin and other cryptocurrencies? The fact that Bitcoin is a digital currency makes it different from other cryptos. First of all, the number of Bitcoins that are ever created is capped at 21 million, which is just over a million years. Secondly, Bitcoin is strictly regulated. Banks and government organizations are not allowed to interact with Bitcoin transactions. Transactions can only be made with Bitcoin addresses and private keys.

The risks of investing in a cryptocurrency

Whether you’re trying to earn some extra cash or trying to avoid a currency’s fluctuations in value, you need to understand the risks associated with the bitcoin and other digital currencies. You may not even understand all of the risks associated with cryptocurrency. You can see below the five main risks that I listed in a previous article. The five main risks of cryptocurrency investing: You might lose your original capital. Digital currencies are unregulated, making them risky investments. You might lose money trying to make a profit. Bitcoin, for instance, is highly volatile, and many cryptocurrencies have sharp declines or rises in value, which is a reason why many people don’t invest in them. A cryptocurrency exchange you use might go bankrupt, such as Mt. Gox in 2014.

Conclusion

Digital currencies are the way of the future. Bitcoins are one of the most popular and easiest cryptocurrencies, but they’re not the only option. The most popular digital currencies include Bitcoin, Ethereum, Ripple, Dash, and others. All digital currencies offer real world value and something more than a mere form of value storage.

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Globally, the United States lead in total annual art sales, with global auction sales reaching 5.55 billion U.S. dollars in the first half of 2019 and Europe at second place. More than likely, this upward momentum will increase over time as more auction houses, and art galleries embrace digital assets or NFTs.

As NFTs gain popularity, we will see more people investing in digital artworks with a built-in artist’s provenance, and some cases, the NFT has a built-in creator’s royalty fee. During the creation of the NFT, this royalty fee was added by its creator, which will be automatically distributed to the original creator of the NFT upon the sale of a particular NFT. This royalty fee is a fixed percentage, which remains static over time. It’s a great way to continuously reward the NFT creator and/or artist, while the incentivizing creation of more NFTs for the marketplace to buy and/or invest.

Within this trustless and permission-less art blockchain ecosystem, counterparty risks are greatly reduced, and so, the value of said NFT will likely increase over time. Pus, this NFT artwork has a built-in historical sale, which make it easy for anyone to verify its authenticity and sales history. This feature will be integrated into our marketplace to help eliminate any concerns that potential buyer may have if they decide to buy NFTs.

At Exhibition.gallery (EG), we aim to foster those creations for all artists, while connecting artists with art lovers, art collectors, and art investors. Moreover, we will help turn your artworks and/or illiquid assets into a sustainable revenue source by leveraging the Ethereum blockchain.

The world has dramatically changed. It is no longer business as usual, and so, we must also adapt and embrace the new normal. With this new normal, new behaviors must be introduced to prevent damages to our health and the well-being of others. A digital artworks marketplace such as Exhibition.gallery embraces the new normal, while encouraging the creation of new artworks.

Going forward, a new breed of art collectors and/or investors will likely buy and/or sell art collectibles from the comfort of their smart phones or computers. Those transactions will take place on the Ethereum protocol. To achieve this, we will create a platform that turns illiquid artwork assets into NFT (non-fungible token). Those NFTs will soon be uploaded to our marketplace for all to see and buy via their smartphones or computers.